Housing in San Jose, California, US, on Thursday, Sept. 5, 2024. The median house value in Silicon Valley topped $2 million within the second quarter, the primary time a US metropolitan space has exceeded that threshold and symptom of the nation’s persistent affordability problem.
The Temporary
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San Jose has the very best wage wanted to dwell comfortably within the U.S., a brand new research discovered.
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The South Bay metropolis surpassed New York, which topped the checklist final 12 months.
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Different Bay Space cities ranked among the many costliest.
SAN JOSE, Calif. – A brand new evaluation ranked San Jose because the U.S. metropolis with the very best wage wanted to “dwell comfortably.”
By the numbers
The Bay Space’s largest metropolis surpassed New York for this distinction, with San Jose requiring $147,430 for a single grownup to dwell comfortably.
For a household of 4, that quantity got here to $371,571.
The evaluation, by monetary know-how firm SmartAsset, discovered the median family revenue in San Jose stood at $136,229.
New York, which topped the checklist final 12 months, requires $136,656 for a single grownup, and $306,093 for a household of 4, to dwell comfortably.
Dig deeper
SmartAsset reviewed 100 of the biggest U.S. cities as a part of its evaluation, with researchers making use of the favored cash administration methodology generally known as the “50/30/20 price range rule” for each single adults and households of 4.
That rule offers a monetary framework of allocating 50% of revenue to requirements, like meals and housing, 30% of revenue to needs— these further prices like journey and leisure, and 20% to financial savings and debt compensation.
SEE ALSO:This East Bay city ranked worst in the U.S. for first-time homebuyers
“Giant U.S. cities are ranked primarily based on the projected full-time gross wage wanted to cowl primary bills, occasional splurges and permit financial savings for long-term targets,” SmartAsset stated.
Different Bay Space cities got here in among the many prime when it got here to wage necessities to “dwell comfortably.”
Fremont, which did not even make it on the highest 100 checklist final 12 months, had the 88th highest wage wanted for comfy residing for a single grownup, requiring $124,592.
For a household of 4, $343,949 is required, the fifth-highest quantity within the nation. The median family revenue in Fremont was $170,934.
Oakland tied at 88th with singles needing $124,592 a 12 months to dwell comfortably. It matched Fremont for the quantity wanted for a household of 4.
The town’s median revenue was considerably decrease although, at $96,828.
San Francisco received rather less costly for singles, falling from its 92nd slot final 12 months and touchdown in 87th place, with $121,930 required for a single grownup.
For a household of 4, it was the 2nd costliest metropolis, behind San Jose, requiring a wage of $366,829 to dwell comfortably. The median revenue in San Francisco was $126,730.
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