Wednesday, July 10, 2019

How Much You Need to Make to Live Comfortably in the People's Republic of San Francisco

A new study by the finance site GOBankingRates finds that of the 50 most populous cities in the country, San Francisco requires the most income to reach a comfort level determined by the 50-30-20 budgeting rule. Under the rule, 50 percent of income covers necessities, 30 percent covers discretionary items and 20 percent is for savings. If your income is sufficient to cover your cost-of-living expenses, you can live comfortably.

The study found that you would need to earn $110,357 to achieve that goal in San Francisco — more than New York, Honolulu or Washington, D.C. In fact, the three largest cities in the Bay Area ranked in the top four: San Jose was second ($87,153); New York third ($86,446) and Oakland fourth ($80,438).

Of course, if taxes, federal, state and local, were lower, the income required would be much less--by 30% to 50%!.


(via San Francisco Chronicle)

1 comment:

  1. $110K for SF? Only 90K in Si Valley? How do you pay a $1.5 million dollar mortgage on that? The interest at 4% is $60K alone. Is their idea of comfortable is a one bed room rented apartment with roommates? Then again how is seven figure debt 'comfortable' in the first place?