July 12, 2016 1:25 am
Hankering to wing off to Worcester, or relocate to Rochester? Wherever you’re considering moving, it’s important to know whether your income can sustain a “comfortable” life there.
Finder.com recently crunched the numbers to determine just that in close to 80 cities around the country.
Among the key findings of Finder.com’s analysis—and shocking no one—is San Francisco, Calif. at No. 1, requiring the highest salary of all the cities analyzed, and Los Angeles, San Diego and San Jose in the top 10. In these cities, the salary required to obtain a mortgage for the average home is higher than the salary required for mortgage payments, average debt and average expenditures.
The salary needed to live comfortably in San Francisco, according to the analysis, is $180,600—the average home in the Golden Gate City costs $1,119,500. In Los Angeles, the salary needed to live comfortably is $90,244; in San Jose, $129,864.
The city with the lowest salary requirement is Jackson, Miss., where residents can live comfortably for $43,265.
The U.S. Census Bureau reports the average salary was $52,250 in 2013. In the Finder.com analysis, this figure is sufficient income to live in 36 of the 78 cities analyzed.
For its analysis, Finder.com defined living “comfortably” as:
• Having the ability to purchase an average home (with a 20 percent down payment);
• Having the ability to cover average per-person expenditures; and
• Having the ability to pay off annual non-mortgage related household debt.
Using those controls, Finder.com analyzed factors such as the state’s median home price, average interest rate for a 30-year, 20-percent-down mortgage, and average non-housing expenditure.
To learn income requirements for a comfortable life in your desired city, visit Finder.com.
Published with permission from RISMedia.