The Cost of a Comfortable Lifestyle in These Major Cities Will Blow Your Mind
How much money do you need to make to live a comfortable lifestyle in major cities across the country? We often feel the pull of cities such as LA or New York City, which boast thriving restaurant scenes, arts and culture and nightlife. But it’s worth asking yourself whether you need to be, well, a rich Millennial to live without total financial stress in the city of your dreams. If you use the standardized 50-30-20 calculator created by Senator Elizabeth Warren to plan out where your paycheck is going every month (50 percent to living expenses/necessities for living, 30 percent for discretionary spending such as entertainment and shopping and 20 percent for saving), the answers may surprise you.
Financial planning website GoBankingRates has come up with a list of what 50 of the country’s biggest cities need in order to live a “comfortable” existence, and the list may surprise you. Of course, NYC and LA have higher incomes of $87,446 and $74,371 respectively, but would you believe that those aren’t even the highest incomes needed to live in a major city?
Not entirely surprisingly, San Francisco’s income need tops out the list at $119,570, while Tuscon, AZ is the lowest at $39,966. The good news is that the majority of US cities’ average income hovers around $40,000 a year, and the definition of “comfort” is so specific to each person that you could happily live in LA on an income of $39,000 per year depending on your lifestyle and desires.
Have a look to see if your city made the list, and if you are making it work with less (or more!).
Does income factor into where you live? Tell us @BritandCo!
(Photo via Getty)
Fall is right around the corner, and we're getting amped up for our next session of Selfmade, Brit + Co's 10-week interactive startup school. Designed to help you create a new business or grow your existing one, this course is personally led by Brit + Co founder Brit Morin and co-founder Anjelika Temple, and supported by more than a dozen of the top female entrepreneurs, creatives, and investors in the country. Students receive personalized coaching on everything from how to get out of your comfort zone to how to scale your business, and everything in between. And now, thanks to Office Depot, even more of you can join the course!
For the fall session, we're thrilled to team up with Office Depot to grant 200 FREE scholarship seats to the course. Scholarships are open to US residents, focusing on women of color, women from underserved and underrepresented communities, and women in need of support to help them trail-blaze. After all, we firmly believe that your support system is a huge part of how you achieve greatness, and we are here to cheer all of you on.
To nominate yourself or someone you know for a scholarship, head to our nomination form right here. The deadline for scholarship nominations is September 27th — it's time to take the leap!
Beyond the scholarship, Office Depot is all about helping you accomplish more. Whether it be the start phase, growth phase or keep businesses going phase, Office Depot offers a full suite of business solutions, including services and products, to help you work from anywhere, organize and save time and help build your brand.
So what are you waiting for? Take a chance on yourself and get yourself one step closer to truly being selfmade. Learn more about the Selfmade program, apply for a scholarship and prepare to be inspired :)