This is how much money you need to 'live comfortably' in DC
WASHINGTON - Living in Washington D.C. comes at a price, and it sure isn't cheap.
Smart Asset recently published its annual study breaking down how much money people living in the largest metro areas in the United States need to make to live comfortably.
In the District, a single resident has to make $99,424 and a couple would need to earn a combined $275,642.
The study is based on the MIT Living Wage Calculator, which uses the cost of housing, food, transportation, medical care and more.
Here's how much money you need to make to join the world's richest 1%
It's getting more expensive to join the top 1% of wealthy Americans
In order to determine a "comfortable" lifestyle, the study used the 50/30/20 rule, which requires 50% of after-tax income to go to needs, 30% to go to wants and 20% for savings or debt payments.
On average, an individual needs $96,500 for sustainable comfort in a major U.S. city, data showed.
It’s even more expensive for families, who need to make an average combined income of about $235,000 to support two adults and two children.
It takes the most money to live comfortably as a single person in New York City. This breaks down to $66.62 in hourly wages, or an annual salary of $138,570. To cover necessities as a single person in New York City, you’ll need an estimated $70,000 in wages.
Seven of the 10 most expensive cities for a single adult and five of the 10 most expensive for families are in California, SmartAsset found.
Here are the top 10:
1. New York City, New York
- Hourly wage needed for a single adult: $66.62
- Annual salary needed for a single adult to live comfortably: $138,570
- Combined salaries for two working adults with two children needed: $318,406
2. San Jose, California
- Hourly wage needed for a single adult: $65.74
- Annual salary needed for a single adult to live comfortably: $136,739
- Combined salaries for two working adults with two children needed: $334,547
3. Irvine, California
- Hourly wage needed for a single adult: $60.96
- Annual salary needed for a single adult to live comfortably: $126,797
- Combined salaries for two working adults with two children needed: $291,450
4. Santa Ana, California
- Hourly wage needed for a single adult: $60.96
- Annual salary needed for a single adult to live comfortably: $126,797
- Combined salaries for two working adults with two children needed: $291,450
5. Boston, Massachusetts
- Hourly wage needed for a single adult: $60.08
- Annual salary needed for a single adult to live comfortably: $124,966
- Combined salaries for two working adults with two children needed: $319,738
6. San Diego, California
- Hourly wage needed for a single adult: $59.04
- Annual salary needed for a single adult to live comfortably: $122,803
- Combined salaries for two working adults with two children needed: $289,453
7. Chula Vista, California
- Hourly wage needed for a single adult: $59.04
- Annual salary needed for a single adult to live comfortably: $122,803
- Combined salaries for two working adults with two children needed: $289,453
8. San Francisco, California
- Hourly wage needed for a single adult: $57.48
- Annual salary needed for a single adult to live comfortably: $119,558
- Combined salaries for two working adults with two children needed: $339,123
9. Seattle, Washington
- Hourly wage needed for a single adult: $57.40
- Annual salary needed for a single adult to live comfortably: $119,392
- Combined salaries for two working adults with two children needed: $283,712
10. Oakland, California
- Hourly wage needed for a single adult: $57.10
- Annual salary needed for a single adult to live comfortably: $118,768
- Combined salaries for two working adults with two children needed: $316,243
To see the full list, click here.