NEW YORK (PIX11) – New York City requires the second-highest salary to live comfortably of all the largest cities in the United States, according to a study.
A new study by SmartAsset analyzed the estimated cost of necessities in 100 of the largest cities in the U.S. to determine the salary people would need to maintain a 50/30/20 budget.
“The 50/30/20 budget rule provides a framework for supporting such financial stability: 50% of a household’s income is allocated to necessities, 30% for discretionary spending, and 20% for long-term goals,” SmartAsset’s Jaclyn DeJohn wrote.
A single adult living in New York City would need to make $136,656 a year in order to live comfortably, according to the study.
A family of two adults with two children would need to make a combined $306,093 a year in order to live comfortably in New York City, the study found.
Last year, New York City required the highest salary in the country to live comfortably. However, San Jose, California, overtook New York City for the top spot this year.
A single adult living in San Jose would need to make $147,430 a year in order to live comfortably, according to the SmartAsset study.
Finn Hoogensen is a digital journalist who has covered local news for more than six years. He has been with PIX11 News since 2022. See more of his work here.
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