9 U.S. Cities Where Single Adults Can Thrive on Median Income

Securing employment in a major U.S. city typically accompanies a substantial compensation. However, these major metropolitan areas also generally come with a higher cost of living.

Actually, an individual adult would require secure at least $85,197 annually for a comfortable lifestyle In any of the top 100 biggest U.S. metropolitan areas, as indicated by recent SmartAsset analysis .

This figure represents the sum required to meet essential expenses such as accommodation, meals, and healthcare, along with certain additional costs and savings for the future, in Indianapolis—the most affordable city mentioned here. Conversely, in San Francisco, one would need an annual income exceeding $120,000.

SmartAsset utilized figures provided by the Massachusetts Institute of Technology. Living Wage Calculator and the common 50/30/20 budget guideline To establish what "financially comfortable" means and figure out the lowest acceptable salary for an individual adult in various locations. With the 50/30/20 budget rule, you should allocate half of your earnings towards necessities, thirty percent on non-essential items, and save or invest twenty percent.

Nevertheless, these baseline figures do not necessarily align with the average earnings of inhabitants in each locality. For instance, in Indianapolis, the local median household income stands at approximately $66,629, as reported by the U.S. Census Bureau’s American Community Survey. An individual making this sum might struggle to save for the future unless they manage to reduce their expenses significantly.

According to Census Bureau information, the median income aligns with SmartAsset’s estimation of what singles require to live comfortably in only nine out of the nation’s top 100 metropolitan areas. Below is an overview of these locations along with the remaining amount following adherence to SmartAsset's criteria for comfortable living standards.

1. Fremont, California

• Yearly income required for an individualadult: $124,592
• Median household income: $170,934
• Difference: $46,342

2. Frisco, Texas

• Yearly income required for an individualadult: $107,994
• Median household income: $141,129
• Difference: $33,135

3. Gilbert, Arizona

• Yearly income required for an individual adult: $107,037
• Median household income: $122,445
• Difference: $15,408

4. Arlington, Virginia

• Yearly income required for an individualadult: $127,046
• Median household income: $140,219
• Difference: $13,173

5. McKinney, Texas

• Yearly income required for an individual adult: $107,994
• Median household income: $116,654
• Difference: $8,660

6. San Francisco

• Yearly income required for an individual adult: $121,930
• Median household income: $126,730
• Remaining amount post fulfilling necessities: $4,800

7. Santa Clarita, California

• Yearly income required for an individual adult: $115,690
• Median household income: $118,489
• Difference: $2,799

8. Plano, Texas

• Yearly income required for an individual adult: $107,994
• Median household income: $108,594
• Difference: $600

9. Washington, D.C.

• Yearly income required for an individual adult: $108,077
• Median household income: $108,210
• Difference: $133

Affordability of comfort might still be possible even in expensive urban areas.

In numerous urban areas, though, it becomes significantly more challenging to follow a 50/30/20 budget on a median income.

For instance, in New York City, a lone individual requires an annual salary of $136,656 to maintain a comfortable lifestyle, as stated by SmartAsset, whereas the median income stands at only $76,577.

Nevertheless, a decent salary might still be more achievable in places such as New York compared to areas with cheaper cost of living. Larger metropolitan areas often house a greater number of opportunities. higher-paying jobs Than in rural areas, a situation referred to as the urban wage premium. Research has shown This can be attributed to larger cities offering a broader range of job opportunities, including more specialized roles, compared to their smaller counterparts.

Generally speaking, my clientele from regions with higher costs of living and those who earn larger salaries tend to accumulate greater amounts of savings along with extra funds they can spend freely—despite the fact that residing in said city comes with significant expenses," explains Jen Swindler, a certified financial planner located in Salt Lake City, Utah. previously told gudangmovies21Make It The employment prospects typically compensate for the shortfall.

Moreover, since 1980, salaries have increased significantly more rapidly in major U.S. urban areas compared to smaller localities, as reported. Federal Reserve research In 1980, workers in the most densely populated U.S. commutes zones made 32% more money compared to those in less populous regions, with this disparity increasing significantly to 71% by 2015. Fed analysis According to Census Bureau data revealed.

Certainly, you should take actions that align with your individual circumstances. This might involve tweaking a 50/30/20 budget plan to suit your actual needs or thinking about moving to another location. What feels comfortable varies from person to person too. Some individuals find nothing wrong with sharing their space with roommates or using public transit instead of having a private vehicle; however, this could be impractical for others.

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