Yahoo Finance The Living Wage a Single Person Needs in 20 Major US Cities
Nearly half of all American adults (46%) are single, according to the latest U.S. Census Bureau data. Whether single by choice or circumstance, there is one thing all of these individuals have in common — the added expense.
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In addition to not being able to split living costs, single individuals miss out on tax benefits and possibly other financial benefits that come along with being coupled.
The cost of being single does vary greatly depending on where you live. To determine the 10 most and least affordable major cities for singles, GOBankingRates analyzed grocery costs, healthcare costs, utilities costs, transportation costs, other miscellaneous living costs and the average home value in the 100 largest U.S. cities in terms of population.
Here’s a look at the living wage a single person needs in the most and least affordable major U.S. cities.
Cities Requiring the Most Money for a Living Wage
All of the top 10 most expensive cities for singles require a living wage in the six figures, with the top four cities requiring a salary over $200,000. Here’s a look at the living wage a single person would need in these metros.
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1. Irvine, California
Average annual expenditure cost: $25,189
Average annual mortgage cost: $107,636
Income needed: $265,651
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2. San Jose, California
Average annual expenditure cost: $26,052
Average annual mortgage cost: $97,058
Income needed: $246,220
3. San Francisco
Average annual expenditure cost: $27,041
Average annual mortgage cost: $93,468
Income needed: $241,017
4. Honolulu
Average annual expenditure cost: $26,811
Average annual mortgage cost: $89,409
Income needed: $232,438
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5. San Diego
Average annual expenditure cost: $25,167
Average annual mortgage cost: $74,349
Income needed: $199,032
6. Los Angeles
Average annual expenditure cost: $22,893
Average annual mortgage cost: $68,125
Income needed: $182,037
7. Arlington, Virginia
Average annual expenditure cost: $25,078
Average annual mortgage cost: $65,413
Income needed: $180,983
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8. Seattle
Average annual expenditure cost: $23,632
Average annual mortgage cost: $62,116
Income needed: $171,495
9. Anaheim, California
Average annual expenditure cost: $25,014
Average annual mortgage cost: $60,609
Income needed: $171,247
10. Scottsdale, Arizona
Average annual expenditure cost: $20,829
Average annual mortgage cost: $63,994
Income needed: $169,647
Cities Requiring the Least Money for a Living Wage
In these 10 cities, it’s possible for single Americans to live well and own a home with a salary under $70,000, thanks in large part to the affordable housing available.
1. Detroit
Average annual expenditure cost: $20,077
Average annual mortgage cost: $4,442
Income needed: $49,039
2. Cleveland
Average annual expenditure cost: $20,333
Average annual mortgage cost: $6,663
Income needed: $53,993
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3. Toledo, Ohio
Average annual expenditure cost: $19,883
Average annual mortgage cost: $7,740
Income needed: $55,245
4. Memphis, Tennessee
Average annual expenditure cost: $19,886
Average annual mortgage cost: $9,901
Income needed: $59,573
5. St. Louis
Average annual expenditure cost: $19,670
Average annual mortgage cost: $11,500
Income needed: $62,340
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6. Baltimore
Average annual expenditure cost: $20,618
Average annual mortgage cost: $12,146
Income needed: $65,528
7. El Paso, Texas
Average annual expenditure cost: $18,395
Average annual mortgage cost: $14,822
Income needed: $66,432
8. Tulsa, Oklahoma
Average annual expenditure cost: $20,267
Average annual mortgage cost: $13,546
Income needed: $67,625
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9. Oklahoma City
Average annual expenditure cost: $20,197
Average annual mortgage cost: $13,651
Income needed: $67,696
10. Fort Wayne, Indiana
Average annual expenditure cost: $19,137
Average annual mortgage cost: $14,979
Income needed: $68,232
Methodology: In order to find the living wage a single person needs in the top major cities in the United States, GOBankingRates analyzed the 100 largest cities in terms of population as sourced from the US Census American Community Survey for their [1] total population and [2] average household income. For each location that qualifies for this study a number of cost of living indexes were sourced including the [1] grocery cost of living index, [2] healthcare cost of living index, [3] utilities cost of living index, [4] transportation cost of living index and [5] miscellaneous cost of living index were, all sourced from Sperlings BestPlaces. Using the [6] national average expenditure costs for a single person as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs for each location were calculated. The [7] average home value for each location was sourced from Zillow Home Value Index. Using the [8] national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Research Data, the average mortgage was calculated. The [9] average rent cost for each location was sourced from Zillow Observed Rental Index. By combining the annual expenditure costs with the rent and homeowner mortgage respectively, the total annual expenses was found. Using the 50/30/20 financial rule, the living wage was calculated by doubling the total annual expenses. The homeowner cost and renter cost were ranked separately to show the living wage a single person needs to live in major US cities if they are renting or if they own a home. All data was collected and is up-to-date as of Jan. 8, 2024.
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This article originally appeared on GOBankingRates.com: The Living Wage a Single Person Needs in 20 Major US Cities
