What is the annual salary you need to live comfortably in major US cities in 2024?
Depending on where you live, a dollar in one city may not go as far as in another. Learn how much money it takes to live comfortably in major US cities.
Looking for a place to live can be complicated, since before making the decision, it is important to take into account several factors, such as the cost of living. This refers to the amount of money necessary to pay basic living expenses.
The cost of living varies from one state or city to another in the United States, as in some places, mainly large cities, it is more expensive to live, while in others, services are cheaper. In addition to the cost of living, it is important to have extra money to live comfortably.
A recent study by the financial technology company SmartAsset has found the amount income necessary to live comfortably in some of the country’s large cities.
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Salaries necessary to live comfortably in major US cities
According to the study, the five most expensive cities to live in are New York, San Jose California, Santa Ana, California, Irvine, California and Boston, Massachusetts. This is the amount needed to live in these cities if you are single or have a family with two children:
- New York City, New York: $138,570 for an individual and $318,406 for a family with two adults and two children.
- San Jose, California: $136,739 / $334,547
- Santa Ana, California: $126,797 / $291,450
- Irvine, California: $126,797 / $291,450
- Boston, Massachusetts: $124,966 / $319,738
On the other hand, these are the top five cities with the lowest salaries needed to live comfortably:
Houston Texas
- Annual salary needed for a single adult to live comfortably: $75,088.
- Combined salaries for two working adults with two children: $175,219.
El Paso, Texas
- Annual salary needed for a single adult to live comfortably: $75,254.
- Combined salaries for two working adults with two children: $180,461.
Lubbock, Texas
- Annual salary needed for a single adult to live comfortably: $75,379.
- Combined wages for two working adults with two children: $181,043.
Toledo, Ohio
- Annual salary needed for a single adult to live comfortably: $77,501.
- Combined wages for two working adults with two children: $208,416.
Laredo, Texas
- Annual salary needed for a single adult to live comfortably: $78,458.
- Combined salaries for two working adults with two children: $179,046.
SmartAsset based their analysis on the 50/30/20 budget (50% of your salary for housing, groceries and transportation, 30% for entertainment and hobbies and 20% for paying off debt, saving or investing), plus the local cost of necessities and taxes to determine the pre-tax salary needed to live comfortably in 99 cities in the United States.
According to the results of the analysis, on average, a person needs $96,500 to live comfortably in a major city in the United States, in addition to paying off debts and investing. On the other hand, a family of two adults and two children needs around $235,000.