Sample budget for one person on 30000 how to#

With a culture highly focused on eating well, you’ll find a wealth of restaurants to choose from, helping keep costs down as each establishment competes to offer the best value for money. While inflation has touched some products at the supermarket, eating out is incredibly cheap-especially considering the quality of the products and how far your euro will take you. Housing prices are, on average, 34% less than in the United States, with property taxes coming in at one-tenth of what you could expect to pay back home. While securing an elegant apartment with Eiffel Tower views is certainly on the pricey side, the country is much more affordable than many North Americans could ever imagine. With so much beauty and a sophisticated culture that’s been exported the world over, it’s easy to think that France is a luxurious paradise accessible only to those with very deep pockets.

All information is up-to-date as-of May 15, 2023.France is a land of easy living, gourmet cuisine, and beautiful landscapes stretching from the Normandy seacoast to the sun-splashed beaches of the Cote d’Azur. With all these factors, GOBankingRates used the 50/30/20 rule to calculate the required salary someone would need to earn to live comfortably in each city and sorted the data to show the lowest to highest salaries needed to buy a home. GOBankingRates then calculated an annual cost of a 30-year mortgage amount using the 30-Year National Fixed Rate Mortgage Rate sourced from the Federal Reserve Bank of St. These indexes were multiplied by the median annual expenditure cost for each category as sourced from the 2021 Bureau of Labor Statistics Annual Expenditures. Cities for the following factors (1) April 2023 Home Value for Single Family Homes, (2) April 2023 Rent Prices both sourced from Zillow, Cost of Living Indexes for each city by expenditure (3) Cost of Living Index for Groceries, (4) Cost of Living Index for Transportation, (5) Cost of Living Index for Healthcare, (6) Cost of Living Index for Utilities all sourced from Sperlings’ BestPlaces. Cities, GOBankingRates analyzed the top 100 populated U.S. Methodology: To find How Much You Need to Live Comfortably in Major U.S. Jordan Rosenfeld and Jami Farkas contributed to the reporting for this article.

Sample budget for one person on 30000 how to#

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Still, if you own your home, you’ll fall about $13,000 shy of what you would need to maintain a 50/30/20 budget For a renter, than number balloons to $21,000. The income needed for a homeowner to live comfortably in Winston-Salem is considerably less than in Durham in the eastern part of North Carolina - about $20,000 less.

Income needed if you’re a renter: $83,617.76.

Income needed if you’re a homeowner: $74,049.55.

So if you’re thinking about living in a bigger city, keep reading to see the ideal salary and cost of living in some of America’s cities. cities falling significantly short of what’s needed to live comfortably there, the study should make it clear that a lot of America’s urbanites probably have to make cuts elsewhere to afford living in their city. With the average salary in most of the listed U.S. We pared the results to the 50 places that had the lowest necessary income for homeowners and listed them alphabetically - not by a financial ranking. Using Zillow to calculate housing costs in the 100 largest cities and Sperling’s Best Places to estimate the price of other necessities like transportation, groceries and healthcare, the end result provides you with a clear sense of just how much you would need to bring in to stick to the 50/30/20 rule at average levels of spending in each category. cities, based on the prices to buy or rent a home there. That’s why a new GOBankingRates study lays out just how much you need to earn to live comfortably in the largest larger U.S. There is no one answer to how much money you need to make to live comfortably, but one oft-used rule of thumb in budgeting is the 50/30/20 rule - which calls for half your income to go to necessities, 20% to savings and investments, and 30% for splurges and fun.įor most Americans, that’s a pretty sensible approach to defining a living wage, but plenty of residents living in America’s largest cities are probably reading that and thinking “Are you insane? Half my income doesn’t even cover my rent, and I live in a converted dumbwaiter.”Īnd it’s true: how much money you need to live comfortably is typically much higher in the big city, putting the 50/30/20 rule out of reach for most of its residents.