How much do you need to make to live comfortably in Philadelphia? A new study says nearly $93,000
PHILADELPHIA (CBS) -- How much does it cost to live comfortably in Philadelphia? Compared to the 99 biggest cities in the United States, a lot more than some, but a lot less than others.
A new study from SmartAsset, a website that collects consumer-focused finance information, breaks down how much money individuals and partners with two children would need to make each year to live in "sustainable comfort."
The study applied the "local cost of necessities and taxes" to the 50/30/20 rule, which recommends using 50% of your salary for housing, food and transportation, 30% for entertainment and "wants," and 20% for investing, savings and paying off debt.
"While cost of living premiums and inflation metrics capture the price increases in goods and services, they do not necessarily account for all the additional costs needed to live comfortably – such as a buffer from the stress of living paycheck to paycheck," SmartAsset said explaining the study.
So whether you're thinking about moving to Philadelphia or have already settled in the city, here's an idea of how much you'd need to make to live comfortably in the City of Brotherly Love, according to SmartAsset.
How much does a single person need to make to live comfortably in Philadelphia?
The SmartAsset study found a single person in Philadelphia would need to make a salary of $92,726 per year, pre-tax, to live comfortably in the city. That breaks down to an hourly wage of $44.58.
How much does a couple need to make to live comfortably in Philadelphia?
For a family of two working adults with two children, their combined salary would need to be $231,379 each year.
What are the the most expensive cities to live in?
The city where you'd need to make the most money to live comfortably is New York City, according to the SmartAsset study. In NYC an individual would need to make $138,570 a year, and a couple with two kids would need a combined salary of $318,406.
San Jose, Irvine and Santa Ana, all in California, and Boston, Massachusetts, round out the top five cities with the highest salaries to live comfortably.
What are the least expensive cities to live in?
On the flip side, individuals only need to make $75,088 a year in Houston, Texas to live comfortably, or $175,219 for parents with two kids.
These four cities round out the five least expensive cities to live in comfortably:
- El Paso, Texas
- Lubbock, Texas
- Toledo, Ohio
- Laredo, Texas