$266K salary needed to live 'comfortably' in this Bay Area city, report says
Housing in San Jose, California, US, on Thursday, Sept. 5, 2024. The median home price in Silicon Valley topped $2 million in the second quarter, the first time a US metropolitan area has exceeded that threshold and symptom of the nation's persistent
Cities nationwide offer appeal to people for a variety of reasons, from lifestyle to affordability. And if you are thinking about making the leap to a new place to call home, it is ideal to make sure you have the salary to cover the cost of living in a new locale.
GOBankingRates created a report to determine the salary needed to live comfortably in the nation’s largest cities by examining the 50 largest U.S. cities by population and determined the salary needed to live comfortably in each one. The team also used data from the U.S. Census, Zillow, BestPlaces and the Bureau of Labor of Statistics.
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The online personal finance company defined "living comfortably" in their report by applying the "50/30/20" rule, meaning needs should not exceed 50% of an individual’s income.
Researchers also ranked the cities in their list by population growth between 2021 and 2022, and the increase/decrease, household median income, the average value for a single-family home, a livability score, and the total annual cost of living.
According to the report, of the eight cities where a high salary is required to live comfortably, six are in California.
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In the most expensive city on the list, you need an annual salary of $266,000 to live comfortably. Additionally, you can live comfortably in the least expensive city on the list for less than $65,000 a year.
Top 20 cities in America
- San Jose, California – $265,926
- San Francisco, California – $252,878
- San Diego, California – $207,332
- Los Angeles, California – $194,500
- Seattle, Washington – $179,547
- Long Beach, California – $177,553
- New York City, New York – $175,909
- Oakland, California – $171,898
- Boston, Massachusetts – $164,993
- Washington, D.C. – $153,061
- Miami, Florida – $143,861
- Denver, Colorado – $132,096
- Portland, Oregon – $126,083
- Austin, Texas – $125,372
- Sacramento, California – $119,057
- Las Vegas, Nevada – $112,763
- Atlanta, Georgia – $111,835
- Mesa, Arizona – $109,900
- Nashville, Tennessee – $109,251
- Phoenix, Arizona – $108,919
To see the complete list of the cities where you need a certain salary to live comfortably, click here.