Instant Alert: How much money it takes to live comfortably in the 50 biggest US cities

MANAGE SUBSCRIPTIONS   |   UNSUBSCRIBE   |   VIEW ONLINE   How much money it takes to live comfortably in the 50 biggest US cities by Elyssa Kirkham on Aug 1, 2016, 4:21 PM Advertisement Unless you're tracking expenses carefully, it can be hard to tell whether your city's cost of living or your own spending habits are the cause of your financial troubles. Using the 50-30-20 budgeting rule, for example — in which 50 percent of income covers necessities, 30 percent is for discretionary items and 20 percent is saved — you can quickly determine whether your income is sufficient to cover expenses for living in your city. If it isn't, you might have to cut costs or maybe even move. GoBankingRates conducted a cost-of-living comparison of the 75 most populous U.S. cities, surveying dollar amounts of living expenses including rent, groceries, utilities, transportation and healthcare. This total, which accounts for necessities, was then doubled to find how much money a single person needs to earn in that city to follow a 50-30-20 budget. This study also compares the total amount of income needed to the actual median household income in each city to see if differences in cost of living are matched by differences in pay. (Visit GoBankingRates for the complete list and methodology.) Click through to see how much money you'd need to earn to live comfortably, before taxes, in the biggest cities across the U.S. The cities are listed in order of population from smallest to largest. Related: The 10 States Most and Least Likely to Live Paycheck to Paycheck SEE ALSO: 20 money mistakes you're probably making right now Bakersfield, CA: $43,425 Income needed: $43,425 50 percent for necessities: $21,713 30 percent for discretionary spending: $13,028 20 percent for savings: $8,685 Based on the median household income of $56,842, Bakersfield, residents have an extra $13,416 more each year than what is needed to live comfortably. Read: 35 Life Hacks That Will Save You Thousands Arlington, TX: $46,904 Income needed: $46,904 50 percent for necessities: $23,452 30 percent for discretionary spending: $14,071 20 percent for savings: $9,381 Arlington has a local median income of $53,055, which is $6,151 more than the income needed to live comfortably in this city. New Orleans, LA: $60,782 Income needed: $60,782 50 percent for necessities: $30,391 30 percent for discretionary spending: $18,235 20 percent for savings: $12,156 The median household income in New Orleans is just $36,964, which is not much compared to the city's high cost of living. That income falls $23,818 short of the income needed to live well in The Big Easy. See the rest of the story at Business Insider   Share the latest business news with your network: Email sent to:   |   Manage your email preferences   |   Unsubscribe Terms of Service   |   Privacy Policy Business Insider. 150 Fifth Avenue, New York, NY 10011