How much do you need to earn to live comfortably in California and other states
Do you think you earn enough to afford a comfortable life? High inflation and the high cost of living make it hard to feel financially secure. How much do you need to earn in various US cities to live comfortably, the publication said. KTLA.
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Using data from MIT's latest cost of living calculator and the 50/30/20 budgeting method, Smart Asset calculated the after-tax salary that one person without children must earn to "live comfortably" in the 25 largest US cities.
The 50/30/20 budgeting method divides the budget into three categories: basic living expenses, discretionary spending, and saving or paying off debt.
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The budget method involves using 50% of wages to cover basic living expenses such as rent and bills; 30% will be used for personal expenses and 20% will be placed in a savings account or used to pay off debt.
The data used in the study analyzed the cost of living in each city as of 2022.
According to these figures, in California cities such as Los Angeles, Berkeley and San Diego, one person must earn more than $76 to "live comfortably."
So, how much do people need to earn (after taxes) to afford living in California cities:
- San Francisco-Oakland-Berkeley - $84
- San Diego-Chula-Vista-Carlsbad - $79
- Los Angeles-Long Beach-Anaheim - $76
- Riverside-San Bernardino-Ontario - $67
No wonder people living in California need high salaries to "live comfortably."
In contrast, residents of St. Louis, Detroit, and San Antonio only need to earn between $57 and $000 after taxes to afford a comfortable life.
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But these cities do not require a high salary (after taxes):
- St. Louis (Missouri) - $57
- Detroit-Warren-Dearborn (MI) - $58
- San Antonio-New Braunfels (TX) - $59
- Philadelphia (Pennsylvania), Camden (New Jersey), Wilmington (Delaware) - $61
- Charlotte-Concord-Gastonia (North Carolina) - $62
- Houston Woodlands Sugar Land (Texas) – $62
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