Want to live comfortably in Nashville? Study finds you need over $80,000
NASHVILLE, Tenn.--A study by personal finance company Go Banking Rates finds in order to live comfortably in Nashville, residents need to make $80,548 per year.
The study examined housing costs, the price of necessities such as food and healthcare, and average incomes among America's 50 largest cities. The study also used the 50/30/20 rule, which states 50% of income should go to necessities, 30% for fun, and 20% to savings/investments.
The $80,548 Nashville income needed to live comfortably is a far cry from the $49,891 median household income in the city according to the report. The total is a difference of $30,657.
Memphis was found to be cheaper with an income of $57,433 needed to live comfortably. The median income there according to the study is $36,957.
Not surprisingly, the largest amounts of income needed to live comfortably were found in cities such as San Francisco, San Jose, Oakland, New York City, and Washington D.C.
Cities with the least income needed to live comfortably were El Paso, Detroit, Albuquerque, Wichita, and Tucson.
