How Much Money To Live As One Person

There is no i answer to how much money you lot demand to make to live comfortably, but i oft-used rule of thumb in budgeting is the 50/30/20 dominion — which calls for half your income to go to necessities, xx% to savings and investments and 30% for splurges and fun.

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For most Americans, that'south a pretty sensible approach to defining a living wage, simply enough of residents living in America's largest cities are probably reading that and thinking "Are you lot insane? Half my income doesn't fifty-fifty comprehend my hire, and I live in a converted dumbwaiter."

And it's truthful: how much money yous demand to live comfortably is typically much college in the large metropolis, putting the 50/30/20 rule out of reach for most of its residents. That'south why a new GOBankingRates study lays out but how much you need to earn to live comfortably in each of America's 50 largest metropolises based on the toll of living by city.

Using Zillow to summate housing costs in each locale and Sperling's Best Places to guess the toll of other necessities like transportation, groceries and healthcare, the end result is a clear sense of just how much you would demand to be bringing in to stick to the 50/30/xx dominion at average levels of spending in each category.

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With the average bacon in each major U.South. city falling significantly brusque of what'southward needed to live comfortably there, the report should make information technology clear that a lot of America's urbanites probably accept to make cuts elsewhere to afford living in the large urban center. Then if yous're thinking near living in a major city, continue reading to come across the platonic bacon and cost of living in America'south biggest cities.

Albuquerque, New Mexico

Median income: $53,936
Income needed if you're a homeowner: $69,778.62
Income needed if you lot're a renter: $64,954.62

Albuquerque isn't going to elevation any salary comparison by metropolis with the median earner pulling downward just over $53,000, which is below the average bacon in the U.Southward. But, with "simply" $xi,018.62 separating a median earner who rents from the cost to live comfortably in Albuquerque, it's actually amid the more than affordable major cities in the country.

Arlington, Texas

Median income: $63,351
Income needed if yous're a homeowner: $83,533.47
Income needed if you're a renter: $73,717.47

Arlington residents are likely struggling a little to go by with a little over $20,000 separating a median earner from what they would need every bit a homeowner in the city. Homeowners are paying more in annual necessities than renters, as well, by almost $10,000.

Atlanta, Georgia

Median income: $64,179
Income needed if you're a homeowner: $92,691.45
Income needed if you're a renter: $74,163.45

Information technology's actually cheaper to rent in Atlanta by a significant corporeality, virtually $19,000 less. Notwithstanding, renters are falling short by most $10,000 in terms of the median bacon and income needed to pay for annual expenditures.

Austin, Texas

Median income: $75,752
Income needed if you're a homeowner: $132,584.88
Income needed if you're a renter: $79,520.88

If you're not earning 6 figures, yous should reconsider living in the Texas uppercase based on but how costly it can be. However, if y'all're dead set on enjoying the metropolis'south renowned music scene on a nightly basis — part of why it's often no stranger to lists of the best places to live in the U.S. — consider renting. Renters pay a whopping $53,064 less than homeowners here.

Baltimore, Maryland

Median income: $52,164
Income needed if you lot're a homeowner: $65,839.60
Income needed if you're a renter: $71,911.60

To live in Baltimore, ironically you can more comfortably afford to purchase a home than hire one, with income needed for home owning existence virtually $six,000 less than renting. Annual expenditures are also higher for renters, and so maybe Baltimore is the place to make your home owning dreams come up true.

Boston, Massachusetts

Median income: $76,298
Income needed if you're a homeowner: $137,849.90
Income needed if you're a renter: $93,401.90

Living in Beantown might require an particularly talented bean counter to exist sure you can pay all your bills. In Boston you need to make well over $130,000 to live comfortably while owning, and over $93,000 to live comfortably while renting.

Charlotte, Due north Carolina

Median income: $65,359
Income needed if y'all're a homeowner: $84,691.76
Income needed if you're a renter: $74,155.76

While needing $84,000 a year to go by is a bit pricey, the salubrious $65,359 a twelvemonth that the median earner in Charlotte is making means residents are likely struggling less than they would elsewhere. Homeowners are nearly $20,000 short of what they would need, putting them among the cities with the smallest gaps between what near people are earning and what it costs to live there.

Chicago, Illinois

Median income: $62,097
Income needed if yous're a homeowner: $84,487.25
Income needed if you're a renter: $74,311.25

The Windy City isn't especially expensive when stacked up against other urban areas that are among the v largest, but its relatively small-scale median income means many residents are likely all the same struggling to make ends meet. The median earner in Chi-town is more than $22,000 curt of what information technology costs to alive comfortably if they own. Every bit for renters, they'll need a bit more than $12,000 more.

Colorado Springs, Colorado

Median income: $67,719
Income needed if you're a homeowner: $92,352.67
Income needed if you're a renter: $72,480.67

Whether you're renting or owning, you can expect to spend nether $17,000 a year on housing in Colorado Springs. All the same, the income needed to live comfortably differs pretty significantly; homeowners need to earn well-nigh $20,000 more per year.

Columbus, Ohio

Median income: $54,902
Income needed if you're a homeowner: $69,710.87
Income needed if yous're a renter: $62,534.87

Ohio's capital is one of the more affordable large cities to live in, with the income needed to live comfortably falling under $70,000 for homeowners. Renters will need to make nigh $8,500 more than the metropolis's median income to live comfortably, yet.

Dallas, Texas

Median income: $54,747
Income needed if yous're a homeowner: $84,165.fourteen
Income needed if you lot're a renter: $seventy,821.14

The median income below $55,000 a year probable makes the costs of Dallas significantly more difficult to handle than in other cities. Average earners who rent could be particularly squeezed, with their income coming up over $25,000 short.

Denver, Colorado

Median income: $72,661
Income needed if you're a homeowner: $116,797.eighty
Income needed if you're a renter: $79,501.80

Denver another of the cities where you need to clear six figures to live comfortably if you plan to own a dwelling house, and virtually $80,000 if yous hope to rent. That leaves the median homeowner and renter $44,136 and $vi,840 short of what they need each twelvemonth, respectively.

Detroit, Michigan

Median income: $32,498
Income needed if you lot're a homeowner: $51,281.71
Income needed if you're a renter: $65,753.71

Detroit is another of the cities on this list where you pay more than to hire than to own. Even however, with such a low median income of less than $33,000 per year, that leaves the median homeowner and renter $18,783 and $33,255 brusque of what they need each year, respectively.

El Paso, Texas

Median income: $48,866
Income needed if you're a homeowner: $61,014.72
Income needed if you're a renter: $62,814.72

While incomes in El Paso are relatively depression, the income needed to live comfortably is also among the everyman of the nation's 50 largest cities. With homeowners needing to brand less than $61, 000 a year — and renters under $63,000 — the gap from a median income to a comfortable one is between $12,000 and $14,000 for both renters and buyers.

Fort Worth, Texas

Median income: $64,567
Income needed if y'all're a homeowner: $82,288.97
Income needed if y'all're a renter: $72,712.97

Residents of Fort Worth take a median income that'south almost exactly $10,000 a year higher than that of neighboring Dallas. That'due south particularly good news for renters. And it'south even amend news for homeowners equally the cost to live comfortably is nigh $ii,000 a year less in Fort Worth than it is in Dallas despite the college incomes.

Fresno, California

Median income: $53,368
Income needed if yous're a homeowner: $83,086.16
Income needed if you're a renter: $71,902.16

Fresno is one of the cities where the income needed to alive comfortably falls under $83,000 a yr for owners and under $72,000 for renters. Withal, with median incomes falling under $54,000 a yr, owners and renters akin are about $30,000 and $19,000 short of what they demand to live comfortably.

Houston, Texas

Median income: $53,600
Income needed if you're a homeowner: $74,945.06
Income needed if you're a renter: $67,145.06

The state's fourth-largest city is pricier for buyers than renters. You lot'll need to make over $7,800 a year more than to live comfortably while owning than renting. Either way, though, with median incomes at just over $53,000, the average Houston resident is coming upwards well brusque of that level.

Indianapolis, Indiana

Median income: $50,813
Income needed if y'all're a homeowner: $61,434.55
Income needed if you lot're a renter: $61,458.55

The toll of living in the Upper Midwest trends on the lower side and Indianapolis isn't exterior that tendency. While it'southward still much higher than the median income of $l,813 a year, the income needed to alive comfortably while owning a dwelling is just over $61,000 a twelvemonth.

Jacksonville, Florida

Median income: $55,531
Income needed if y'all're a homeowner: $74,674.threescore
Income needed if you're a renter: $74,218.60

Some other ane of the cities where the bacon needed to alive comfortably is under $80,000 for both renters and buyers, Jacksonville could be a relatively affordable fashion to enjoy both city life and the sunny Florida climate. And with the income needed to live comfortably almost $twenty,000 over the median wage for homeowners, it's too one where the costs are better aligned with people's earnings.

Kansas City, Missouri

Median income: $56,179
Income needed if yous're a homeowner: $64,251.85
Income needed if you lot're a renter: $64,587.85

The gap between the income needed to alive comfortably and the $56,179 a year that a median earner makes in Kansas Urban center is among the everyman in this study for both renters and homeowners. The typical homeowner is just $eight,079 brusk what they need to live comfortably while the typical renter is $viii,408 below that level.

Las Vegas, Nevada

Median income: $58,377
Income needed if you lot're a homeowner: $92,342.52
Income needed if you lot're a renter: $lxxx,030.52

The income needed to alive comfortably in Las Vegas is below the boilerplate level for the 50 cities included here. But, with a median income of $58,377, homeowners with average earnings are curt of what they would demand to maintain a l/xxx/20 upkeep assuming average costs.

Long Embankment, California

Median income: $66,410
Income needed if you're a homeowner: $145,556.27
Income needed if yous're a renter: $86,276.27

Located to the southeast of Los Angeles, Long Embankment is some other of the cities where the income needed to live comfortably exceeds $100,000 for homeowners. It's not much ameliorate for renters, who need to earn over $86,000. It's besides a city where that level is much lower for renters — with those choosing not to buy needing about $59,280 a year less than their counterparts shouldering a mortgage.

Los Angeles, California

Median income: $65,290
Income needed if yous're a homeowner: $166,444.75
Income needed if you're a renter: $91,876.75

The country'south 2nd-largest metropolis is well-known for its sunny climate, palm copse and entertainment industry, merely it's possible that its high price of living should exist amongst its most notable traits. If you have a mortgage in Los Angeles, you'll demand over $166,000 in income to comfortably fit into the 50/30/20 budget.

Louisville, Kentucky

Median income: $54,929
Income needed if you're a homeowner: $64,089.66
Income needed if you're a renter: $62,217.66

Louisville's relatively modest cost of living helps contribute to incomes needed to live comfortably that are under $65,000 for both renters and buyers.

Memphis, Tennessee

Median income: $41,864
Income needed if you lot're a homeowner: $53,910.13
Income needed if y'all're a renter: $65,790.13

Memphis is some other city where residents aren't making enough to really take advantage of the low cost of living the style one would hope. While you would demand less than $66,000 a year to live comfortably in that location, the median earner in the city is making less than $42,000 a year.

Mesa, Arizona

Median income: $61,640
Income needed if you lot're a homeowner: $89,054.87
Income needed if you're a renter: $79,454.87

The income needed for a comfortable lifestyle in Mesa is only a $10,000 difference for renters and buyers. Notwithstanding, that'southward $27,000 more than than the median earner can beget for homeowners, and more than $17,000 for renters.

Miami, Florida

Median income: $44,268
Income needed if y'all're a homeowner: $111,043.77
Income needed if you're a renter: $90,019.77

Miami has the unfortunate stardom of existence both one of the 13 cities where the income necessary to live comfortably exceeds $100,000 for buyers and over $90,000 for renters, and yet the median income is under $45,000 a year. That leaves a huge $50,000 to $70,000-plus gap between what people are making and what they need to earn to live comfortably whether you own your domicile or rent it.

Milwaukee, Wisconsin

Median income: $43,125
Income needed if you're a homeowner: $62,539.12
Income needed if you're a renter: $62,755.12

While the cost of living is relatively minor in Milwaukee, so is the median income. With half of the city making $43,125 or less, fifty-fifty that $62,539.12 a year needed to alive comfortably while paying a mortgage is near $twenty,000 more residents who own are making.

Minneapolis, Minnesota

Median income: $66,068
Income needed if you're a homeowner: $81,012,xviii
Income needed if you're a renter: $67,236.eighteen

Minneapolis is a relatively affluent city, specially when compared to other major urban areas in the Upper Midwest. Notwithstanding, despite a stronger median income, the cost of living is also relatively high. That leaves a median earner in Minneapolis $fourteen,944 brusk of what they need to live comfortably if they own just only $one,168 brusque if they hire.

Nashville, Tennessee

Median income: $62,087
Income needed if you're a homeowner: $89,932.33
Income needed if you're a renter: $74,164.33

Music City's high cost of living ways the 50/30/20 budget rule is likely non possible for many to near of its residents. Owners are over $27,000 short of what they need to live comfortably based on the median income of $62,087 and renters are over $12,000 curt.

New Orleans, Louisiana

Median income: $43,258
Income needed if you're a homeowner: $69,695.75
Income needed if you lot're a renter: $67,175.75

The Big Like shooting fish in a barrel is anything but for its residents who are earning less — and there are probable plenty with a median income under $40,000 a year. It's much worse if you lot're renting, though, as median earners who don't own are around $49,000 a year short of the income necessary to live comfortably.

New York City, New York

Median income: $67,046
Income needed if y'all're a homeowner: $151,390.19
Income needed if you're a renter: $105,742.19

While New York has long been synonymous with sky-loftier price of living, it'south actually short of the priciest city in this written report. That fact, though, won't offer much solace to residents struggling to brand ends meet. If you desire to live comfortably in the Big Apple, yous'll need to earn at to the lowest degree $151,000 a yr if you're looking to own where you alive and over $100,000 just to hire.

Oakland, California

Median income: $lxxx,143
Income needed if you're a homeowner: $172,632.75
Income needed if you're a renter: $85,464.75

The first of three cities in the San Francisco Bay Area, Oakland is an extremely costly place to live. Despite a relatively strong median income of $fourscore,143 a year, residents hoping to own their own abode need to increase their income past more than than $100,000 a year if they want to hit the fifty/thirty/20 dominion while paying boilerplate costs.

Oklahoma City, Oklahoma

Median income: $56,456
Income needed if yous're a homeowner: $62,306.36
Income needed if you're a renter: $66,842.36

Oklahoma City has relatively modest costs compared to nigh major cities. Pair that with a median income over $56,000 a year and the gap to a comfortable income if you lot ain your home is simply over $5,800 a year, one of the lowest levels in the study. Withal information technology'south a bigger gap if you desire to rent, at $x,386 more than than the median income.

Omaha, Nebraska

Median income: $62,213
Income needed if you're a homeowner: $75,376.51
Income needed if you lot're a renter: $65,920.51

Some other urban center where homeowners are likely coming very close to earning what they would need, Omaha's $62,213 median income is over $13,000 a yr brusque of what yous would need to live comfortably while covering a mortgage. But, once again, this is a city where at that place's a clear financial statement for ownership over renting.

Philadelphia, Pennsylvania

Median income: $49,127
Income needed if you lot're a homeowner: $73,480.45
Income needed if you lot're a renter: $72,640.45

Brotherly dear might not price a matter, simply living in Philadelphia sure does. Despite a median income at almost $50,000 a year, the salary necessary to alive comfortably while satisfying the 50/xxx/20 rule is over double what the typical homeowner is actually earning and leaves renters more than $23,000 shy of what they need.

Phoenix, Arizona

Median income: $60,914
Income needed if you're a homeowner: $88,687.17
Income needed if you're a renter: $76,447.17

The nation's 5th-most populous city has a median income over $60,000 a year. That'south a decent wage compared to many of the cities in this study, but information technology's too almost $28,000 short of what you need to alive comfortably for buyers and virtually $16,000 brusk of what renters need.

Portland, Oregon

Median income: $73,159
Income needed if you're a homeowner: $115,175.60
Income needed if you're a renter: $71,783.60

While a median income of effectually $73,000 a year is relatively rare among the country's biggest cities — Portland's high cost of living might hateful it won't get nearly equally far. If you are dead assail moving to Portland, though, it could pay to hire instead of buying as the income needed to live comfortably is more than $42,000 a year higher for homeowners.

Raleigh, North Carolina

Median income: $69,720
Income needed if yous're a homeowner: $89,899.50
Income needed if you lot're a renter: $74,059.50

Raleigh achieves the goal of having its income needed to live comfortably falling within $21,000 of its median income for both renters and buyers. Not only is the median resident making more than $69,000 per year, but its cost of living is below the average for these l cities.

Sacramento, California

Median income: $65,847
Income needed if you're a homeowner: $100,940.07
Income needed if you're a renter: $84,068.07

California'south capital city is northeast of San Francisco, Oakland and the rest of the high-cost Bay Area. However, it does seem every bit though some of the costs have migrated at that place, as you'll need to brand over $100,000 a twelvemonth to live comfortably.

San Antonio, Texas

Median income: $53,420
Income needed if yous're a homeowner: $76,097.60
Income needed if you're a renter: $65,921.60

San Antonio is a relatively affordable place to alive, with the income needed to live comfortably while paying a mortgage at just over $76,000 a yr. Unfortunately, that's notwithstanding quite a scrap more than near residents are making with a median income merely over $50,000.

San Diego, California

Median income: $83,454
Income needed if you're a homeowner: $168,520.41
Income needed if you lot're a renter: $97,432.41

San Diego might be a groovy place to take in the Southern California sun, but you're likely to pay dearly for the privilege. You'll need to earn six figures to alive comfortably in the city. Just, keep in listen that it's much cheaper to hire — with a comfy income coming in at a whopping $71,000 lower for renters than homeowners.

San Francisco, California

Median income: $119,136
Income needed if yous're a homeowner: $249,793.xxx
Income needed if you're a renter: $101,905.30

San Francisco is the most affluent city in this written report, with a median income of over six figures. Despite that, median earners there who own their own home are farther from the income necessary to live comfortably than residents of any other city on this list. Even a six-figure income is less than one-half what you need to own your domicile and still spend simply half your income on necessities in The City.

San Jose, California

Median income: $117,324
Income needed if you're a homeowner: $230,695.55
Income needed if yous're a renter: $102,223.55

Of class, correct next door in San Jose, incomes are nearly as high. Even so, the median income remains over $100,000 short of what you need to live comfortably while owning your own dwelling, just it's about $nineteen,000 closer than it is in nearby San Francisco.

Seattle, Washington

Median income: $97,185
Income needed if you lot're a homeowner: $163,752.17
Income needed if you lot're a renter: $83,304.17

Median earners in Seattle are pulling down almost $100,000 a twelvemonth, only that doesn't go nearly as far as they might like. Once again, anyone planning to move in that location should seriously consider renting instead of buying: The income needed to live comfortably is a staggering $80,000 lower if you don't take a mortgage.

Tampa, FL

Median income: $55,634
Income needed if you're a homeowner: $88,852.52
Income needed if yous're a renter: $82,636.52

Median earners in Florida are earning only a fiddling more than than $55,000 per yr, but that doesn't go very far for buyers or renters. Buyers volition find themselves over $33,000 short of the income needed to live comfortably, and renters, $27,000 brusque.

Tucson, Arizona

Median income: $45,227
Income needed if yous're a homeowner: $72,983.18
Income needed if yous're a renter: $67,799.eighteen

The income needed to live comfortably in Tucson is between high $sixty,000s and low $seventy,000s for renters and owners alike, which is on the lower end for the cities in this report. Unfortunately, given that Tucson is among those cities where the median income only cracks $45,000 a twelvemonth, both those levels fall short of what is needed to live comfortably past $xx,000 or more.

Tulsa, Oklahoma

Median income: $49,474
Income needed if y'all're a homeowner: $59,451.61
Income needed if you're a renter: $62,859.61

Tulsa's one of the more affordable cities in this study, with the income needed to live comfortably coming in under $63,000 for both homeowners and renters. And while the median income of $49,474 is relatively low, information technology'due south withal within about $21,100 of what yous need to cover a mortgage and other basic necessities with one-half your salary.

Virginia Beach, Virgina

Median income: $78,136
Income needed if you lot're a homeowner: $84,658.08
Income needed if you're a renter: $81,322.08

No city in this study is closer to having its median income meet the salary necessary to alive comfortably than Virginia Beach, though that has more than to practise with the over $78,000 a year earned by the median resident. Renters are just nether $iii,200 shy of what they need while homeowners are within $6,500.

Washington, D.C.

Median Income: $90,842
Income needed if you're a homeowner: $138,229.78
Income needed if you lot're a renter: $87,325.78

The nation'due south capital has ane of the higher median incomes of a major American urban center, but it as well has some of the highest costs. The income needed to alive comfortably at that place while owning your dwelling house is just over $47,000 more than what the average resident earns.

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Jordan Rosenfeld contributed to the reporting for this commodity.

^{Methodology: GOBankingRates found the cost of living in America'due south 50 biggest cities by analyzing the following factors: (ane) Cost of living Index for groceries, utilities, transportation and healthcare sourced from Sperling's Best Places. Each alphabetize was multiplied by the annual expenditure corporeality in each category from Agency Labor of Statistics' 2020 Consumer Expenditure Survey, which measures household almanac mean expenditures to determine the annual mean spending for each category; (2) Rent costs were sourced from ApartmentList's rental data for March 2022, and were multiplied by 12 to obtain an annualized yearly spending on rent; (3) Mortgage payments were based on a thirty-yr stock-still rate mortgage, using an average mortgage rate 5.eleven%, which was the electric current average national rate at the time the report was conducted, according to the Federal Reserve Bank of St. Louis; the city's median home value for a single-family residence, according to Zillow's March 2022 habitation value index, and 20% down payment; (four) Median household income was sourced from Census Agency'southward 2020 American Community Survey (this is income prior to being taxed). In one case all the data was found, the annual expenditure amount was calculated by calculation together the almanac spending for each category. GOBankingRates establish the almanac expenditures for both people paying a mortgage payment and for people who are paying rent separately and the median income is subtracted past annual expenditures for those paying a mortgage and those renting to see how much coin is needed or left over for each metropolis. GOBankingRates and so used the 50-20-30 dominion which assumes that 50% of income should go towards necessities, 30% should go towards discretionary spending and 20% should go towards savings. All data was collected and is up to appointment as of April 25, 2022.}

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