A recent study conducted by GOBankingRates has revealed that in order to live comfortably in the Dallas-Fort Worth area, an annual income of $90,000 to $93,000 is necessary. Dallas specifically ranks 27th out of the 50 largest cities in the United States in terms of the income required for comfortable living. Interestingly, Arlington and Fort Worth are not far behind in terms of the income needed to afford a comfortable lifestyle.
The study took into consideration various mandatory expenses such as housing, groceries, healthcare, transportation, and other miscellaneous necessities to determine the income needed for comfortable living. The data was doubled to indicate the income required based on the 50/30/20 budget, which divides income into mandatory expenses (50%), savings (30%), and wants (20%).
Overall, the study found that budgets go further in the South and Midwest regions of the United States, with cities in these regions ranking as the most budget-friendly. In contrast, cities like San Jose require a significantly higher annual income of $258,255 to live comfortably.
The research conducted by GOBankingRates utilized data from the US Census American Community Survey, Sperling’s BestPlaces, AreaVibes, Zillow Home Value Index, Federal Reserve Economic Data, and the BLS Consumer Expenditure Survey. Ultimately, creating a budget based on actual expenses is crucial for individuals to manage their finances effectively and live comfortably in their respective cities.
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