- Singles in many big cities require a near-six-figure income to live "comfortably," per SmartAsset.
- That figure jumps to almost $140,000 for New York, $125,000 for Boston, and $111,000 for Los Angeles.
- A family of four has to bring in over $300,000 to be comfortable in the most expensive cities.
A single person needs to earn more than $96,000 a year to live comfortably in many major US cities, according to calculations by SmartAsset.
The median income jumps to nearly $140,000 for New York City, $125,000 for Boston, $120,000 for Seattle, and $111,000 for Los Angeles, per the fintech. Its analysis was conducted using the MIT Living Wage Calculator.
Living "comfortably" means being able to allocate 50% of monthly income toward essentials like housing, groceries, and transportation; 30% to hobbies and entertainment; and 20% to repaying debts, saving, and investing, SmartAsset said.
Families also face a hefty price tag. Two adults and two children need to bring in an average of $235,000 to live comfortably in one of the 99 cities included in the research.
The total is more than $300,000 for six cities including San Francisco ($339,000), San Jose ($335,000), and New York City ($318,000).
Houston is the cheapest city on the list with only a $75,000 income required to live comfortably as a single person, and $175,000 for a family.
Living costs have jumped since the pandemic with historic inflation in food, energy, and rent costs. Monthly payments on mortgages, credit cards, car loans, and other types have debt have soared too, as the Federal Reserve has hiked interest rates to curb the pace of price increases.
The high cost of city living is also a product of more entrenched issues, including a housing shortage and expensive healthcare, education, and childcare.
Individuals have faced another challenge in the shape of the "singles tax" as they can't split their food, housing, and transportation expenses as easily as couples can.
