This is how much money you need to 'live comfortably,' data shows (2024)

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Living in a major U.S. city comes at a price – and it sure isn't cheap.

In the study, researchers at SmartAsset analyzed data to determine the income required to "live comfortably" in the nation's 99 largest metropolitan areas.

The study, which was published on March 7, utilized the 50/30/20 rule to define a comfortable lifestyle, allocating 50% of income to basic living expenses, 30% to discretionary spending and 20% for savings or debt payments.

SmartAsset then used the most recent MIT Living Wage Calculator data to gather the basic cost of living for an individual with no children, along with two working adults with two children.

Person needs nearly six figures to live comfortably

The study found that a person needs an average of $96,500 for sustainable comfort in a major U.S. city. It’s even more expensive for families, who need to make an average combined income of about $235,000 to support two adults and two children without the pressure of living paycheck to paycheck.

The Manhattan skyline is seen at sunrise from the 86th floor observatory of the Empire State Building on April 3, 2021, in New York City. (Credit: ANGELA WEISS/AFP via Getty Images)

The research also revealed that it takes the most money to live comfortably as a single person in New York City, requiring $66.62 in hourly wages, or an annual salary of $138,570.

In six cities, a family must make over $300k to raise two kids comfortably. Two working adults need to make a particularly high combined income in San Francisco ($339,123); San Jose ($334,547); Boston ($319,738); Arlington, VA ($318,573); New York City ($318,406); and Oakland, CA ($316,243) to raise two children with enough money for needs, wants and savings.

Top 10 Cities With the Lowest Salaries Needed to Live Comfortably

1. Houston, Texas

Hourly wage needed for a single adult: $36.10
Annual salary needed for a single adult to live comfortably: $75,088
Combined salaries for two working adults with two children needed: $175,219

2. El Paso, Texas

Hourly wage needed for a single adult: $36.18
Annual salary needed for a single adult to live comfortably: $75,254
Combined salaries for two working adults with two children needed: $180,461

3. Lubbock, Texas

Hourly wage needed for a single adult: $36.24
Annual salary needed for a single adult to live comfortably: $75,379
Combined salaries for two working adults with two children needed: $181,043

4. Toledo, Ohio

Hourly wage needed for a single adult: $37.26
Annual salary needed for a single adult to live comfortably: $77,501
Combined salaries for two working adults with two children needed: $208,416

5. Laredo, Texas

Hourly wage needed for a single adult: $37.72
Annual salary needed for a single adult to live comfortably: $78,458
Combined salaries for two working adults with two children needed: $179,046

6. Milwaukee, Wisconsin

Hourly wage needed for a single adult: $38.30
Annual salary needed for a single adult to live comfortably: $79,664
Combined salaries for two working adults with two children needed: $237,952

7. Lexington, Kentucky

Hourly wage needed for a single adult: $38.46
Annual salary needed for a single adult to live comfortably: $79,997
Combined salaries for two working adults with two children needed: $196,102

8. Tulsa, Oklahoma

Hourly wage needed for a single adult: $38.98
Annual salary needed for a single adult to live comfortably: $81,078
Combined salaries for two working adults with two children needed: $199,430

9. Wichita, Kansas

Hourly wage needed for a single adult: $39.04
Annual salary needed for a single adult to live comfortably: $81,203
Combined salaries for two working adults with two children needed: $186,784

10. Cleveland, Ohio

Hourly wage needed for a single adult: $39.32
Annual salary needed for a single adult to live comfortably: $81,786
Combined salaries for two working adults with two children needed: $217,984

Top 10 Cities With the Highest Salaries Needed to Live Comfortably

1. New York City, New York

Hourly wage needed for a single adult: $66.62
Annual salary needed for a single adult to live comfortably: $138,570
Combined salaries for two working adults with two children needed: $318,406

2. San Jose, California

Hourly wage needed for a single adult: $65.74
Annual salary needed for a single adult to live comfortably: $136,739
Combined salaries for two working adults with two children needed: $334,547

3. Irvine, California

Hourly wage needed for a single adult: $60.96
Annual salary needed for a single adult to live comfortably: $126,797
Combined salaries for two working adults with two children needed: $291,450

4. Santa Ana, California

Hourly wage needed for a single adult: $60.96
Annual salary needed for a single adult to live comfortably: $126,797
Combined salaries for two working adults with two children needed: $291,450

5. Boston, Massachusetts

Hourly wage needed for a single adult: $60.08
Annual salary needed for a single adult to live comfortably: $124,966
Combined salaries for two working adults with two children needed: $319,738

6. San Diego, California

Hourly wage needed for a single adult: $59.04
Annual salary needed for a single adult to live comfortably: $122,803
Combined salaries for two working adults with two children needed: $289,453

7. Chula Vista, California

Hourly wage needed for a single adult: $59.04
Annual salary needed for a single adult to live comfortably: $122,803
Combined salaries for two working adults with two children needed: $289,453

8. San Francisco, California

Hourly wage needed for a single adult: $57.48
Annual salary needed for a single adult to live comfortably: $119,558
Combined salaries for two working adults with two children needed: $339,123

9. Seattle, Washington

Hourly wage needed for a single adult: $57.40
Annual salary needed for a single adult to live comfortably: $119,392
Combined salaries for two working adults with two children needed: $283,712

10. Oakland, California

Hourly wage needed for a single adult: $57.10
Annual salary needed for a single adult to live comfortably: $118,768
Combined salaries for two working adults with two children needed: $316,243

See the full list of rankings here.

This story was reported from Los Angeles.

FAQs

This is how much money you need to 'live comfortably,' data shows? ›

The study found that a person needs an average of $96,500 for sustainable comfort in a major U.S. city. It's even more expensive for families, who need to make an average combined income of about $235,000 to support two adults and two children without the pressure of living paycheck to paycheck.

Read On ›

How much money do you need to live comfortably a year? ›

Key Findings. On average, an individual needs $96,500 for sustainable comfort in a major U.S. city. This includes being able to pay off debt and invest for the future.

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How much money do you need to live comfortably in San Jose? ›

A recent analysis from ConsumerAffairs reveals that San Francisco residents need a minimum salary of $131,050, while San Jose residents must earn at least $124,292, and Fremont residents require $117,339. In Oakland, the minimum salary needed for comfortable living is $99,334.

How much do you need to make in Georgia to live comfortably? ›

— Living comfortably in Georgia in 2024 requires a salary of nearly $100,000, according to a new study. Smart Asset ranked all 50 states by the highest annual salary needed for a single adult to live in comfort.

See Details ›

What does a family of four need to make to live comfortably? ›

A family of four needs to earn at least $106,903 a year to cover their necessities in most U.S. states, a recent SmartAsset study reveals.

Find Out More ›

Is $1000 dollars a month livable? ›

But it is possible to live well even on a small amount of money. Surviving on $1,000 a month requires careful budgeting, prioritizing essential expenses, and finding ways to save money. Cutting down on housing costs by sharing living spaces or finding affordable options is crucial.

Tell Me More ›

Is $50,000 a year livable? ›

Generally speaking, yes. An annual salary of $50,000 is considered a middle-class income, and can be a comfortable wage for a recent graduate or a person starting a new career. A single person may not be able to live large in some areas of the country, but that doesn't mean they can't live comfortably elsewhere.

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How much to live comfortably in NYC? ›

What is the cost of living in New York? On average, you need $1,238 monthly to live comfortably in New York, excluding rent. It isn't surprising that rent makes up for the largest part of your monthly budget, followed by groceries and leisure. Depending on your lifestyle, your living expenses in New York will vary.

Explore More ›

What is a good income for a single person? ›

To live “comfortably” as a single person in 99 of the largest U.S. metro areas, you'll need a median income of $93,933, according to a recent SmartAsset analysis.

How much money do Americans need to be comfortable? ›

The cost of living comfortably: On average, Americans feel they'd need to earn over $186,000 to feel financially secure or comfortable, a 20 percent drop from 2023 but still more than two times what the average full-time, year-round worker earned in 2022 (about $79,000), according to Census Bureau data.

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Is $25 an hour a livable wage? ›

An analysis of the living wage (as calculated in December 2022 and reflecting a compensation being offered to an individual in 2023), compiling geographically specific expenditure data for food, childcare, health care, housing, transportation, and other necessities, finds that: The living wage in the United States is ...

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What is a realistic livable wage? ›

Living Wage Calculation for California

	1 ADULT	2 ADULTS (BOTH WORKING)
	0 Children	2 Children
Living Wage	$27.32	$33.26
Poverty Wage	$7.24	$7.50
Minimum Wage	$16.00	$16.00

See Details ›

Is 45k a year poverty? ›

According to Covered California income guidelines and salary restrictions, if an individual makes less than $47,520 per year or if a family of four earns wages less than $97,200 per year, then they qualify for government assistance based on their income.

Get More Info Here ›

What is a livable wage by state? ›

California. California's living wage is $19.41, or $40,371 a year for an individual. A family of four requires $27.42, or $101,378 a year. Childcare costs will cost a family with two working adults $22,259 a year, slightly more than the $24,682 they can expect to spend on housing.

What's a good salary in 2024? ›

2024 Average Salaries by Age

Age Group	Weekly Income	Annual Income
20-24 years	$758	$39,416
25-34 years	$1,080	$56,160
35-44 years	$1,303	$67,756
45-54 years	$1,275	$66,300

3 more rows

Jul 12, 2024

What is a good salary in the US per month? ›

As per recent data by the Bureau of Labour and Statistics, the average salary in the US per month is $6,228 or $74,738 per year. When we speak of 2024, the gross minimum pay in the US comes to $27.77 per hour.

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How much money does an average person need to survive a year? ›

While the definition of "comfortable living" can vary from person to person, a general consensus suggests that an annual income of $75,000 to $100,000 can provide a comfortable lifestyle for many individuals and families in the United States.

How much money does one person need to live in a year? ›

An individual needs $96,500, on average, to live comfortably in a major U.S. city. That figure is even higher for families, who need to earn an average combined income of about $235,000 to support two adults and two children.

Learn More ›

Is 200k a year enough to live comfortably? ›

If you're single and earning $200,000 a year, chances are you're able to afford a comfortable life. That level of income is more than three times what the average American worker makes each year. Of course, your cost of living, inflation, and financial obligations also factor into how far the money goes.

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What is a livable salary for a single person? ›

Researchers found that, on average, single adults living in 99 of the largest metro areas in the U.S. need to make $96,500 to sustain comfortable living.

Show Me More ›