GOBankingRates analyzed how much money you would need to make to live in 50 of the largest U.S. cities. Ohio has a city with high livability scores that is the most affordable. Continue reading to find out more about what’s expensive and cheap.
You’re certainly not the only one who feels that everything is more expensive. It’s true that everyday items are more expensive than before, and wages haven’t kept up. There are still a few places in the country that offer a way of living that is affordable. GOBankingRates identified the most affordable of them all.
On Wednesday, GOBankingRates revealed how much money people need to earn to live comfortably The 50 largest American cities.
The team first identified 100 of the largest U.S. citys, ranking them according to their total population. They then took the median household income and ranked the top 50. The average mortgage for each city was calculated using the single-family average home value along with average rental costs and average expenditure costs. The total cost of living for both homeowners and renters was then doubled using the 50/30/20 rule.
We’re not going to lie: certain information in the report seems pretty grim.
The website stated that homeowners in 10 of America’s biggest cities must earn at least $191,000 per year to live comfortably. “While nine of these cities are based on the West Coast and the Hawaiian Islands—not unusual, given each region’s high cost of living—Americans might not be able to guess which East Coast city requires an income of more than $217,000 to live comfortably.”
Irvine, California was ranked as the first place you need to make the most income in order live comfortably. GOBankingRates states that you’ll need $326.645 a year for homeowners and $130.943 a month for renters. It added that the median household income in the Southern California city is currently only $129 647. This means you’ll need to earn more than twice the median income if you want to be a homeowner.
The findings showed that California took the top 50 places, with 15 cities in which homeowners and renters must earn six figures to live comfortably, including Fremont, at No. San Jose is ranked No. 3, San Francisco at No. San Diego comes in at No. Los Angeles, at No. 6, is the next best city. 8.
The findings also revealed that “none” of the 50 top cities had a household median income greater than the income required for homeowners to be comfortable.
Cleveland, Ohio, ranked the highest among all cities, but there are some places that have a more comfortable life. most affordable on the list. You only need $60,000 in income per year to be a comfortable homeowner. This is also a place that ranks quite highly on AreaVibesThe city received an impressive 72 score for Livability, with high marks in the areas of housing, amenities, commute and access to health care.
Toledo, Ohio is the second most affordable city. You only need a $62,141 income per year to live comfortably. The U.S. Census Bureau estimates that by 2023 the median income for a household in the United States will be $80,610. Only 14 cities in GOBankingRates list met the threshold for living comfortably as a home owner.
You can read the entire report and see if your city was included at gobankingrates.com.
