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If you seem to feel that your paycheck isn’t going very far and it’s a struggle keeping up with your daily expenses, take comfort in knowing you're certainly not alone. In fact, a new report by GoBankingRates.com finds that of the 50 biggest cities in the U.S., only 11 have a median income above what is needed to live comfortably, and that’s a drop from 15 last year.
The site based their numbers on the 50-30-20 budgeting rule, which means 50% of a person’s income is spent on necessities, 30% is for discretionary expenses and 20% should be put towards savings.
Overall, Texas seems to be the state where folks are doing the best, boasting the most cities (five out of seven on the list) in which folks make enough money to live comfortably. On the flipside, California seems to be the worst, with all nine cites on the list having median incomes below what folks need to live comfortably.
Five Cities Where People Can Easily Afford to Live Comfortably
Virginia Beach, VA - $13,985 surplus incomeArlington, TX - $6,906 surplus incomeColorado Springs, CO - $5,112 surplus incomeAlbuquerque, NM - $4,585 surplus incomeAustin, TX - $3,058 surplus income
Five Cities Where People Struggle to Live Comfortably
Miami, FL - $44,840 deficit incomeNew York, NY - $33,073 deficit incomeSan Francisco, CA - $29,063 deficit incomeLos Angeles, CA - $25,842 deficit incomeOakland, CA - $25,820 deficit income