How much money does it take to live comfortably in Seattle? Well, the answer is an annual income of $72,092.
A study fromGOBankingrates.com discovered that residents of Seattle earn a median household income of $67,365, which is $4,727 less less than the income needed to cover necessities, savings and additional expenses. Housing costs, groceries, utilities, transportation, and health insurance were the factors being weighed. The study used the 50-30-20 budgeting rule to represent "comfortability," which divides income into three buckets: 50 percent of income being spent on necessities, 30 percent set aside for discretionary expenses, and 20 percent put toward savings.
To live comfortably in Seattle:
- Income needed: $72,092
- 50 percent for necessities: $36,046
- 30 percent for discretionary spending: $21,628
- 20 percent for savings: $14,418
If you're planning on moving:
5 Cities Where People Can Easily Afford to Live Comfortably:
- Virginia Beach, Va.: $16,072 surplus income
- Bakersfield, Calif.: $13,416 surplus income
- Colorado Springs, Colo.: $9,716 surplus income
- Arlington, Texas: $6,151 surplus income
- Mesa, Ariz.: $5,605 surplus income
5 Cities Where People Struggle to Live Comfortably:
- Miami: $46,199 deficit income
- San Francisco: $41,192 deficit income
- New York: $34,709 deficit income
- Boston: $29,937 deficit income
- Los Angeles: $24,689 deficit income.
Americans living in 35 of the 50 most populous U.S. cities have incomes falling below what is needed for "comfortable living."