What it really costs to live comfortably in America’s 50 biggest cities

By Free Republic | Created at 2024-10-03 20:00:28 | Updated at 2024-10-06 22:37:37 3 days ago

What it really costs to live comfortably in America’s 50 biggest cities
NY Post ^ | 10/03/2024 | Jasmine Baehr

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 ...

TOPICS: Business/Economy; Chit/Chat; Reference; Society
KEYWORDS: americas; biggest; cities; comfortably; costs; live

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I am broke just reading this

To: ChicagoConservative27

WHY would anyone want to live in a city these days?????

2 posted on 10/03/2024 12:24:37 PM PDT by metmom (He who testifies to these things says, “Surely I am coming soon.” Amen. Come, Lord Jesus”)

To: ChicagoConservative27

Comfortable in a large city? Not if I had a thousand pounds of private security around me.
Comfort is not just a matter of $$.

3 posted on 10/03/2024 12:26:52 PM PDT by Buttons12

To: metmom

“WHY would anyone want to live in a city these days?????”

Yep, they’ve sorta lost their appeal except for immigrants and bums.

4 posted on 10/03/2024 12:36:32 PM PDT by cymbeline

To: ChicagoConservative27

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.

To: Pearls Before Swine

“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.

6 posted on 10/03/2024 12:49:40 PM PDT by TexasGator (l . . l / l / . l l . l).1 1 l l l l l " / . l l ( . 1 l l l . . l// l)

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