How much money do single adults need to make to live comfortably in Chicago?
CHICAGO - With prices still on the rise across the U.S., our budgets are getting tighter and our pockets smaller.
So, how much money do you need to make to live comfortably in Chicago in 2024? A new study by SmartAsset, a financial technology company, has the answer.
The study examined 99 U.S. cities based on the "50/30/20" budget – 50% of your salary for your needs (housing, groceries, transportation, etc.), 30% toward entertainment, hobbies, and 20% toward paying off debt, savings, and investing.
Cities were ranked by the lowest annual salary needed for a single adult to live comfortably with the 50/30/20 budget rule. The Windy City ranked as number 61.
According to SmartAsset, this is how much money a single adult needs to make in Chicago to not live paycheck-to-paycheck:
- Hourly wage needed: $47.38
- Salary needed: $98,550
- Total salary needed for two working adults with two children: $241,280
The most expensive major city in the U.S. for a single adult to live in is New York City.
According to SmartAsset, to live comfortably in NYC, a single adult needs to make:
- Hourly wage: $53,26
- Annual salary: $110,781
- Total salary for two working adults with two children: $276,557
On average, the study says a single adult in a major U.S. city needs to make an annual salary of $96,500 to live comfortably.
For two adults raising two children, you'll need to make a combined income of about $235,000.
To see more of the study's results, follow this link.
SmartAsset is a financial technology company based in New York, New York.