A recent study analyzing the 50/30/20 budgeting rule reveals that the income necessary for comfortable living far surpasses the median household income in most metropolitan areas, particularly affecting homeowners. Irvine, California, has the highest income requirement at $326,645 for homeowners and $130,943 for renters, while the median household income is only $129,647. Most of the cities needing significant incomes are located on the West Coast, highlighting California's dominance in housing affordability challenges, with 15 cities requiring six-figure incomes for both homeowners and renters.
The study highlights that the income needed for comfortable living, especially for homeowners, significantly surpasses median household income in many metropolitan areas.
In Irvine, California, the income required for homeowners to live comfortably reaches $326,645, while the median household income stands at just $129,647.
Nine out of the top ten cities for highest incomes needed are on the West Coast, showcasing a stark contrast between income requirements and actual earnings.
The analysis reveals that in most cities, homeowners face the greatest income disparity, reflecting broader housing affordability challenges in metropolitan regions.
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