The report defines “living comfortably” as spending 50 percent of income to cover basic needs such as housing and utilities30 percent for discretionary spending and 20 percent for savings.
Comparing other major cities in the United States, the study found that the average salary needed for a single person is $96,500 a year. However, In a city like New York, this figure rises significantly to more than US$138,000 a year. But the economic challenges multiply when it comes to families, since in the city a family of four people needs the aforementioned figure of more than US$318,000 a year to cover all their expenses and have a standard of living considered comfortable.
What does the study reveal about the costs of living in New York and other US cities?
Cities like Houston present a different economic outlook with lower wages.
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The study also reveals an interesting trend in other US cities. While New York stands out for its high costs, Cities like Houston, Texas, present a different economic reality. In Houston, the salary needed to live comfortably is considerably lower, illustrating the significant differences in the cost of living between different regions of the country.
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