Obtaining an emergency fund with three to six months’ worth of living expenses ensures you’re financially prepared for a job loss, medical emergency or other unexpected expense — but most Americans don’t sufficiently save money.
A recent GOBankingRates survey found that 50% of Americans have $500 or less in their savings account, with 36% having $100 or less.
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While the emergency savings you need will vary depending on the cost of living where you live, even in the most affordable major cities in America, $500 won’t be enough to keep you afloat for one month, let alone six.
To find the minimum emergency fund needed in the 50 largest cities in the U.S. by population, GOBankingRates determined the cost to cover necessary expenses, including groceries, healthcare, housing, utilities, transportation and the amount you’d need in savings to cover these costs for three to six months.
Here’s a look at the minimum emergency savings needed in America’s 50 largest cities, ranked from most to least expensive.
Key Findings
You would need over $50,000 for a six-month emergency fund if you live in San Francisco.
In the three largest cities — New York, Los Angeles and Chicago — you would need over $20,000 for a six-month emergency fund.
You would still need over $10,000 for a six-month emergency fund in Detroit, the populous city with the lowest cost of living.
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1. San Francisco
Total annual expenditures: $104,729
Savings need for a 3-month emergency fund: $26,182
Savings need for a 4-month emergency fund: $34,910
Savings need for a 5-month emergency fund: $43,637
Savings need for a 6-month emergency fund: $52,365
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2. San Jose, California
Total annual expenditures: $92,516
Savings need for a 3-month emergency fund: $23,129
Savings need for a 4-month emergency fund: $30,839
Savings need for a 5-month emergency fund: $38,548
Savings need for a 6-month emergency fund: $46,258
3. Oakland, California
Total annual expenditures: $76,212
Savings need for a 3-month emergency fund: $19,053
Savings need for a 4-month emergency fund: $25,404
Savings need for a 5-month emergency fund: $31,755
Savings need for a 6-month emergency fund: $38,106
4. Los Angeles
Total annual expenditures: $70,320
Savings need for a 3-month emergency fund: $17,580
Savings need for a 4-month emergency fund: $23,440
Savings need for a 5-month emergency fund: $29,300
Savings need for a 6-month emergency fund: $35,160
5. Seattle
Total annual expenditures: $68,909
Savings need for a 3-month emergency fund: $17,227
Savings need for a 4-month emergency fund: $22,970
Savings need for a 5-month emergency fund: $28,712
Savings need for a 6-month emergency fund: $34,455
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6. San Diego
Total annual expenditures: $68,792
Savings need for a 3-month emergency fund: $17,198
Savings need for a 4-month emergency fund: $22,971
Savings need for a 5-month emergency fund: $28,663
Savings need for a 6-month emergency fund: $34,396
7. New York
Total annual expenditures: $64,726
Savings need for a 3-month emergency fund: $16,181
Savings need for a 4-month emergency fund: $21,575
Savings need for a 5-month emergency fund: $26,969
Savings need for a 6-month emergency fund: $32,363
8. Washington
Total annual expenditures: $64,264
Savings need for a 3-month emergency fund: $16,066
Savings need for a 4-month emergency fund: $21,421
Savings need for a 5-month emergency fund: $26,777
Savings need for a 6-month emergency fund: $32,132
9. Long Beach, California
Total annual expenditures: $63,056
Savings need for a 3-month emergency fund: $15,764
Savings need for a 4-month emergency fund: $21,019
Savings need for a 5-month emergency fund: $26,273
Savings need for a 6-month emergency fund: $31,528
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10. Boston
Total annual expenditures: $62,593
Savings need for a 3-month emergency fund: $15,648
Savings need for a 4-month emergency fund: $20,864
Savings need for a 5-month emergency fund: $26,081
Savings need for a 6-month emergency fund: $31,297
11. Denver
Total annual expenditures: $53,529
Savings need for a 3-month emergency fund: $13,382
Savings need for a 4-month emergency fund: $17,843
Savings need for a 5-month emergency fund: $22,304
Savings need for a 6-month emergency fund: $26,765
12. Portland, Oregon
Total annual expenditures: $52,587
Savings need for a 3-month emergency fund: $13,147
Savings need for a 4-month emergency fund: $17,529
Savings need for a 5-month emergency fund: $21,911
Savings need for a 6-month emergency fund: $26,294
13. Austin, Texas
Total annual expenditures: $52,052
Savings need for a 3-month emergency fund: $13,013
Savings need for a 4-month emergency fund: $17,351
Savings need for a 5-month emergency fund: $21,688
Savings need for a 6-month emergency fund: $26,026
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14. Aurora, Colorado
Total annual expenditures: $48,570
Savings need for a 3-month emergency fund: $12,143
Savings need for a 4-month emergency fund: $16,190
Savings need for a 5-month emergency fund: $20,238
Savings need for a 6-month emergency fund: $24,285
15. Sacramento, California
Total annual expenditures: $48,429
Savings need for a 3-month emergency fund: $12,107
Savings need for a 4-month emergency fund: $16,143
Savings need for a 5-month emergency fund: $20,179
Savings need for a 6-month emergency fund: $24,214
16. Colorado Springs, Colorado
Total annual expenditures: $45,421
Savings need for a 3-month emergency fund: $11,355
Savings need for a 4-month emergency fund: $15,140
Savings need for a 5-month emergency fund: $18,926
Savings need for a 6-month emergency fund: $22,711
17. Miami
Total annual expenditures: $44,517
Savings need for a 3-month emergency fund: $11,129
Savings need for a 4-month emergency fund: $14,839
Savings need for a 5-month emergency fund: $18,549
Savings need for a 6-month emergency fund: $22,259
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18. Virginia Beach, Virginia
Total annual expenditures: $43,083
Savings need for a 3-month emergency fund: $10,771
Savings need for a 4-month emergency fund: $14,361
Savings need for a 5-month emergency fund: $17,951
Savings need for a 6-month emergency fund: $21,542
19. Minneapolis
Total annual expenditures: $42,329
Savings need for a 3-month emergency fund: $10,582
Savings need for a 4-month emergency fund: $14,110
Savings need for a 5-month emergency fund: $17,637
Savings need for a 6-month emergency fund: $21,165
20. Raleigh, North Carolina
Total annual expenditures: $41,721
Savings need for a 3-month emergency fund: $10,430
Savings need for a 4-month emergency fund: $13,907
Savings need for a 5-month emergency fund: $17,384
Savings need for a 6-month emergency fund: $20,861
21. Mesa, Arizona
Total annual expenditures: $41,575
Savings need for a 3-month emergency fund: $10,394
Savings need for a 4-month emergency fund: $13,858
Savings need for a 5-month emergency fund: $17,323
Savings need for a 6-month emergency fund: $20,787
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22. Las Vegas
Total annual expenditures: $41,297
Savings need for a 3-month emergency fund: $10,324
Savings need for a 4-month emergency fund: $13,766
Savings need for a 5-month emergency fund: $17,207
Savings need for a 6-month emergency fund: $20,648
23. Phoenix
Total annual expenditures: $41,287
Savings need for a 3-month emergency fund: $10,322
Savings need for a 4-month emergency fund: $13,762
Savings need for a 5-month emergency fund: $17,203
Savings need for a 6-month emergency fund: $20,644
24. Nashville, Tennessee
Total annual expenditures: $41,140
Savings need for a 3-month emergency fund: $10,285
Savings need for a 4-month emergency fund: $13,713
Savings need for a 5-month emergency fund: $17,142
Savings need for a 6-month emergency fund: $20,570
25. Atlanta
Total annual expenditures: $41,086
Savings need for a 3-month emergency fund: $10,271
Savings need for a 4-month emergency fund: $13,695
Savings need for a 5-month emergency fund: $17,119
Savings need for a 6-month emergency fund: $20,543
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26. Fresno, California
Total annual expenditures: $40,667
Savings need for a 3-month emergency fund: $10,167
Savings need for a 4-month emergency fund: $13,556
Savings need for a 5-month emergency fund: $16,944
Savings need for a 6-month emergency fund: $20,333
27. Bakersfield, California
Total annual expenditures: $40,305
Savings need for a 3-month emergency fund: $10,076
Savings need for a 4-month emergency fund: $13,435
Savings need for a 5-month emergency fund: $16,794
Savings need for a 6-month emergency fund: $20,152
28. Chicago
Total annual expenditures: $40,179
Savings need for a 3-month emergency fund: $10,045
Savings need for a 4-month emergency fund: $13,393
Savings need for a 5-month emergency fund: $16,741
Savings need for a 6-month emergency fund: $20,089
29. Omaha, Nebraska
Total annual expenditures: $38,721
Savings need for a 3-month emergency fund: $9,680
Savings need for a 4-month emergency fund: $12,907
Savings need for a 5-month emergency fund: $16,134
Savings need for a 6-month emergency fund: $19,360
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30. Arlington, Texas
Total annual expenditures: $37,448
Savings need for a 3-month emergency fund: $9,362
Savings need for a 4-month emergency fund: $12,483
Savings need for a 5-month emergency fund: $15,603
Savings need for a 6-month emergency fund: $18,724
31. Dallas
Total annual expenditures: $37,373
Savings need for a 3-month emergency fund: $9,343
Savings need for a 4-month emergency fund: $12,458
Savings need for a 5-month emergency fund: $15,572
Savings need for a 6-month emergency fund: $18,686
32. Fort Worth, Texas
Total annual expenditures: $37,119
Savings need for a 3-month emergency fund: $9,280
Savings need for a 4-month emergency fund: $12,373
Savings need for a 5-month emergency fund: $15,466
Savings need for a 6-month emergency fund: $18,560
33. Philadelphia
Total annual expenditures: $36,396
Savings need for a 3-month emergency fund: $9,099
Savings need for a 4-month emergency fund: $12,132
Savings need for a 5-month emergency fund: $15,165
Savings need for a 6-month emergency fund: $18,198
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34. Tucson, Arizona
Total annual expenditures: $36,320
Savings need for a 3-month emergency fund: $9,080
Savings need for a 4-month emergency fund: $12,107
Savings need for a 5-month emergency fund: $15,133
Savings need for a 6-month emergency fund: $18,160
35. Jacksonville, Florida
Total annual expenditures: $35,898
Savings need for a 3-month emergency fund: $8,975
Savings need for a 4-month emergency fund: $11,966
Savings need for a 5-month emergency fund: $14,958
Savings need for a 6-month emergency fund: $17,949
36. Albuquerque, New Mexico
Total annual expenditures: $35,513
Savings need for a 3-month emergency fund: $8,878
Savings need for a 4-month emergency fund: $11,838
Savings need for a 5-month emergency fund: $14,797
Savings need for a 6-month emergency fund: $17,757
37. Houston
Total annual expenditures: $34,828
Savings need for a 3-month emergency fund: $8,707
Savings need for a 4-month emergency fund: $11,609
Savings need for a 5-month emergency fund: $14,512
Savings need for a 6-month emergency fund: $17,414
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38. San Antonio
Total annual expenditures: $34,248
Savings need for a 3-month emergency fund: $8,562
Savings need for a 4-month emergency fund: $11,416
Savings need for a 5-month emergency fund: $14,270
Savings need for a 6-month emergency fund: $17,124
39. Columbus, Ohio
Total annual expenditures: $34,155
Savings need for a 3-month emergency fund: $8,539
Savings need for a 4-month emergency fund: $11,385
Savings need for a 5-month emergency fund: $14,231
Savings need for a 6-month emergency fund: $17,077
40. Wichita, Kansas
Total annual expenditures: $33,222
Savings need for a 3-month emergency fund: $8,305
Savings need for a 4-month emergency fund: $13,842
Savings need for a 5-month emergency fund: $14,231
Savings need for a 6-month emergency fund: $16,611
41. Kansas City, Missouri
Total annual expenditures: $33,141
Savings need for a 3-month emergency fund: $8,285
Savings need for a 4-month emergency fund: $11,047
Savings need for a 5-month emergency fund: $13,809
Savings need for a 6-month emergency fund: $16,570
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42. Louisville, Kentucky
Total annual expenditures: $32,770
Savings need for a 3-month emergency fund: $8,193
Savings need for a 4-month emergency fund: $10,923
Savings need for a 5-month emergency fund: $13,654
Savings need for a 6-month emergency fund: $16,385
43. Milwaukee
Total annual expenditures: $32,660
Savings need for a 3-month emergency fund: $8,165
Savings need for a 4-month emergency fund: $10,887
Savings need for a 5-month emergency fund: $13,608
Savings need for a 6-month emergency fund: $16,330
44. Baltimore
Total annual expenditures: $32,576
Savings need for a 3-month emergency fund: $8,144
Savings need for a 4-month emergency fund: $10,859
Savings need for a 5-month emergency fund: $13,573
Savings need for a 6-month emergency fund: $16,288
45. Indianapolis
Total annual expenditures: $32,439
Savings need for a 3-month emergency fund: $8,110
Savings need for a 4-month emergency fund: $10,813
Savings need for a 5-month emergency fund: $13,516
Savings need for a 6-month emergency fund: $16,219
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46. Oklahoma City
Total annual expenditures: $31,947
Savings need for a 3-month emergency fund: $7,987
Savings need for a 4-month emergency fund: $10,649
Savings need for a 5-month emergency fund: $13,311
Savings need for a 6-month emergency fund: $15,973
47. Tulsa, Oklahoma
Total annual expenditures: $31,179
Savings need for a 3-month emergency fund: $7,795
Savings need for a 4-month emergency fund: $10,393
Savings need for a 5-month emergency fund: $12,992
Savings need for a 6-month emergency fund: $15,590
48. El Paso, Texas
Total annual expenditures: $30,010
Savings need for a 3-month emergency fund: $7,503
Savings need for a 4-month emergency fund: $10,003
Savings need for a 5-month emergency fund: $12,504
Savings need for a 6-month emergency fund: $15,005
49. Memphis, Tennessee
Total annual expenditures: $29,349
Savings need for a 3-month emergency fund: $7,337
Savings need for a 4-month emergency fund: $9,783
Savings need for a 5-month emergency fund: $12,229
Savings need for a 6-month emergency fund: $14,674
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50. Detroit
Total annual expenditures: $26,204
Savings need for a 3-month emergency fund: $6,551
Savings need for a 4-month emergency fund: $8,735
Savings need for a 5-month emergency fund: $10,919
Savings need for a 6-month emergency fund: $13,102
Methodology: GOBankingRates defined the minimum emergency savings needed in every state as the amount needed to afford three to six months of living expenses. GOBankingRates used the top 50 cities by population as sourced from the US Census American Community Survey and cost of living indexes as sourced from Sperlings BestPlaces. Calculations included only the necessary expenses from the Bureau of Labor Statistics Consumer Expenditure Survey: groceries (“food at home”), housing (“shelter”), utilities (“utilities, fuels and public services”), transportation (“gasoline, other fuels and motor oil” + “other vehicle expenses”), healthcare and miscellaneous. Using the cost of living index and the average expenditure cost, one month’s expenses were calculated and extrapolated for three to six months. This estimate captures the minimum emergency savings needed in the top 50 US cities to cover basic expenses for three to six months. All data was collected and is up-to-date as of May 24, 2024.
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This article originally appeared on GOBankingRates.com: The (Minimum) Emergency Savings Needed in America’s 50 Largest Cities
