A new report by Smart Asset reveals how much money Americans need to earn before taxes to be able to live "comfortably" in the country's largest cities. In New York, you would need to make $158,229 to not feel "cost-burdened." (Households that spend more than 30 percent of their income on housing and utility bills are considered "cost-burdened households," based on a threshold set by the Department of Housing and Urban Development.) In the Big Apple, the cost of living is nearly 70% higher (or more than that in some neighborhoods) than average costs in the rest of the nation, which is to say nothing of disproportionate food and transportation expenses, yet it pales in comparison to San Francisco. Renting a two-bedroom place in New York City will cost you $3,692 a month (in Queens?), on average, although I wish they'd also calculated for the one-bedroom Manhattan crowd!
Read more HERE.