Seattle has been named the 9th most expensive city in the US
A new home in Seattle needs $200,000 in household income, including property taxes and insurance costs, according to an Oxford Economics report.
Fox – Seattle
In one of four large American cities, the family has managed to score six numbers and still feels broken.
This is the key point from an analysis by Lendingtree, a personal finance website that measures monthly costs across the 100 largest metropolitan areas.
In 25 of these 100 cities, average monthly expenses on base costs exceed the monthly income of a family of three making $100,000, the report found. San Jose tops the list, with an average monthly fee of $10,540.
Matt Schultz, chief consumer finance analyst at Lendingtree, said: “The fact that even before we consider paying debts, we can create figures of six and break in many of our biggest cities is definitely awkward. Unfortunately, the problem can get worse.”
To calculate the cost of a typical family of three, LendingTree considered the average cost and lent out a two-bedroom apartment, monthly childcare costs, car ownership costs, other transportation costs, health insurance, food, entertainment and utilities, state and federal taxes, payroll taxes, and 401(k) contributions.
This report shows the limits of six figure revenue. This is a salary that exceeds the national average and provides a comfortable lifestyle in at least some areas. The median household income was $80,610 in 2023.
Earnings of $100,000 means your monthly salary of $8,333. LendingTree subtracted monthly expenses for each city from that figure to see what was left. It is often a negative number.
This is some of the most affordable cities
This is a sampling of cities with monthly expenses over $100,000 in revenue.
- San Francisco: Total monthly expenses $10,137, net interest income – $1,804
- Boston: Monthly cost, $9,946. Net monthly income, -$1,613
- Honolulu: Monthly cost: $9,824. Net monthly income, -$1,491
- Washington, DC: Monthly cost, $9,767. Net monthly income, -$1,434
- Seattle: Monthly cost: $9,376. Net monthly income, -$1,043
- New York: Monthly Cost: $9,077. Net Monthly Income, – $744
- Denver: Monthly cost: $8,963. Net Monthly Income, – $630
- Baltimore: Monthly cost: $8,842. Net Monthly Income, – $509
- Portland, Oregon: Monthly cost, $8,789. Net monthly income, -$456
- Minneapolis: Monthly cost, $8,650. Net Monthly Income, – $317
- Hartford, Connecticut: Monthly cost, $8,423. Net Monthly Income, – $90
. . . And here are some of the most affordable cities
The report also identified 75 major cities with annual costs below $100,000 a year.
Here are cities where households earning $100,000 are relatively affordable.
- Cleveland leaves net monthly income of $1,393 monthly total expenses
- Louisville, Kentucky: Net monthly income, $1,281
- Memphis, Tennessee: Net monthly income, $1,272
- New Orleans: Net Monthly Revenue, $1,216
- Cincinnati: Net Monthly Revenue, $1,207
- Milwaukee: Net Monthly Revenue, $1,028
- Pittsburgh: Net Monthly Revenue, $1,025
- Indianapolis: Net monthly income, $922
- Detroit: Net Monthly Revenue, $885
- Houston: Monthly net income, $883
- Las Vegas: Monthly net income, $835
- Nashville, Tennessee: Net monthly income, $751
The Lendingtree analysis did not take into account debt payments, such as student loans, credit cards, etc.
“If we did that, the number of metros with six-figure earners still broken would be much larger,” the report said.