Mortgage payments were multiplied by 12 to obtain an annualized amount; (4) Median household income was sourced from Census Bureau’s 2017 American Community Survey (this is income prior to being taxed). Take stock of everything you own — especially bulky furniture and electronics — and calculate if it would make more sense to sell the items before you move and reinvest your earnings in replacements once you get to your destination.

Minneapolis is a relatively affluent city, particularly when compared to other major urban areas in the Upper Midwest. No city in this study is closer to having its median income meet the salary necessary to live comfortably than Virginia Beach, though that has more to do with the over $70,000 a year earned by the median resident. California’s capital city is northeast of San Francisco, Oakland and the rest of the high-cost Bay Area. Your employer may reimburse items such as shipping services, packing services, transportation and travel expenses associated with searching for your new home — if you are moving specifically for the job. NOTE: Your email address will be used as your username to log into the site. Which one am I eligible for? If you won’t be living like an episode of Friends right away, it’s good to make sure your expectations align with your actual budget, job prospects and ability to rebound from unexpected events. That’s why a new GOBankingRates study lays out just how much you need to earn to live comfortably in each of America’s 50 largest metropolises based on the cost of living by city. With homeowners needing to make less than $65,000 a year — and renters under $70,000 — the gap from a median income to a comfortable one is between $20,000 and $25,000 for both renters and buyers. "Between my family, friends and even friends of friends, I scored nearly an entire apartment full of furniture.

While needing $80,000 a year to get by is a bit pricey, the healthy $58,202 a year that the median earner in Charlotte is making means residents are likely struggling less than they would elsewhere. Copyright © 2020 National Endowment for Financial Education. Compare the cost of living in two cities using the CNNMoney Cost of Living calculator. make sure your credit is in good standing. Most landlords will charge first and last month’s rent as well as a security deposit. The income needed to live comfortably in Las Vegas is higher than many but still below the average level for the 50 cities included here. While the cost of living is relatively modest in Milwaukee, so is the median income.



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