Comfortable city life usually requires a salary with six digits
The study, based on the 50/30/20 budgeting rule (50% needs, 30% wishes, 20% savings), it showed that the income needed to cover essential and discretionary costs, is exceeding the average family income in most metropolitan areas – especially for homeowners.
Irvine, California, arranged first in the nation for the highest income needed to live comfortably as both a homeowner ($ 326,645) and interest ($ 130,943). The average family income of the city in South California is $ 129,647 – less than half of what is needed for homeowners to maintain a comfortable lifestyle.
Nine of the top 10 cities where homeowners need the highest income are located on the west coast or in the Pacific region. The only access to the east coast is Arlington, Virginia.
In addition to Irvine, the top 10 other cities in California, including Fremont at No. 2, San Jose, includes number 3, San Francisco at no. 4, San Diego at No. 6 and Los Angeles at No. 8.
California dominated the Top 50, with 15 cities where both homeowners and tenants have to earn an income of six digits to live comfortably.
None of the 50 cities had an average family income higher than the income needed for homeowners to live comfortably. But in 10 cities, the average income surpassed the amount needed for tenants to maintain a comfortable standard of living.
The complete analysis of Gobankingrates can be found here.
