This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (2024)

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (1)

Living a comfortable life in the 50 biggest cities in the United States requires earning an income of at least $50,000 annually — and in many cities, homeowners and renters need to earn six figures.

To determine how much it takes to live comfortably in the 50 biggest U.S. cities, GOBankingRates analyzed the 50 largest cities by total population, total households and median and mean household incomes. The average home value, along with the 30-year national fixed rate average mortgage rate, was also sourced to calculate each city’s average mortgage cost. The average expenditure cost was also calculated using the cost of living indexes and this cost along with housing costs were summed to find the average cost of living for a renter and a homeowner in each city.

Ranked in order of cities with the lowest to highest total population, keep reading to find out how much it costs to live comfortably in these 50 major cities.

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (2)

50. Arlington, Texas

Population total: 393,469
Household total: 137,519
Household median income: $71,736
Household mean income: $92,583
Livability index: 78
Home value (March 2024): $320,847
Average expenditure cost: $2,043
Average mortgage cost: $1,954
Average rent cost: $1,621
Total monthly cost of living for renter: $3,665
Total monthly cost of living for homeowner: $3,998
Annual income needed for renter: $87,957
Annual income needed for homeowner: $95,945

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (3)

49. Wichita, Kansas

Population total: 395,951
Household total: 156,054
Household median income: $60,712
Household mean income: $84,475
Livability index: 66
Home value (March 2024): $192,411
Average expenditure cost: $2,102
Average mortgage cost: $1,172
Average rent cost: $1,029
Total monthly cost of living for renter: $3,132
Total monthly cost of living for homeowner: $3,274
Annual income needed for renter: $75,157
Annual income needed for homeowner: $78,584

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (4)

48. Bakersfield, California

Population total: 404,321
Household total: 124,744
Household median income: $73,827
Household mean income: $99,270
Livability index: 58
Home value (March 2024): $389,888
Average expenditure cost: $2,069
Average mortgage cost: $2,375
Average rent cost: $1,948
Total monthly cost of living for renter: $4,016
Total monthly cost of living for homeowner: $4,444
Annual income needed for renter: $96,393
Annual income needed for homeowner: $106,645

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (5)

47. Tulsa, Oklahoma

Population total: 411,938
Household total: 169,783
Household median income: $56,648
Household mean income: $86,593
Livability index: 75
Home value (March 2024): $205,381
Average expenditure cost: $1,975
Average mortgage cost: $1,251
Average rent cost: $1,230
Total monthly cost of living for renter: $3,204
Total monthly cost of living for homeowner: $3,225
Annual income needed for renter: $76,898
Annual income needed for homeowner: $77,411

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (6)

46. Minneapolis

Population total: 426,877
Household total: 185,674
Household median income: $76,332
Household mean income: $108,980
Livability index: 78
Home value (March 2024): $337,927
Average expenditure cost: $2,157
Average mortgage cost: $2,058
Average rent cost: $1,628
Total monthly cost of living for renter: $3,784
Total monthly cost of living for homeowner: $4,215
Annual income needed for renter: $90,823
Annual income needed for homeowner: $101,155

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (7)

45. Oakland, California

Population total: 437,825
Household total: 170,282
Household median income: $94,389
Household mean income: $139,468
Livability index: 74
Home value (March 2024): $878,112
Average expenditure cost: $2,524
Average mortgage cost: $5,348
Average rent cost: $2,500
Total monthly cost of living for renter: $5,024
Total monthly cost of living for homeowner: $7,872
Annual income needed for renter: $120,576
Annual income needed for homeowner: $188,928

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (8)

44. Miami

Population total: 443,665
Household total: 186,137
Household median income: $54,858
Household mean income: $90,171
Livability index: 79
Home value (March 2024): $629,115
Average expenditure cost: $2,060
Average mortgage cost: $3,832
Average rent cost: $3,125
Total monthly cost of living for renter: $5,185
Total monthly cost of living for homeowner: $5,891
Annual income needed for renter: $124,430
Annual income needed for homeowner: $141,394

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (9)

43. Virginia Beach, Virginia

Population total: 457,900
Household total: 178,915
Household median income: $87,544
Household mean income: $113,388
Livability index: 83
Home value (March 2024): $410,347
Average expenditure cost: $2,262
Average mortgage cost: $2,499
Average rent cost: $1,874
Total monthly cost of living for renter: $4,135
Total monthly cost of living for homeowner: $4,761
Annual income needed for renter: $99,249
Annual income needed for homeowner: $114,265

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (10)

42. Long Beach, California

Population total: 462,293
Household total: 170,174
Household median income: $78,995
Household mean income: $104,313
Livability index: 70
Home value (March 2024): $910,466
Average expenditure cost: $2,184
Average mortgage cost: $5,545
Average rent cost: $2,245
Total monthly cost of living for renter: $4,429
Total monthly cost of living for homeowner: $7,730
Annual income needed for renter: $106,292
Annual income needed for homeowner: $185,509

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (11)

41. Raleigh, North Carolina

Population total: 465,517
Household total: 189,830
Household median income: $78,631
Household mean income: $112,110
Livability index: 84
Home value (March 2024): $450,529
Average expenditure cost: $2,041
Average mortgage cost: $2,744
Average rent cost: $1,669
Total monthly cost of living for renter: $3,709
Total monthly cost of living for homeowner: $4,785
Annual income needed for renter: $89,023
Annual income needed for homeowner: $114,833

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (12)

40. Colorado Springs, Colorado

Population total: 479,612
Household total: 193,149
Household median income: $79,026
Household mean income: $102,139
Livability index: 80
Home value (March 2024): $462,214
Average expenditure cost: $2,082
Average mortgage cost: $2,815
Average rent cost: $1,809
Total monthly cost of living for renter: $3,891
Total monthly cost of living for homeowner: $4,897
Annual income needed for renter: $93,374
Annual income needed for homeowner: $117,528

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (13)

39. Omaha, Nebraska

Population total: 489,201
Household total: 197,842
Household median income: $70,202
Household mean income: $97,761
Livability index: 82
Home value (March 2024): $279,525
Average expenditure cost: $2,233
Average mortgage cost: $1,703
Average rent cost: $1,315
Total monthly cost of living for renter: $3,548
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Total monthly cost of living for homeowner: $3,936
Annual income needed for renter: $85,154
Annual income needed for homeowner: $94,453

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (14)

38. Atlanta

Population total: 494,838
Household total: 227,388
Household median income: $77,655
Household mean income: $128,965
Livability index: 78
Home value (March 2024): $448,366
Average expenditure cost: $2,038
Average mortgage cost: $2,731
Average rent cost: $1,939
Total monthly cost of living for renter: $3,977
Total monthly cost of living for homeowner: $4,769
Annual income needed for renter: $95,458
Annual income needed for homeowner: $114,464

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (15)

37. Mesa, Arizona

Population total: 503,390
Household total: 193,316
Household median income: $73,766
Household mean income: $95,399
Livability index: 82
Home value (March 2024): $451,000
Average expenditure cost: $1,998
Average mortgage cost: $2,747
Average rent cost: $1,689
Total monthly cost of living for renter: $3,688
Total monthly cost of living for homeowner: $4,745
Annual income needed for renter: $88,501
Annual income needed for homeowner: $113,883

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (16)

36. Kansas City, Missouri

Population total: 505,958
Household total: 216,513
Household median income: $65,256
Household mean income: $87,670
Livability index: 77
Home value (March 2024): $237,778
Average expenditure cost: $1,952
Average mortgage cost: $1,448
Average rent cost: $1,361
Total monthly cost of living for renter: $3,312
Total monthly cost of living for homeowner: $3,400
Annual income needed for renter: $79,498
Annual income needed for homeowner: $81,601

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (17)

35. Sacramento, California

Population total: 505,958
Household total: 196,524
Household median income: $78,954
Household mean income: $102,258
Livability index: 76
Home value (March 2024): $489,601
Average expenditure cost: $2,231
Average mortgage cost: $2,982
Average rent cost: $2,089
Total monthly cost of living for renter: $4,319
Total monthly cost of living for homeowner: $5,213
Annual income needed for renter: $103,665
Annual income needed for homeowner: $125,110

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34. Tucson, Arizona

Population total: 541,033
Household total: 220,769
Household median income: $52,049
Household mean income: $69,553
Livability index: 74
Home value (March 2024): $337,388
Average expenditure cost: $1,900
Average mortgage cost: $2,055
Average rent cost: $1,484
Total monthly cost of living for renter: $3,384
Total monthly cost of living for homeowner: $3,955
Annual income needed for renter: $81,226
Annual income needed for homeowner: $94,918

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (19)

33. Fresno, California

Population total: 541,528
Household total: 177,757
Household median income: $63,001
Household mean income: $85,872
Livability index: 65
Home value (March 2024): $387,273
Average expenditure cost: $2,077
Average mortgage cost: $2,359
Average rent cost: $1,825
Total monthly cost of living for renter: $3,902
Total monthly cost of living for homeowner: $4,436
Annual income needed for renter: $93,644
Annual income needed for homeowner: $106,464

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (20)

32. Albuquerque, New Mexico

Population total: 562,551
Household total: 239,800
Household median income: $61,503
Household mean income: $83,679
Livability index: 71
Home value (March 2024): $332,230
Average expenditure cost: $1,893
Average mortgage cost: $2,024
Average rent cost: $1,483
Total monthly cost of living for renter: $3,376
Total monthly cost of living for homeowner: $3,917
Annual income needed for renter: $81,028
Annual income needed for homeowner: $94,002

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (21)

31. Milwaukee

Population total: 573,299
Household total: 230,759
Household median income: $49,733
Household mean income: $67,046
Livability index: 78
Home value (March 2024): $198,370
Average expenditure cost: $2,048
Average mortgage cost: $1,208
Average rent cost: $1,294
Total monthly cost of living for renter: $3,342
Total monthly cost of living for homeowner: $3,257
Annual income needed for renter: $80,212
Annual income needed for homeowner: $78,157

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (22)

30. Baltimore

Population total: 584,548
Household total: 247,232
Household median income: $58,349
Household mean income: $85,857
Livability index: 75
Home value (March 2024): $181,941
Average expenditure cost: $1,987
Average mortgage cost: $1,108
Average rent cost: $1,687
Total monthly cost of living for renter: $3,674
Total monthly cost of living for homeowner: $3,095
Annual income needed for renter: $88,170
Annual income needed for homeowner: $74,282

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (23)

29. Louisville, Kentucky

Population total: 629,176
Household total: 261,105
Household median income: $63,114
Household mean income: $88,552
Livability index: 60
Home value (March 2024): $243,630
Average expenditure cost: $1,874
Average mortgage cost: $1,484
Average rent cost: $1,370
Total monthly cost of living for renter: $3,244
Total monthly cost of living for homeowner: $3,358
Annual income needed for renter: $77,855
Annual income needed for homeowner: $80,583

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (24)

28. Memphis, Tennessee

Population total: 630,027
Household total: 251,586
Household median income: $48,090
Household mean income: $74,176
Livability index: 69
Home value (March 2024): $146,180
Average expenditure cost: $1,933
Average mortgage cost: $890
Average rent cost: $1,287
Total monthly cost of living for renter: $3,220
Total monthly cost of living for homeowner: $2,824
Annual income needed for renter: $77,278
Annual income needed for homeowner: $67,765

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (25)

27. Detroit

Population total: 636,787
Household total: 249,518
Household median income: $37,761
Household mean income: $54,054
Livability index: 73
Home value (March 2024): $70,144
Average expenditure cost: $1,900
Average mortgage cost: $427
Average rent cost: $1,273
Total monthly cost of living for renter: $3,172
Total monthly cost of living for homeowner: $2,327
Annual income needed for renter: $76,133
Annual income needed for homeowner: $55,844

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26. Las Vegas

Population total: 644,835
Household total: 240,462
Household median income: $66,356
Household mean income: $93,515
Livability index: 82
Home value (March 2024): $436,591
Average expenditure cost: $2,057
Average mortgage cost: $2,659
Average rent cost: $1,732
Total monthly cost of living for renter: $3,790
Total monthly cost of living for homeowner: $4,716
Annual income needed for renter: $90,951
Annual income needed for homeowner: $113,194

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (27)

25. Portland, Oregon

Population total: 646,101
Household total: 283,896
Household median income: $85,876
Household mean income: $117,687
Livability index: 77
Home value (March 2024): $562,695
Average expenditure cost: $2,157
Average mortgage cost: $3,427
Average rent cost: $1,746
Total monthly cost of living for renter: $3,902
Total monthly cost of living for homeowner: $5,584
Annual income needed for renter: $93,658
Annual income needed for homeowner: $134,014

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (28)

24. Boston

Population total: 665,945
Household total: 276,053
Household median income: $89,212
Household mean income: $132,509
Livability index: 77
Home value (March 2024): $789,164
Average expenditure cost: $2,451
Average mortgage cost: $4,807
Average rent cost: $3,277
Total monthly cost of living for renter: $5,729
Total monthly cost of living for homeowner: $7,258
Annual income needed for renter: $137,485
Annual income needed for homeowner: $174,191

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (29)

23. Washington, D.C.

Population total: 670,587
Household total: 315,785
Household median income: $101,722
Household mean income: $150,292
Livability index: 73
Home value (March 2024): $730,878
Average expenditure cost: $2,557
Average mortgage cost: $4,452
Average rent cost: $2,445
Total monthly cost of living for renter: $5,001
Total monthly cost of living for homeowner: $7,008
Annual income needed for renter: $120,033
Annual income needed for homeowner: $168,201

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (30)

22. El Paso, Texas

Population total: 677,181
Household total: 239,624
Household median income: $55,710
Household mean income: $75,349
Livability index: 80
Home value (March 2024): $222,484
Average expenditure cost: $1,829
Average mortgage cost: $1,355
Average rent cost: $1,521
Total monthly cost of living for renter: $3,349
Total monthly cost of living for homeowner: $3,184
Annual income needed for renter: $80,387
Annual income needed for homeowner: $76,411

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (31)

21. Oklahoma City

Population total: 681,088
Household total: 270,070
Household median income: $64,251
Household mean income: $88,664
Livability index: 81
Home value (March 2024): $204,229
Average expenditure cost: $1,978
Average mortgage cost: $1,244
Average rent cost: $1,261
Total monthly cost of living for renter: $3,239
Total monthly cost of living for homeowner: $3,222
Annual income needed for renter: $77,728
Annual income needed for homeowner: $77,326

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (32)

20. Nashville, Tennessee

Population total: 684,103
Household total: 291,884
Household median income: $71,328
Household mean income: $102,258
Livability index: 78
Home value (March 2024): $450,819
Average expenditure cost: $2,013
Average mortgage cost: $2,746
Average rent cost: $1,887
Total monthly cost of living for renter: $3,900
Total monthly cost of living for homeowner: $4,759
Annual income needed for renter: $93,601
Annual income needed for homeowner: $114,206

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (33)

19. Denver

Population total: 710,800
Household total: 322,964
Household median income: $85,853
Household mean income: $122,771
Livability index: 75
Home value (March 2024): $620,346
Average expenditure cost: $2,247
Average mortgage cost: $3,778
Average rent cost: $1,991
Total monthly cost of living for renter: $4,239
Total monthly cost of living for homeowner: $6,026
Annual income needed for renter: $101,726
Annual income needed for homeowner: $144,616

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (34)

18. Seattle

Population total: 734,603
Household total: 345,246
Household median income: $116,068
Household mean income: $161,694
Livability index: 76
Home value (March 2024): $965,541
Average expenditure cost: $2,214
Average mortgage cost: $5,881
Average rent cost: $2,202
Total monthly cost of living for renter: $4,416
Total monthly cost of living for homeowner: $8,095
Annual income needed for renter: $105,984
Annual income needed for homeowner: $194,270

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (35)

17. San Francisco

Population total: 851,036
Household total: 360,842
Household median income: $136,689
Household mean income: $197,408
Livability index: 79
Home value (March 2024): $1,423,316
Average expenditure cost: $2,630
Average mortgage cost: $8,669
Average rent cost: $3,288
Total monthly cost of living for renter: $5,918
Total monthly cost of living for homeowner: $11,299
Annual income needed for renter: $142,032
Annual income needed for homeowner: $271,172

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (36)

16. Charlotte, North Carolina

Population total: 875,045
Household total: 354,442
Household median income: $74,070
Household mean income: $113,613
Livability index: 80
Home value (March 2024): $407,320
Average expenditure cost: $2,033
Average mortgage cost: $2,481
Average rent cost: $1,762
Total monthly cost of living for renter: $3,794
Total monthly cost of living for homeowner: $4,514
Annual income needed for renter: $91,066
Annual income needed for homeowner: $108,324

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (37)

15. Indianapolis

Population total: 882,006
Household total: 356,357
Household median income: $59,110
Household mean income: $82,697
Livability index: 77
Home value (March 2024): $227,467
Average expenditure cost: $1,945
Average mortgage cost: $1,385
Average rent cost: $1,376
Total monthly cost of living for renter: $3,322
Total monthly cost of living for homeowner: $3,331
Annual income needed for renter: $79,720
Annual income needed for homeowner: $79,937

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (38)

14. Columbus, Ohio

Population total: 902,449
Household total: 382,140
Household median income: $62,994
Household mean income: $82,282
Livability index: 79
Home value (March 2024): $259,081
Average expenditure cost: $1,993
Average mortgage cost: $1,578
Average rent cost: $1,422
Total monthly cost of living for renter: $3,415
Total monthly cost of living for homeowner: $3,571
Annual income needed for renter: $81,957
Annual income needed for homeowner: $85,698

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (39)

13. Fort Worth, Texas

Population total: 924,663
Household total: 326,648
Household median income: $72,726
Household mean income: $97,226
Livability index: 80
Home value (March 2024): $306,285
Average expenditure cost: $2,048
Average mortgage cost: $1,866
Average rent cost: $1,700
Total monthly cost of living for renter: $3,747
Total monthly cost of living for homeowner: $3,913
Annual income needed for renter: $89,937
Annual income needed for homeowner: $93,914

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (40)

12. Jacksonville, Florida

Population total: 950,203
Household total: 375,851
Household median income: $64,138
Household mean income: $87,378
Livability index: 80
Home value (March 2024): $307,321
Average expenditure cost: $2,024
Average mortgage cost: $1,872
Average rent cost: $1,627
Total monthly cost of living for renter: $3,651
Total monthly cost of living for homeowner: $3,896
Annual income needed for renter: $87,629
Annual income needed for homeowner: $93,508

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (41)

11. Austin, Texas

Population total: 958,202
Household total: 423,079
Household median income: $86,556
Household mean income: $122,474
Livability index: 83
Home value (March 2024): $572,223
Average expenditure cost: $2,053
Average mortgage cost: $3,485
Average rent cost: $1,730
Total monthly cost of living for renter: $3,783
Total monthly cost of living for homeowner: $5,538
Annual income needed for renter: $90,796
Annual income needed for homeowner: $132,914

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (42)

10. San Jose, California

Population total: 1,001,176
Household total: 324,842
Household median income: $136,010
Household mean income: $179,853
Livability index: 81
Home value (March 2024): $1,561,409
Average expenditure cost: $2,529
Average mortgage cost: $9,510
Average rent cost: $3,142
Total monthly cost of living for renter: $5,672
Total monthly cost of living for homeowner: $12,040
Annual income needed for renter: $136,119
Annual income needed for homeowner: $288,953

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (43)

9. Dallas

Population total: 1,300,642
Household total: 521,147
Household median income: $63,985
Household mean income: $102,023
Livability index: 81
Home value (March 2024): $331,957
Average expenditure cost: $2,037
Average mortgage cost: $2,022
Average rent cost: $1,710
Total monthly cost of living for renter: $3,747
Total monthly cost of living for homeowner: $4,059
Annual income needed for renter: $89,930
Annual income needed for homeowner: $97,419

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (44)

8. San Diego

Population total: 1,383,987
Household total: 515,475
Household median income: $98,657
Household mean income: $132,533
Livability index: 77
Home value (March 2024): $1,147,699
Average expenditure cost: $2,367
Average mortgage cost: $6,990
Average rent cost: $3,000
Total monthly cost of living for renter: $5,367
Total monthly cost of living for homeowner: $9,357
Annual income needed for renter: $128,805
Annual income needed for homeowner: $224,579

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (45)

7. San Antonio

Population total: 1,445,662
Household total: 542,817
Household median income: $59,593
Household mean income: $80,313
Livability index: 80
Home value (March 2024): $259,103
Average expenditure cost: $1,941
Average mortgage cost: $1,578
Average rent cost: $1,417
Total monthly cost of living for renter: $3,359
Total monthly cost of living for homeowner: $3,519
Annual income needed for renter: $80,610
Annual income needed for homeowner: $84,466

Read More: How Far a $100,000 Salary Goes in America’s 50 Largest Cities

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (46)

6. Philadelphia

Population total: 1,593,208
Household total: 659,129
Household median income: $57,537
Household mean income: $84,435
Livability index: 77
Home value (March 2024): $211,411
Average expenditure cost: $2,115
Average mortgage cost: $1,288
Average rent cost: $1,726
Total monthly cost of living for renter: $3,842
Total monthly cost of living for homeowner: $3,403
Annual income needed for renter: $92,200
Annual income needed for homeowner: $81,674

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (47)

5. Phoenix

Population total: 1,609,456
Household total: 591,169
Household median income: $72,092
Household mean income: $99,862
Livability index: 75
Home value (March 2024): $440,188
Average expenditure cost: $2,007
Average mortgage cost: $2,681
Average rent cost: $1,715
Total monthly cost of living for renter: $3,722
Total monthly cost of living for homeowner: $4,688
Annual income needed for renter: $89,320
Annual income needed for homeowner: $112,510

Learn More: What Income Level Is Considered Middle Class in Your State?

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (48)

4. Houston

Population total: 2,296,253
Household total: 897,510
Household median income: $60,440
Household mean income: $97,458
Livability index: 74
Home value (March 2024): $275,085
Average expenditure cost: $1,991
Average mortgage cost: $1,675
Average rent cost: $1,583
Total monthly cost of living for renter: $3,574
Total monthly cost of living for homeowner: $3,666
Annual income needed for renter: $85,778
Annual income needed for homeowner: $87,991

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (49)

3. Chicago

Population total: 2,721,914
Household total: 1,129,908
Household median income: $71,673
Household mean income: $108,346
Livability index: 76
Home value (March 2024): $298,606
Average expenditure cost: $2,142
Average mortgage cost: $1,819
Average rent cost: $2,126
Total monthly cost of living for renter: $4,268
Total monthly cost of living for homeowner: $3,961
Annual income needed for renter: $102,436
Annual income needed for homeowner: $95,052

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This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (50)

2. Los Angeles

Population total: 3,881,041
Household total: 1,399,442
Household median income: $76,244
Household mean income: $116,961
Livability index: 70
Home value (March 2024): $1,043,649
Average expenditure cost: $2,199
Average mortgage cost: $6,357
Average rent cost: $2,803
Total monthly cost of living for renter: $5,003
Total monthly cost of living for homeowner: $8,556
Annual income needed for renter: $120,070
Annual income needed for homeowner: $205,347

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (51)

1. New York

Population total: 8,622,467
Household total: 3,282,804
Household median income: $76,607
Household mean income: $122,667
Livability index: 76
Home value (March 2024): $777,303
Average expenditure cost: $2,682
Average mortgage cost: $4,734
Average rent cost: $3,462
Total monthly cost of living for renter: $6,144
Total monthly cost of living for homeowner: $7,417
Annual income needed for renter: $147,460
Annual income needed for homeowner: $177,999

Heather Taylor contributed to the reporting for this piece.

Methodology: For this study, GOBankingRates analyzed the 50 largest cities by population as sourced from the US Census American Community Survey. Along with the total population, the total households, median household income, and mean household income were also sourced from the US Census American Community Survey. The average home value was found from Zillow Home Value Index for March 2024, and using the 30-year national fixed rate average mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost was calculated for each city. The average expenditure cost was calculated by using the cost-of-living indexes as sourced from Sperling’s BestPlaces and the national average expenditure costs as sourced from the Bureau of Labor Statistics 2022 Consumer Expenditure Survey for all residents. The average expenditure cost and the housing costs were summed to find the average cost of living for a renter and a homeowner. The livability index was sourced for each city as supplemental information. Using the 50/30/20 rule that states that needs should not be more than 50% of income, the income needed for each city was calculated by doubling the annual total cost of living. The cities were sorted from the most to the least populated. All data was collected on and is up to date as of April 29, 2024.

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This article originally appeared on GOBankingRates.com: This Is the Cost of Living Comfortably in America’s 50 Biggest Cities

This Is the Cost of Living Comfortably in America’s 50 Biggest Cities (2024)

FAQs

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Key Findings. On average, an individual needs $96,500 for sustainable comfort in a major U.S. city. This includes being able to pay off debt and invest for the future.

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Why is US cost of living so high? ›

During the pandemic, prices for goods and services skyrocketed as businesses grappled with COVID-19 and the economic turmoil that came with it. By mid-2022, the overall inflation rate reached 9% — the highest in a generation. While inflation is slowing down and nearing normal levels, prices remain high.

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The average cost of living in the U.S. will depend on the individual. Cost of living is the amount of money one needs in order to keep their current lifestyle in a particular place, so the dollar amount will vary widely based on location.

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Where is the cheapest place to live in the USA? ›

12 States With the Lowest Cost of Living

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What is a livable salary in us? ›

An analysis of the living wage (as calculated in December 2022 and reflecting a compensation being offered to an individual in 2023), compiling geographically specific expenditure data for food, childcare, health care, housing, transportation, and other necessities, finds that: The living wage in the United States is ...

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To determine which states are the most affordable, the research team at USA TODAY Homefront looked at the cost of living by state. Utah came out on top as the most affordable state, thanks to manageable health care costs. On the other hand, the high homeownership costs landed New York as the least affordable state.

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The number of people in cities means there's competition for sought-after apartments, and that competition also serves to raise rent prices. You may end up needing to share your living space with other people to lower your housing costs.

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Is USA expensive for living? ›

What is the average cost of living in the US? The average cost of living in the United States is estimated to be between $2,500 and $3,500 per month, depending on your location and lifestyle. This includes housing, food, transportation, health care, taxes, and other expenses.

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What is the most unaffordable state to live in? ›

Montana and Idaho are the least affordable states: Housing prices are exploding in both, as deep-pocketed newcomers — many of them white-collar employees working in high-wage jobs based out of state — have driven up prices beyond what longtime residents can afford.

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Europe is cheaper than the U.S. based on variables such as prices of goods and services, exchange rates, and market conditions.

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1 San Francisco, California

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