How Much You Need To Live Comfortably in 50 Major US Cities (2023)

There is no one answer to how much money you need to make to live comfortably, but one oft-used rule of thumb in budgeting is the 50/30/20 rule — which calls for half your income to go to necessities, 20% to savings and investments, and 30% for splurges and fun.

For most Americans, that’s a pretty sensible approach to defining a living wage, but plenty of residents living in America’s largest cities are probably reading that and thinking “Are you insane? Half my income doesn’t even cover my rent, and I live in a converted dumbwaiter.”

And it’s true: how much money you need to live comfortably is typically much higher in the big city, putting the 50/30/20 rule out of reach for most of its residents. That’s why a new GOBankingRates study lays out just how much you need to earn to live comfortably in the largest larger U.S. cities, based on the prices to buy or rent a home there.

Using Zillow to calculate housing costs in the 100 largest cities and Sperling’s Best Places to estimate the price of other necessities like transportation, groceries and healthcare, the end result provides you with a clear sense of just how much you would need to bring in to stick to the 50/30/20 rule at average levels of spending in each category. We pared the results to the 50 places that had the lowest necessary income for homeowners and listed them alphabetically — not by a financial ranking. With the average salary in most of the listed U.S. cities falling significantly short of what’s needed to live comfortably there, the study should make it clear that a lot of America’s urbanites probably have to make cuts elsewhere to afford living in their city. So if you’re thinking about living in a bigger city, keep reading to see the ideal salary and cost of living in some of America’s cities.

• Median income: $53,992
• Income needed if you’re a homeowner: $84,715.84
• Income needed if you’re a renter: $82,598.35

Albuquerque isn’t going to top any salary comparison by city with the median earner pulling down almost $54,000, which is below the average salary in the U.S. Either a homeowner or renter will need about $30,000 more to live comfortably in Albuquerque.

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• Median income: $66,963
• Income needed if you’re a homeowner: $92,769.34
• Income needed if you’re a renter: $95,750.86

Arlington residents have a discrepancy of almost $30,000 when it comes to living comfortably, whether homeowners or renters. In Arlington, the first of nine Texas cities in the study, Homeowners in Arlington will pay about $1,500 less in annual necessities than renters.

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• Median income: $90, 203
• Income needed if you’re a homeowner: $76,828.79
• Income needed if you’re a renter: $95,329.89

To live in Baltimore, you can more comfortably afford to buy a home than rent one, with income needed for home owning almost $20,000 less than renting. The median household income covers the amount needed to own a home with about $13,000 left.

• Median Income: $52,087
• Income needed if you’re a homeowner: $80,339.85
• Income needed if you’re a renter: $87,457.11

Baton Rouge is tied for the lowest median household income in the study, and that makes a comfortable lifestyle tough for both owners and renters. The income falls about $28,000 short for homeowners, $35,000 for renters.

• Median income: $74,314
• Income needed if you’re a homeowner: $78,341.61
• Income needed if you’re a renter: $83,684.06

Owning a home in Buffalo is an affordable option, with a median household income of about $74,300 — just about $4,000 less than the figure needed to live comfortably. It’s a bigger stretch for renters, who fall almost $10,000 short of a comfortable Buffalo lifestyle.

• Median income: $62,097
• Income needed if you’re a homeowner: $85,326.41
• Income needed if you’re a renter: $75,702.41

The Windy City isn’t especially expensive when stacked up against other urban areas that are among the five largest, but its relatively modest median income means many residents are likely still struggling to make ends meet. The median earner in Chi-town is more than $23,000 short of what it costs to live comfortably if they own. As for renters, they’ll need a bit more than $13,000 more.

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• Median income: $62,262
• Income needed if you’re a homeowner: $76,551.28
• Income needed if you’re a renter: $81,751.79

The income needed for a comfortable lifestyle in Cincinnati is $14,000 more than the median income for buyers, $19,000 for renters. Ohio offers more affordable options

• Median income: $62,262
• Income needed if you’re a homeowner: $58,578.23
• Income needed if you’re a renter: $78,546.75

Housing costs in Cleveland make it No. 1 in the study for the affordability of buying a home in a big city. Homeowners need about $59,000 to purchase a house and live comfortably — less than the median income. It makes far more sense in Cleveland to buy than to rent; renters need about $16,000 more in income for a life without financial worries.

• Median income: $59,318
• Income needed if you’re a homeowner: $75,019.67
• Income needed if you’re a renter: $81,626.05

The South Carolina city has a median income of nearly $60,000 a year. While that sounds like a decent wage, it’s also almost $16,000 short of what you need to live comfortably for buyers and over $21,000 short of what renters need.

• Median income: $62,262
• Income needed if you’re a homeowner: $78,796,99
• Income needed if you’re a renter: $83,091.81

The median household income in Ohio’s capital is falls short of the amount needed to live comfortably by more than $16,000 for homeowners. Renters will need to make about $21,000 more than the city’s median income to live comfortably.

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• Median income: $66,963
• Income needed if you’re a homeowner: $72,616.15
• Income needed if you’re a renter: $80,935.22

Corpus Christi falls closer to having its median income meet the salary necessary to live comfortably than most of the cities in the study do. Homeowners are just under $6,000 shy of what they need while homeowners need an extra $14,000. Those figures are better than those of many other Texas cities.

• Median income: $66,963
• Income needed if you’re a homeowner: $94,140.50
• Income needed if you’re a renter: $96,985.28

The median income of $67,000 a year in a hot housing market likely makes the costs of Dallas significantly more difficult to handle than in other cities. Average earners who rent could be particularly squeezed, with their income coming up over $30,000 short. Homeowners don’t’ have an easy time either, falling about $28,000 shy of a comfortable lifestyle.

• Median income: $63,498
• Income needed if you’re a homeowner: $72,591.59
• Income needed if you’re a renter: $95,114.31

Detroit is another of the cities on this list where you pay more to rent than to own – by a big margin. Renters will find themselves about $32,000 short of what they need each year. Buying in Detroit is a much better idea, with the income discrepancy only about $9,000.

• Median income: $61,972
• Income needed if you’re a homeowner: $94,422.53
• Income needed if you’re a renter: $88,986.22

Durham is one of the cities where your financial bottom line is better off if you rent, with about $5,500 less income needed to comfortably rent. Still, the median income of nearly $62,000 will leave renters about $27,000 short in the salary department.

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• Median income: $66,963
• Income needed if you’re a homeowner: $73,443.37
• Income needed if you’re a renter: $84,376.88

With homeowners needing to make less than $74,000 a year to live comfortably in El Paso, the gap from the median income is less than $7.000. Renters find themselves in a less-advantageous situation with a shortfall of almost $18,000 per year.

• Median income: $62,743
• Income needed if you’re a homeowner: $71,279.04
• Income needed if you’re a renter: $72,800.81

Fort Wayne buyers and renters both need to earn in the $72,000-a-year range, give or take, for a comfortable lifestyle. Unfortunately, both sides have a shortfall of about $10.000.

• Median income: $66,963
• Income needed if you’re a homeowner: $91,619.96
• Income needed if you’re a renter: $96,312.96

As with residents of nearby Arlington and Dallas, people living in Fort Worth face a significant shortfall when it comes to income and housing costs. In all three Texas locations, both homeowners and renters need an income in the $90,000-and-up range to live comfortably, but the median income is less than $67,000.

• Median income: $61,972
• Income needed if you’re a homeowner: $74,551.33
• Income needed if you’re a renter: $78,689.38

If you have a mortgage in Greensboro, you’ll need nearly $75,000 in income to comfortably fit into the 50/30/20 budget — almost $79,000 if you rent. That’s compared to a median income that falls a tick below $62,000.

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• Median income: $66,963
• Income needed if you’re a homeowner: $86,846.67
• Income needed if you’re a renter: $93,648.13

The country’s fourth-largest city is pricier for renters than buyers. You’ll need to make about $7,000 a year more to live comfortably while renting than owning. Either way, though, with median incomes at about $67,000, the average Houston resident is coming up well short of either level.

• Median income: $62,743
• Income needed if you’re a homeowner: $75,320.90
• Income needed if you’re a renter: $81,300.66

The cost of living in the Upper Midwest trends on the lower side, and Indianapolis isn’t outside that trend. While it’s still much higher than the median income of $62,743 a year, the income needed to live comfortably while owning a home is a tick over $75,000 a year.

• Median income: $63,062
• Income needed if you’re a homeowner: $89,064.72
• Income needed if you’re a renter: $92,494.86

In living in sunny Florida is your goal, you’ll need to make more than the median income of $63,062 to fit the 50/30/20 formula in Jacksonville. Homeowners need earnings of just over $89,000, and renters need about $92,500.

• Median income: $61,847
• Income needed if you’re a homeowner: $76,759.54
• Income needed if you’re a renter: $80,738.51

The gap between the income needed to live comfortably and the $61,847 a year that a median earner makes in Kansas City comes in lower than in many other cities for both renters and homeowners. But it still isn’t small. The typical homeowner is $15,000 short of what is needed to live comfortably while the typical renter is $19,000 below that level.

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• Median income: $59,695
• Income needed if you’re a homeowner: $85,926.67
• Income needed if you’re a renter: $87,402.62

Tennessee has become a go-to state for many Americans looking for greener pastures. Still, it is one of 10 places in the study where the median income is less than $60,000, which falls more than $25,000 short of what either homeowners or renters require for a more comfortable lifestyle.

• Median income: $63,062
• Income needed if you’re a homeowner: $83,575.98
• Income needed if you’re a renter: $90,690.88

The second of two Florida cities listed in the study, Lakeland has a median income of about $63,000. Homeowners who earn that amount fall about $20,000 short of the 50/30/20 income standard; renters are about $27,000 off.

• Median income: $55,573
• Income needed if you’re a homeowner: $82,007.75
• Income needed if you’re a renter: $81,206.87

If you have a mortgage in Lexington, you need about $82,000 a year to live comfortably; the figure comes in about $800 less for renters. The median income, however, is one of the lowest in the study at $55,573.

• Median income: $66,817
• Income needed if you’re a homeowner: $81,850.46
• Income needed if you’re a renter: $79,545.52

Median earners in Lincoln are earning about $67,000 per year, not as far off of the target earnings as most other cities. Renters have fewer costs than homeowners, needing about $2,200 less — $79,545.52 — than those who buy their houses.

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• Median income: $55,573
• Income needed if you’re a homeowner: $79,414.01
• Income needed if you’re a renter: $82,158.44

Louisville’s relatively modest cost of living helps contribute to incomes needed to live comfortably that are less than $82,200 for both renters and buyers. However, the median income is just below $56,000.

• Median income: $66,963
• Income needed if you’re a homeowner: $70,856.31
• Income needed if you’re a renter: $79,114.06

Lubbock is one of the most affordable cities in the study, just about $70,000 needed for a comfortable stay for a homeowner and $80,000 for a renter. The median income of about $67,000 puts homeowners in Lubbock in close reach.

• Median income: $67,125
• Income needed if you’re a homeowner: $96,322.10
• Income needed if you’re a renter: $83,713.40

Wisconsin’s capital city is far friendlier to renters than it is to homebuyers. Renters need to earn about $13,000 less than owners to achieve that 50/30/20 target.

• Median income: $59,695
• Income needed if you’re a homeowner: $66,723.17
• Income needed if you’re a renter: $81,252.41

Memphis is another city where residents are close to achieving that good balance of spending on necessities vs. saving. While you need about $67,000 a year to live comfortably there as a homeowner, the median earner in the city takes in almost $60,000 a year. Renters, however, fall about $21,500 short.

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• Median income: $67,125
• Income needed if you’re a homeowner: $73,602.04
• Income needed if you’re a renter: $81,452.37

The cost of living is relatively modest in Milwaukee, and the median income is creeping up at $67,125. That leaves homeowners about $6,000 short of that comfort level. Renters have it tougher with a discrepancy of about $14,000.

• Median income: $77,720
• Income needed if you’re a homeowner: $91,149.38
• Income needed if you’re a renter: $90,048.77

Minneapolis is a relatively affluent city, particularly when compared to other major urban areas in the Upper Midwest. However, despite a stronger median income, the cost of living is also relatively high. That leaves a median earner in Minneapolis about $14,000 short of what they need to live comfortably if they own — a little less if they rent.

• Median income: $52,087
• Income needed if you’re a homeowner: $88,471.83
• Income needed if you’re a renter: $99,090.08

The Big Easy is anything but for its residents who are earning less, and there are likely plenty with a median income under $52,000 a year. Both homeowners and renters fall considerably short of the income necessary to live comfortably — about $36,000 for homeowners and a whopping $47,000 for renters.

• Median income: $55,826
• Income needed if you’re a homeowner: $74,721.92
• Income needed if you’re a renter: $80,211.20

Oklahoma City has relatively modest costs compared to most major cities. But pair that with a median income of about $56,000 a year, and the gap to a comfortable income if you own your home is still about $19,000. It’s an even bigger gap if you rent at almost more than $25,000 more than the median income.

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• Median income: $66,817
• Income needed if you’re a homeowner: $81,651.59
• Income needed if you’re a renter: $79,302.25

Another city where renters come closer to earning what they would need that owners, Omaha’s $66,817 median income is over $12,000 a year short of what you would need to live comfortably while renting. If you’re covering a mortgage, you’ll find yourself almost $15,000 behind.

• Median income: $68,957
• Income needed if you’re a homeowner: $87,397.04
• Income needed if you’re a renter: $105,516.18

Brotherly love might not cost a thing, but living in Philadelphia sure does. Despite a median income reaching almost $69,000 a year, the salary necessary to live comfortably while satisfying the 50/30/20 rule is about $37,000 more for renters. The number drops to a bit more than $18,000 for homeowners.

• Median income: $68,957
• Income needed if you’re a homeowner: $78,820.61
• Income needed if you’re a renter: $87,205.08

The Steel City’s relatively low cost of living means the 50/30/20 budget rule is not out of reach for many of its residents. Owners are less than $12,000 short of what they need to live comfortably based on the median income of $68,957, although renters are over $18,000 short.

• Median income: $80,963
• Income needed if you’re a homeowner: $87,674.73
• Income needed if you’re a renter: $83,832.98

With a median income of around $81,000 a year, Richmond is, financially, a fine place to live — especially for renters. The income needed for a comfortable life for renters is less than $84,000 and below $88,000 for homeowners.

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• Median income: $74,314
• Income needed if you’re a homeowner: $74,429.37
• Income needed if you’re a renter: $83,420.73

Located in the western half of the state, Rochester provides one of New York’s best bargains. The relatively high median income of $74,314 is just $115 less than the income homeowners need to live comfortably. If you rent, you’ll need about $9,000 more.

• Median income: $61,847
• Income needed if you’re a homeowner: $68,658.52
• Income needed if you’re a renter: $80,640.64

Living in Saint Louis won’t make you the most money — the median income is almost $62,000 — but the income needed to own a home and live comfortably is one of the lowest in the study at less than $69,000. For renters, it’s almost $81,000.

• Median income: $77,720
• Income needed if you’re a homeowner: $85,412.47
• Income needed if you’re a renter: $85,396.27

Like its twin city, Minneapolis, Saint Paul has a median income of about $78,000. However, home prices are lower in Saint Paul. There, whether you rent or own, you’ll need to earn about $85,000, less than the approximately $91,000 tag in Minneapolis.

• Median income: $66,963
• Income needed if you’re a homeowner: $81,436.20
• Income needed if you’re a renter: $85,167.34

San Antonio is a relatively affordable place to live, with the income needed to live comfortably while paying a mortgage at just over $81,000 a year. That’s about a $15,000 gap with the median income if you own, however, it grows to about $19,000 for renters.

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• Median income: $84,247
• Income needed if you’re a homeowner: $92,263.26
• Income needed if you’re a renter: $82,331.62

Renters in Spokane are in great shape, with the cost of renting – and meeting the 50/30/20 formula — less than the median income of $84,247. At the end of the year, renters actually could have about $2,000 more to put away. Homeowners aren’t as lucky, with a shortfall of about $8,000.

• Median income: $66,963
• Income needed if you’re a homeowner: $93,621.06
• Income needed if you’re a renter: $98,052.66

The cost of living comfortably in Spring in considerably higher than in San Antonio, which has a similar median salary. You’re looking at a shortfall of $27,000 if you own your home and $31,000 and change if you rent.

• Median income: $63,062
• Income needed if you’re a homeowner: $83,277.83
• Income needed if you’re a renter: $83,830.28

Either owners or renters will need in the $83,000 range to achieve that target lifestyle. The trick will be to accomplish that on a median income that registers just over $63,000.

• Median income: $62,262
• Income needed if you’re a homeowner: $58,939.51
• Income needed if you’re a renter: $72,689.25

Toledo is a close second to Cleveland in terms of living your best financial life. A homeowner needs an income of just under $59,000 a year for a comfortable lifestyle — and the median income actually exceeds $62,000. If you’re a renter, your income will fall short by about $10,000.

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• Median income: $69,056
• Income needed if you’re a homeowner: $87,509.26
• Income needed if you’re a renter: $85,054.18

The income needed to live comfortably in Tucson falls in the mid- to high $80,000s whether you rent or own. Unfortunately, income in Tucson is less than $70,000 a year, leaving you with a gap of more than $15,000 in annual earnings.

• Median income: $55,826
• Income needed if you’re a homeowner: $72,582.45
• Income needed if you’re a renter: $78,248.85

Tulsa’s one of the more affordable cities in this study, with the income needed to live comfortably coming in under $80,000 for homeowners and renters. Because the median income of $55,826 is relatively low, you still need about $17,000 more to cover your mortgage and other basic necessities — $23,000 if you rent.

• Median income: $64,124
• Income needed if you’re a homeowner: $70,297.51
• Income needed if you’re a renter: $71,261.37

Wichita is a win when it comes to buying real estate; you’ll need just over $70,000 in annual income to be able to pay your mortgage and put plenty of money away. For renters, you’ll need only $1,000 more. Giving the median income is a bit above $64,000, the gap isn’t a massive one.

• Median income: $61,972
• Income needed if you’re a homeowner: $74,049.55
• Income needed if you’re a renter: $83,617.76

The income needed for a homeowner to live comfortably in Winston-Salem is considerably less than in Durham in the eastern part of North Carolina — about $20,000 less. Still, if you own your home, you’ll fall about $13,000 shy of what you would need to maintain a 50/30/20 budget For a renter, than number balloons to $21,000.

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Jordan Rosenfeld and Jami Farkas contributed to the reporting for this article.

Methodology: To find How Much You Need to Live Comfortably in Major U.S. Cities, GOBankingRates analyzed the top 100 populated U.S. Cities for the following factors; (1) April 2023 Home Value for Single Family Homes, (2) April 2023 Rent Prices both sourced from Zillow, Cost of Living Indexes for each city by expenditure; (3) Cost of Living Index for Groceries, (4) Cost of Living Index for Transportation, (5) Cost of Living Index for Healthcare, (6) Cost of Living Index for Utilities all sourced from Sperlings’ BestPlaces. These indexes were multiplied by the median annual expenditure cost for each category as sourced from the 2021 Bureau of Labor Statistics Annual Expenditures. GOBankingRates then calculated an annual cost of a 30-year mortgage amount using the 30-Year National Fixed Rate Mortgage Rate sourced from the Federal Reserve Bank of St. Louis. With all these factors, GOBankingRates used the 50/30/20 rule to calculate the required salary someone would need to earn to live comfortably in each city and sorted the data to show the lowest to highest salaries needed to buy a home. All information is up-to-date as-of May 15, 2023.