KANSAS CITY, Mo. — The residents of 14 U.S. cities must earn at least $100,000 a year to comfortably rent or own a home in their area, according to an analysis from GoBankingRates.com.
The website used housing information from Zillow and price estimates of necessities like transportation and groceries from Sperling’s Best Places to determine how much a person needs to earn to live in the country’s 50 largest metros.
In Kansas City, you need to make nearly $68,000 yearly to comfortably be a new homeowner. The cost is even higher for renters.
BREAKING IT DOWN: See how much a person needs to earn to live in the country’s biggest cities, including Kansas City, in the Kansas City Business Journal.
The analysis used that information to determine the income necessary to stick the “50/30/20” rule of budgeting – 50% for needs like housing and groceries, 30% for wants and 20% for savings.
That rule is difficult to follow in the U.S. cities analyzed. The median salary in the 50 largest metros falls short of what is needed to easily buy or rent a home in those areas.
Read more on the earnings analysis and see Kansas City’s numbers in the Kansas City Business Journal. A subscription might be required.