The High Cost of Comfortable Living for Singles in Major U.S. Cities

Living comfortably looks different for everyone, but it typically requires covering basic expenses with enough money left over for leisure, savings, and investments. While couples often have two incomes, single individuals may need a higher salary to afford a comfortable lifestyle.

The city of residence also plays a significant role. For instance, a person can get by on less than $65,000 in St. Louis, Missouri, whereas in many California cities, it takes between $100,000 and $200,000 to live comfortably.

To determine the salary needed for singles to live comfortably in 100 major U.S. cities, GOBankingRates analyzed data on population, total households, and median household income from the U.S. Census American Community Survey. The cost of living index from Sperlings BestPlaces, the livability index from AreaVibes, and the average single-family home value from the Zillow Home Value Index as of February 2024 were also considered.

Methodology:

* Collected data on population, total households, and median household income from the U.S. Census American Community Survey.
* Obtained cost of living indexes from Sperlings BestPlaces and livability indexes from AreaVibes.
* Calculated average expenditure costs for single residents using the Bureau of Labor Statistics Consumer Expenditure Survey.
* Determined average mortgage costs using the national 30-year fixed-rate mortgage from the Federal Reserve Economic Data, assuming a 10% down payment.
* Doubled the cost of living to find the salary needed to afford a comfortable living in each city, based on the 50/30/20 rule that states needs should be no more than 50% of income.

Key Findings:

* Irvine, California, has the highest salary requirement for comfortable living at $287,311.
* Fremont, California, and San Jose, California, are also among the most expensive cities for singles.
* In contrast, some cities, such as St. Louis, Missouri, and Laredo, Texas, have lower salary requirements below $70,000.

This study provides valuable insights into the financial challenges faced by single individuals seeking a comfortable lifestyle in major U.S. cities. The data emphasizes the significant impact of location and income on affordability and underscores the need for prudent financial planning.