A List published by GOBankingRates going viral because it shows how much does it cost to live Among America’s 50 largest cities by economy by 2024.
The list, put together by measuring data from the U.S. Census, Zillow, BestPlaces and the Bureau of Labor Statistics, defines “living comfortably” as no more than 50% of one’s income.
It is known as 50-30-20 rule or planWhere 50% of one’s income meets the cost of living, 30% is spendable, and 20% remains in savings.
Of the top eight most expensive cities in America, California’s largest population center takes six spots on the list.
The least expensive city on GOBankingRates’ list requires a salary of just under $65,000 per year, and the most expensive city requires a salary of more than $250,000 to live comfortably.
The biggest and least expensive city to move to in 2024? Detroit, Michigan is the most economically favorable city to live in, with an estimated “comfortable” salary of $64,849 and an estimated cost of living of $32,424.
Detroit also has a higher rate of residents moving out of the Motor City between 2021 and 2022, with 8,871 people.
The large city with the highest required salary to live comfortably is San Jose, California, where $265,926 is needed to pay a $132,963 annual cost of living.
San Francisco is not far behind in second place, with $252,878 being the salary needed to live comfortably.
According to the data provided, about 15,000 people moved out of San Francisco between 2021 and 2022.
The largest increase in population was in Phoenix, Arizona, which gained 18,337 residents between 2021 and 2022. Their estimated population now stands at 1,609,456. The cost of living in the state capital is approximately $54,460 annually.
The city with the largest population loss in the same time frame is New York City, which lost 113,580 residents. The salary needed to live comfortably there is $175,909, according to GOBankingRates.
The cost of living has increased across the country over the past few years, as has the national debt.
Inflation Reduction ActIt was passed a little more than two years ago during the Biden administration, with the stated aim of reducing Americans’ cost of living.
Vice President Kamala Harris cast the decisive, tie-breaking vote in the Senate in favor of the IRA. President Biden signed it into law in August 2022.
According to Investopedia, inflation is expected to average 8.0% in 2022, a 40-year high. The average rate of inflation in 2023 was 4.1%. In contrast, for the 2020 fiscal year, the average rate of inflation was 1.2%
The US Treasury estimates that the IRA will add $800 billion to the federal budget over the next 10 years.
According to the , the U.S. national debt currently stands at approximately $35 trillion, up from approximately $26 trillion in 2020. U.S. Treasury,
Inflation has declined steadily over the past year, with the CPI for August 2024 measured at 2.5%, but household goods, housing and energy prices remain above 2020-2021 levels.
