How much money does a family of 4 need to live comfortably in US cities

A family of four needs to earn more than $275,000 to live comfortably in some of the most expensive U.S. cities, a recent SmartAsset analysis reveals.

“Comfortable” is defined as the income needed to cover a 50/30/20 budget for a family of two adults and two children. This budget assumes that 50% of monthly income can cover necessities such as housing and utilities, 30% can cover discretionary spending, and 20% can be set aside for savings or investments.

SmartAsset extrapolated the income needed for a 50/30/20 budget based on the cost of basic necessities, using data from MIT's living wage calculator.

Here's a look at how much income a family of four needs to live comfortably in the 20 most expensive U.S. cities:

San Francisco: $339,123 San Jose, California: $334,547 Boston: $319,738 Arlington, Virginia: $318,573 New York: $318,406 Oakland, California: $316,243 Urban Honolulu, Hawaii: $299,520 Irvine, California : $291,450 Santa Ana, California: $291,450 Portland, Oregon: $289,786 San Diego: $289,453 Chula Vista, California: $289,453 Newark, New Jersey: $285,043 Jersey City, New Jersey: $285,043 Seattle: $283,712 Aurora, Colorado: $280,467 Long Beach, California: $280,218 Anaheim, California: $280,218 Los Angeles: $276,557 Washington, DC: $275,642

San Francisco is the most expensive city overall, with an income of $339,123 needed for a family of four. Next are other cities known for notoriously high housing costs, including Boston, New York, Honolulu and Los Angeles.

In California, homes are about twice as expensive as typical American homes, according to the Legislative Analyst's Office, a nonpartisan government agency in that state. The state also has the fourth highest cost of living in the United States, according to 2023 survey data from the Council for Community & Economic Research.

Of the 99 cities SmartAsset examined, a family of four would need a median home value of $226,886 to live comfortably. In Houston, the income requirement drops to $175,219, the lowest of all cities examined. But that's still higher than the median family income in the United States, which is $92,750, according to the most recent data available from the U.S. Census Bureau.

While employers in these high-cost cities tend to offer above-average salaries to attract and retain talent, housing costs can make it difficult to maintain a 50/30/20 budget.

And in big cities, housing costs often exceed 30% of a household's income, leaving little room for other necessities like utilities, food and transportation. To make ends meet, families may forgo homeownership, vehicle ownership, or discretionary purchases.

Want to earn extra money outside of your day job? Sign up for CNBC's new online course How to Earn Passive Income Online to learn about common passive income streams, tips for getting started, and real-life success stories. Sign up today and save 50% with discount code EARLYBIRD.

Plus, sign up for the CNBC Make It newsletter for tips and tricks for succeeding at work, with money, and in life.

Sources 1/ https://Google.com/ 2/ https://www.cnbc.com/2024/03/27/how-much-money-family-of-4-needs-to-live-comfortably-in-us-cities.html The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos