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BOSTON (WBZ NewsRadio) — A new study found Boston residents need some of the most expensive salaries to live comfortably compared to other large cities.
The Boston/Cambridge/Newton area was ranked third out of 25 of the largest metro areas in the country. The study, conducted by SmartAsset, found that individuals need to make a post-tax salary of $78,752 in order to live comfortably.
They used a 50/30/20 rule to determine a comfortable lifestyle. In the Boston area, $39,376 went toward needs (50%), $23,626 went toward wants (30%), and $15,750 went toward savings (20%).
"This rule is a budgeting strategy that allocates 50% of after-tax income to basic living expenses (needs), 30% to discretionary spending (wants) and 20% for savings or debt payments," SmartAsset wrote.
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The study used the MIT Living Wage Calculator to determine the cost of living for individuals in each metro area. The calculator uses the cost of housing, food, transportation, medical care, and various other expenses to determine the cost of living in each city.
The city with the highest salary needed to live comfortably was determined to be San Francisco, with the second most expensive being San Diego.
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