Americans are consistently worried about inflation and the cost of living, and a recent analysis bears that out, finding the minimum household income needed to live comfortably in the country’s 50 largest cities is approaching six figures.
Drawing data from various sources, the analysis from finance website GoBankingRates.com put the minimum income needed at $89,000 annually, considering factors such as yearly grocery cost and average mortgage expenses. The analysis drew data from Sperling’s BestPlaces, the U.S. Bureau of Labor Statistics Consumer Expenditure Survey and Zillow’s Home Value Index, among other sources.
What it means to live the “American dream” of course varies between individuals, but in its analysis, GoBankingRates followed the 50/30/20 rule as a baseline. The rule states 50% of household income should go to essentials, 30% to discretionary spending and 20% to savings and debt repayment…