If you’re single and loaded, you can make it here.
New York City recently took the top spot out of 25 major US cities as the most expensive for a single person to live comfortably.
A new analysis showed that a single person living in the Big Apple would need to make $138,570 to cover a typical 50-30-20 budget, according to SmartAsset’s report on Tuesday.
The standard budget breakdown covers 50% of a person’s necessities, 30% for desired spending such as entertainment, and 20% toward savings or investments.
zhagunov_a – stock.adobe.com
For example, in New York City a single person would need an estimated $70,000 in wages alone to cover their necessities, according to the analysis.
Single-living people in other parts of the country like Houston would only need to make $75,088 if they want to live comfortably — a whopping $63,482 difference to someone in New York.
The Big Apple has a reputation of being ridiculously expensive with inflation climbing as high as ever in New York.
In February, New York City was named the priciest pizza city.
An analysis showed a single person in the Big Apple needs an estimated $70,000 in wages alone to cover their necessities. Iona – stock.adobe.com
Residents are forced to pay over $33.65 for a one-topping pie on average, according to the hot and ready research.
One poll showed half of New Yorkers were set to leave within the next 5 years over inflation, as residents claim they can barely afford groceries and seek major sales at supermarkets.
Many of California’s most well-known cities followed closely behind NYC on the analysis.
A poll showed most New York City residents were set to leave within the next 5 years because of inflation. THANANIT – stock.adobe.com
San Jose came in at number 2 on the list, where an individual has to make around $136,739 to live comfortably — while Irvine, California, rounded out the top three at $126,797.
Santa Ana (4), San Diego (6), Chula Vista (7), San Francisco (8), Oakland (10), Long Beach (14), Anaheim (15), Riverside (20) were the remaining areas in the Golden State on the chart.
Housing shortages in California served as a major factor for the many areas in the Golden State on the list.
San Francisco’s single-family home and condo prices soared to $1.5 million and $1.2 million, respectively, in December 2023.
One study showed that a third of residents in New York have to set aside over half of their income for rent, Community Service Society reported.
Most New Yorkers are taking the rental route instead of home owning these days, as the report showed three-quarters of rent-regulated tenants were people of color.
But in America, alone, a person would need $96,500 for comfortable living in any major city.
Financial planners normally recommend workers do not spend more than 30 percent of their pre-tax income on housing, according to according to CNBC.