This is how much you need to earn to live comfortably in Charlotte, study says
The U.S. is dealing with the worst bout of inflation in four decades, making it difficult to live in the largest cities — including Charlotte.
But a new study detailed that the area is one of the cities that requires one of the lowest annual salaries to live comfortably.
According to SmartAsset, the average living expenses in the Charlotte-Concord-Gastonia metro area add up to $31,055 per year. A single person can live comfortably making $62,110 in comparison, placing Charlotte No. 21 in the country.
The company calculated the basic cost of living in each city as of 2022 and the after-tax income needed for the top 25 metropolitan cities based on the 50/30/20 rule, which is a budgeting strategy that allocates 50% of after-tax income to basic living expenses, 30% to discretionary spending and 20% for savings or debt payments.
“Being able to stick to a 50/30/20 budget means you have enough to fund short and long-term goals while paying for essential living expenses,” said Susannah Snider, a certified financial planner with SmartAsset.
SmartAsset explains anyone living in Charlotte making $62,110 following the 50/30/20 method would allocate $18,633 to discretionary spending and save the remaining $12,422 or use it to pay off debt.
Here are the annual salaries needed for the top 25 metropolitan cities in the U.S.
San Francisco- Oakland- Berkeley, CA: $84,026
San Diego- Chula Vista- Carlsbad, CA: $79,324
Boston- Cambridge- Newton, MA-NH: $78,752
New York- Newark- Jersey City, NY-NJ-PA: $78,524
Seattle-Tacoma-Bellevue, WA: $77,634
Los Angeles-Long Beach- Anaheim, CA: $76,710
Washington- Arlington- Alexandria, DC-VA-MD-WV: $76,194
Portland- Vancouver- Hillsboro, OR-WA: $74,086
Denver- Aurora- Lakewood, CO: $70,892
Orlando- Kissimmee- Sanford, FL: $67,740
Riverside- San Bernardino- Ontario, CL: $67,060
Miami- Fort Lauderdale- Pompano Beach, FL: $67,056
Atlanta- Sandy Springs- Alpharetta, GA: $66,580
Phoenix- Mesa- Chandler, AZ: $65,670
Chicago- Naperville- Elgin, IL-IN-WI: $65,500
Tampa- St. Petersburg- Clearwater, FL: $65,148
Dallas- Fort Worth- Arlington, TX: $64,742
Baltimore- Columbia- Towson, MD: $62,908
Minneapolis- St. Paul- Bloomington, MN-WI: $62,798
Houston- The Woodlands- Sugar Land, TX: $62,260
Charlotte-Concord-Gastonia, NC-SC: $62,110
Philadelphia-Camden- Wilmington, PA-NJ-DE-MD: $61,678
San Antonio- New Braunfels, TX: $59,270
Detroit- Warren- Dearborn, MI: $58,358
St. Louis, MO-IL: $57,446