California cities dominate the places where a six-figure salary barely covers the basics, a new analysis shows.
This week, personal finance site GoBankingRates released an interesting analysis of how far a $100,000 pre-tax salary would go towards covering basic costs — rent, groceries, utilities, driving costs and health care — in the 50 largest US cities. And there was just one city it found where that six-figure salary wouldn’t cover your basics: San Francisco.
Indeed, the rent is too damn high: The median across all units in San Francisco is more than $4,300, according to Zillow data for March 2019. For its part, New York didn’t make the top 10, and DiPietro explains that’s in part because transportation costs are low in the public-transit-dominant city. Plus, “the city’s median rent across all homes is $2,397, “thanks mainly to cheaper rents in boroughs like the Bronx keeping the overall rent price down,” he adds.
He suggests renting out a room in your home to offset costs, or renting a room in someone else’s home versus renting an entire apartment or home. “If you are from the area and can live at home and pay a cursory amount to your parents it is a great way to build up your cash,” he adds.
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