Living comfortably costs the most in these California cities
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In California’s spendy cities, living comfortably costs more than almost anywhere else.From the Bay Area to Orange County, living well requires incomes north of $150,000 in the pricier places, according to a recent study.
A family with two kids needs more than $400,000 per year in some spots.The study, conducted by financial technology company SmartAsset, analyzed 100 of the largest cities in the country.
San José ranked as the second-most expensive city, where a single adult must make nearly $160,000 and a family of four needs over $400,000 to live comfortably, the study found.Orange County cities — Irvine, Anaheim and Santa Ana — followed closely behind.
New York City topped the list, with a salary for comfortable living at about $900 higher than in San José.Los Angeles ranked 16th on the list, where a single adult must make $120,307 to live comfortably.
A family of four should bring in just over $280,000 annually.San Diego and Chula Vista tied for seventh place, with a $136,781 salary for a single adult.
San Francisco came in ninth, followed by Fremont and Oakland, which tied for 10th.Santa Clarita, Long Beach, Riverside and Sacramento also made the top 20 list.
The study measured comfortable living using the 50/30/20 rule, in which half of a household’s post-tax income should go to needs, 30% to wants and 20% to savings.The company used the MIT living wage calculator to determine cost of living by region for single adults and families of four.
A family of four faces the toughest living costs in the Bay Area, taking up four of the top five cities with the highest salaries needed to live comfortably.San Francisco topped that list, with income for two parents projected at $407,597.
Projected income in San José was slightly lower at $402,771, followed by Fremont and Oakland.The study’s findings are in line with existing research that paints a grim picture of ...