How Much Money Can You Live Comfortably On
Do you earn plenty to 'live comfortably' in these cities?: analysis
Practise you make enough money to be living in some of the U.Due south.'s biggest cities? (Getty)
Editor'southward note: This story was updated clarifying paragraph 8 to indicate that the needed income was after taxes.
(NEXSTAR) – Do you feel similar you make enough to cover your bills, buy the things you want, and set some coin bated? A new analysis has found how much it takes to be able to afford to alive in some U.S. cities.
Using data from the MIT Living Wage Reckoner and a common budgeting method, SmartAsset has calculated the salary a single person needs to earn to "live comfortably" in the 25 largest metro areas in the country.
The MIT Living Wage Computer estimates the living wage needed to support individuals and families using "geographically specific expenditure data related to a family unit's probable minimum food, childcare, wellness insurance, housing, transportation, and other basic necessities." Living wages have been calculated for each state, the District of Columbia, and multiple counties and metro areas throughout the U.Southward.
Using the required annual income after taxes estimated past the living wage calculator, SmartAsset determined how much you need to make to "live comfortably" in the nation'south largest cities using the l/xxx/xx rule.
A common budgeting technique, the 50/30/20 dominion allocates your later-tax income to three categories: basic living expenses, discretionary spending, and saving or paying off debt.
SmartAsset used MIT's estimated living wage salaries as the "needs," or 50% of one's upkeep. They then doubled that salary for their assay, allowing for an individual to spend the remainder on wants, saving, and paying off debt.
For example, the calculator says an private living in the Houston metro area would need to earn $25,574 afterwards taxes. Assuming that covers the bones living expenses, SmartAsset says an individual living in the Houston surface area would need to earn $51,148 to be comfortable following the 50/30/twenty rule.
In its analysis, SmartAsset found cities along both the Due east and West coasts require the greatest postal service-tax income to alive comfortably. Ix of the top ten metros fall on i of the seaboards.
Topping out the list, unsurprisingly, was a California metro: San Francisco-Oakland-Berkley. SmartAsset found a single working person would demand an annual post-tax salary of $74,282 to live comfortably in and around the Metropolis by the Bay.
Coming in second was Boston-Cambridge-Newton, where a unmarried individual would need to make $68,630.
Ultimately, the most affordable metro area was St. Louis, where a salary of $46,864 is enough to satisfy the fifty/30/20 rule. St. Louis edged out the Detroit-Warren-Dearborn area, where a salary of $46,914 is considered enough.
Cities throughout the South and Midwest also brand an appearance on SmartAsset'south list. In 22 of the 25 cities on the list, a postal service-revenue enhancement salary of more than $50,000 is considered adequate to live comfortably.
The boilerplate salary needed to alive comfortably across all of the major metro areas is $57,013, according to SmartAsset.
Source: https://www.newsnationnow.com/us-news/do-you-earn-enough-to-live-comfortably-in-these-cities-analysis/
Posted by: villanuevalibler.blogspot.com
0 Response to "How Much Money Can You Live Comfortably On"
Post a Comment