A new study ranks the salaries needed to live comfortably in some U.S. cities. San Jose, California ranked as the most desirable salary on the city list. Chicago ranks 48th on the list with an annual salary of $93,999.
CHICAGO – A new study that claims to analyze several metrics has determined how much money you need to earn to live comfortably in Chicago.
The study, created by GOBankingRates, reportedly analyzes data from the U.S. Census, Zillow, BestPlaces, and the Bureau of Labor Statistics (BLI) to determine the salary needed to live comfortably in America’s largest cities.
The study found that Chicago requires an annual salary of $93,999. This corresponds to a “Livability Score” of 78.
The study also found that the total cost of living for an individual in the Windy City is $46,999 per year.
In San Jose, California, the most expensive city, you need an annual income of $266,000 to live comfortably.
Of the eight cities with the highest salaries, six are in California.
How to decide
For this study, GOBankingRates used the 2022 U.S. Census to analyze the 50 largest U.S. cities by population.
Next, GoBankingRates looked at 2022 median household income, 2021 total population, and 2021 median household income, while also obtaining single-family home values from the Zillow Home Value Index.
To determine “comfortable living,” this study applied the “50/30/20 rule.” This states that a person’s budget should include 50% for needs, 30% for wants, and 20% for savings.
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Information for this article was provided by GOBankingRates.
