Costs of Living in the 10 Most Populated U.S. Cities
As much as living in major U.S. cities is glorified in TV and film, the reality can be untenable for most American families. Depending on on one's marital status, health care, child care, transportation, and needs for every day sustenance, some cities are twice as expensive as others just to satisfy basic living necessities. Experts used MIT's living wage calculator to assess the minimum income required to live in these 10 major cities. The calculations are based on a family of two adults and one child, and they don't include any leftover funds for dining out at restaurants, taking vacations, or adding to savings. Additionally, banking experts used the 50-30-20 rule (50% necessities, 20% savings, 30% disposable income) to assess what incomes are necessary to live comfortably in these major cities, including perks like dining out and putting money aside for the future.
1. New York
Living wage: $67,817
Living comfortably: $99,667
The Big Apple certainly has one of the highest rents in the country, averaging $2,295 a month. Groceries and healthcare also contribute to a high cost of living.
2. Los Angeles
Living wage: $65,963
Living comfortably: $87,260
With rent averaging $2,050 a month, property costs consistently present a challenge for affordable living. There's currently a $51,538 difference between median income and what's needed to I've comfortably.
Living wage $59,215
Living comfortably: $76,086
Chicago's sprawling public transit system gives the city the second-lowest transportation costs among the 50 most populated cities in the U.S.
Living wage: $55,777
Living comfortably: $88,967
With rent averaging $2,100 a month, property and food costs are especially high in Boston. However, the city has one of the lowest annual transportation costs.
Living wage: $50,049
Living comfortably: $76,049
Atlanta's recent tech boom is also driving up costs of living. Unfortunately, this means there's about a $26,651 difference between median household income and the minimum salary to "live comfortably."
Living wage: $55,600
Live comfortably: $73,005
Housing is the most expensive aspect of living in Philadelphia, with the median cost of a home averaging $147,000.
Living wage: $56,258
Live comfortably: $77,562
Not too long ago Denver was considered the fastest growing city in the U.S, which drove the cost of living higher. Now the difference between median income and a comfortable salary is still over $20,000.
Living wage: $54,638
Live comfortably: $73,163
Between 2017 and 2018, Austin's booming popularity sparked a large spike in cost of living. Transportation costs and healthcare are particularly expensive.
9. San Francisco
Living wage: $78,386
Live comfortably: $123,268
Out of the 50 most populated U.S. cities, San Francisco is the most expensive. With an average cost of $3,300 per month for rent, that's almost $40,000 a year for property alone.
Living wage: $58,423
Live comfortably: $79,397
After a recent explosion in popularity, the cost of living in Portland has risen with higher rent and property costs. Additionally, transportation is particularly expensive to get around the sprawling city.
When you're contemplating re-locating or settling down for the first time, the cost of living you should budget for can vary wildly depending on your family size, your vocation, and your needs. Consider your health care costs, means of transportation, and whether you plan to rent or own before you commit to a new city.
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