Posted on 10/03/2024 12:17:43 PM PDT by ChicagoConservative27
A list published by GOBankingRates is going viral because it shows just how much it costs to live in America’s 50 biggest cities in 2024’s economy.
The list, put together by measuring data from US Census, Zillow, BestPlaces and the Bureau of Labor Statistics, determines “living comfortably” as needs not exceeding 50% of one’s income.
This is known as the 50-30-20 rule or plan, where 50% of one’s income meets the costs of living, 30% is expendable, and 20% remains in savings.
Of the top eight most expensive cities in the US, California’s biggest population hubs take up a whopping six spots on the list.
The least expensive city on the GOBankingRates’ list requires a salary of just under $65,000 per year, and the most expensive ranks even more than $250,000 to live comfortably.
The largest and least expensive city to move to in 2024? Detroit, Michigan is the financially friendliest city to live in with an estimated “comfortable” salary of $64,849 and estimated cost of living at $32,424.
Detroit also has a high rate of residents leaving, with 8,871 moving out of the motor city between 2021 and 2022.
(Excerpt) Read more at nypost.com ...
WHY would anyone want to live in a city these days?????
Comfortable in a large city? Not if I had a thousand pounds of private security around me.
Comfort is not just a matter of $$.
“WHY would anyone want to live in a city these days?????”
Yep, they’ve sorta lost their appeal except for immigrants and bums.
I always wonder whether these types of surveys include the effect of taxes. Either, by making the salary listed net of federal, state, and city tax, or by including it in the 50 part of the 50-30-20 expense budgeting.
“Either, by making the salary listed net of federal, state, and city tax, or by including it in the 50 part of the 50-30-20 expense budgeting.”
50+30+20=100%. You can’t budget what you don’t get.
Article says ya need only $111K to live comfortably in ATL.
Um, no. That would cover rent, maybe, in the city of ATL.
Close friends, early 30s, double income, no kids, condo near the Fox theatre they bought 5 years ago when it was affordable. Together they gross north of $200. They JUST reached a level one could describe as comfort. They only own one car though ...
“This is known as the 50-30-20 rule or plan, where 50% of one’s income meets the costs of living, 30% is expendable, and 20% remains in savings. “
Well that is not realistic at all... That has to be with everything paid off and no standing debt. Even back in the early 80s, Rent, car, insurance, and basic expenses were 75% of income which only left 25% as expendable/savings. I think this ratio still stands as true now unless you are upper middle class.
Well, without further info, I’d think it would be subtracted from the 50 “necessary expenses” pot.
I “fact-checked” this. My conclusion is that it is impossible to “live comfortably” in any DIM-run large city. Either you will get mugged, carjacked, stabbed, pushed in front of subway train, be raped, have your apartment broken in to, be harassed by street lunatics, have a venezualan gang confront and beat you or have your pets eaten by immigrants from shi**y countries (and many other indignities).
Later.
Calling b.s. on these numbers. I’m a single mom in sales in St Louis, much larger town than KC. 2 years ago my income was approximately $110k -Trump was in office, life was good. For the past 2 years my yearly has dropped to $85k - 90k under Bidenomics; it absolutely does not feel like I’m earning that much. My HOA fees have doubled over the past year do to upkeep costs increasing, nevermind the sky high prices of food, gas, etc.
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