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Could inflation be the reason the cost of living is getting so high?
A new study by SmartAsset was just released that revealed the income needed for a single person to live comfortably in the 25 U.S. cities with the highest cost of living.
“Comfortable” refers to the income required for a 50/30/20 budget, where 50% covers necessities like housing, and utilities, 30% goes to discretionary spending, and 20% is allocated for savings or investments.
For Raleigh, you may shocked to find that the needed income for a single individual was $102,752. The list is as follows:
- New York City: $138,570
- San Jose, California: $136,739
- Irvine, California: $126,797
- Santa Ana, California: $126,797
- Boston: $124,966
- San Diego: $122,803
- Chula Vista, California: $122,803
- San Francisco: $119,558
- Seattle: $119,392
- Oakland, California: $118,768
- Arlington, Virginia: $117,686
- Newark, New Jersey: $116,646
- Jersey, New Jersey: $116,646
- Long Beach, California: $114,691
- Anaheim, California: $114,691
- Honolulu: $111,904
- Los Angeles: $110,781
- Aurora, Colorado: $110,115
- Portland, Oregon: $110,032
- Riverside, California: $109,408
- Atlanta: $107,453
- Sacramento, California: $104,790
- Raleigh, North Carolina: $102,752
- Gilbert, Arizona: $102,752
- Glendale, Arizona: $102,752
