The income a family of 4 needs to live comfortably in 20 major U.S. cities (2024)

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The income a family of 4 needs to live comfortably in 20 major U.S. cities? ›

The income a family of 4 needs to live comfortably in 20 major U.S. cities. A family of four needs to make more than $275,000 to live comfortably in some of the most expensive U.S. cities, a recent SmartAsset analysis reveals.

Again, living expenses vary significantly by location, but we can use some average numbers. The average monthly living expenses for a single person in the USA are $3,189, which is $38,266 per year. The average cost for a family of four is $7,095 per month, which is $85,139 per year.

Highlights. Real median household income was $74,580 in 2022, a 2.3 percent decline from the 2021 estimate of $76,330 (Figure 1 and Table A-1).

Out of all 99 cities SmartAsset examined, a family of four would need a median of $226,886 to live comfortably.

How Much Income Do You Need to Be in the Top 20%? The real median household income in the U.S. is around $71,000, according to the latest Census Bureau data. In order to be in the top 20% of income, you'd need to earn nearly double that amount or an average of $130,545 per year.

Reams of hard data back up these casual observations: The MIT Living Wage Calculator finds that an L.A. County family of four with two working parents needs to earn at least $125,411 — before taxes — to support the household at a basic standard of living.

Is it possible to live on $1,000 a month? ›

But it is possible to live well even on a small amount of money. Surviving on $1,000 a month requires careful budgeting, prioritizing essential expenses, and finding ways to save money. Cutting down on housing costs by sharing living spaces or finding affordable options is crucial.

An individual needs $96,500, on average, to live comfortably in a major U.S. city. That figure is even higher for families, who need to earn an average combined income of about $235,000 to support two adults and two children.

Pew Research considers middle class to be $56,000 to $156,000 for families of three. Thus, a family of three on $20,000 is not middle-class; it's actually below the poverty level. While an individual on $20,000 a year is not below the poverty line, they are still not considered middle-class.

The average monthly expenses for a family of four range from $7,875 to $9,168 (depending on the ages of your kids). For single folks, the average monthly expenses are $4,337. For married couples with no kids, monthly expenses are $7,111.

Based on this outline, Hawaii is by far the most expensive state for a family of four, but there are 12 states where a household would need to earn over $100,000 to get by: Hawaii: $182,900. Massachusetts: $142,341. California: $130,239.

The average cost of food at home for a family of four, according to the United States Department of Agriculture (USDA), ranges from $567 to $1,296 per month, which comes out to approximately $130 to $300 per week.