You Won't Survive In the 10 Most Expensive U.S. Cities, Even With These Great Jobs
Big city life can be seen as glamorous, exciting, and expensive. We often imagine busy professionals with amazing jobs living in high-rise waterfront apartments. However, the reality of living in these cities can be quite different, especially when it comes to saving money.
To get a better idea of the cost of living in the 10 most expensive cities in the U.S., we analyzed how much Americans would need to earn to live comfortably and save money. We also looked at high-paying jobs with great reputations that might not allow you to save adequately or live a cushy life in these cities.
10. Dallas, TX
Average annual spending of a Dallas resident: $56,827
Average annual housing cost: $19,033
Average taxes paid: $8,422
Cost of Living - DAL
| To live well, but save nothing | To live well and save 10% | To live well and save 25% | |
|---|---|---|---|
| Your annual income needs to be: | $65,249 | $72,498 | $86,998 |
| Your hourly wage should be: | $31.37 | $34.86 | $41.83 |
| Annual savings: | $0 | $7,250 | $21,750 |
High-paying jobs that won’t enable you to earn enough:
- Airfield operations specialist: $60,760/year or $29.21/hour
- MRI technologist: $71,550/year or $34.40/hour
- Registered nurse: $71,910/year or $34.57/hour
9. Stamford, CT
Average annual spending of a Stamford resident: $57,027
Average annual housing cost: $20,341
Average taxes paid: $13,164
Cost of Living - STAM
| To live well, but save nothing | To live well and save 10% | To live well and save 25% | |
|---|---|---|---|
| Your annual income needs to be: | $70,191 | $77,990 | $93,588 |
| Your hourly wage should be: | $33.75 | $37.50 | $44.99 |
| Annual savings: | $0 | $7,799 | $23,397 |
You'll still struggle if you have any of these respectable jobs:
- Power plant operator: $68,660/year or $33.01/hour
- Human resources specialist: $69,610/year or $33.47/hour
- Computer science professor: $72,450/year or $34.83/hour
8. Boston, MA
Average annual spending of a Boston resident: $65,650
Average annual housing cost: $21,384
Average taxes paid: $12,011
Cost of Living - BOS
| To live well, but save nothing | To live well and save 10% | To live well and save 25% | |
|---|---|---|---|
| Your annual income needs to be: | $77,661 | $86,290 | $103,548 |
| Your hourly wage should be: | $37.34 | $41.49 | $49.78 |
| Annual savings: | $0 | $8,629 | $25,887 |
Great jobs with great pay, but without the great life:
- Microbiologist: $68,290/year or $32.83/hour
- Market research analyst: $74,010/year or $35.58/hour
- Physical therapist: $82,440/year or $39.63/hour
7. Miami, FL
Average annual spending of a Miami resident: $40,604
Average annual housing cost: $16,212
Average taxes paid: $6,328
Cost of Living - MIA
| To live well, but save nothing | To live well and save 10% | To live well and save 25% | |
|---|---|---|---|
| Your annual income needs to be: | $46,932 | $52,147 | $62,577 |
| Your hourly wage should be: | $22.56 | $25.07 | $30.08 |
| Annual savings: | $0 | $5,215 | $15,644 |
Welcome to Miami, where these jobs won't suffice:
- Radiologic technologist: $48,310/year or $23.22/hour
- Credit counselor: $49,780/year or $23.93/hour
- IT support specialist: $50,530/year or $24.29/hour
6. Honolulu, HI
Average annual spending of a Honolulu resident: $55,460
Average annual housing cost: $19,376
Average taxes paid: $4,677
Cost of Living - HON
| To live well, but save nothing | To live well and save 10% | To live well and save 25% | |
|---|---|---|---|
| Your annual income needs to be: | $60,137 | $66,819 | $80,182 |
| Your hourly wage should be: | $28.91 | $32.12 | $38.55 |
| Annual savings: | $0 | $6,682 | $20,046 |
Living in Hawaii won't be the same as vacation in Hawaii, if you any have these jobs:
- Bus and truck mechanic: $56,170/year or $27.01/hour
- Insurance underwriter: $59,890/year or $28.79/hour
- Marriage and family therapist: $69,560/year or $29.11/hour
5. Washington, D.C.
Average annual spending of a Washington, D.C. resident: $80,452
Average annual housing cost: $28,416
Average taxes paid: $32,812
Cost of Living - DC
| To live well, but save nothing | To live well and save 10% | To live well and save 25% | |
|---|---|---|---|
| Your annual income needs to be: | $113,264 | $125,845 | $151,018 |
| Your hourly wage should be: | $54.45 | $60.50 | $71.60 |
| Annual savings: | $0 | $12,585 | $37,755 |
Even with these elite jobs, D.C. still isn't affordable:
- Computer programmer: $92,460/year or $44.45/hour
- Mechanical engineer: $110,060/year or $52.91/hour
- Pharmacist: $113,540/year or $54.59/hour
4. Chicago, IL
Average annual spending of a Chicago resident: $57,919
Average annual housing cost: $20,527
Average taxes paid: $9,664
Cost of Living - CHI
| To live well, but save nothing | To live well and save 10% | To live well and save 25% | |
|---|---|---|---|
| Your annual income needs to be: | $67,583 | $75,093 | $90,111 |
| Your hourly wage should be: | $32.49 | $36.10 | $43.32 |
| Annual savings: | $0 | $7,509 | $22,528 |
The Windy City will blow you away once you find out how little you save with these jobs:
- Aircraft mechanic: $65,880/year or $31.67/hour
- Chemist: $70,830/year or $34.05/hour
- Registered nurse: $73,540/year or $35.35/hour
3. San Francisco, CA
Average annual spending of a San Francisco resident: $70,807
Average annual housing cost: $25,366
Average taxes paid: $7,690
Cost of Living - SF
| To live well, but save nothing | To live well and save 10% | To live well and save 25% | |
|---|---|---|---|
| Your annual income needs to be: | $78,498 | $87,220 | $104,664 |
| Your hourly wage should be: | $37.74 | $41.93 | $50.32 |
| Annual savings: | $0 | $8,722 | $26,166 |
You wouldn't be able to make it in San Francisco with these jobs:
- Human resource specialist: $86,110/year or $41.40/hour
- Electrician: $86,670/year or $41.67/hour
- Accountant: $87,840/year or $42.23/hour
2. Los Angeles, CA
Average annual spending of an Los Angeles resident: $55,852
Average annual housing cost: $21,353
Average taxes paid: $7,690
Cost of Living - LA
| To live well, but save nothing | To live well and save 10% | To live well and save 25% | |
|---|---|---|---|
| Your annual income needs to be: | $63,543 | $70,603 | $84,724 |
| Your hourly wage should be: | $30.55 | $33.94 | $40.73 |
| Annual savings: | $0 | $7,060 | $21,189 |
None of these jobs will get you the house in the hills:
- Epidemiologist: $57,640/year or $27.71/hour
- Physical therapist assistant: $64,500/year or $31.01/hour
- Web developer: $69,270/year or $33.30/hour
1. New York City, NY
Average annual spending of a New York City resident: $60,791
Average annual housing cost: $24,187
Average taxes paid: $10,279
Cost of Living - NYC
| To live well, but save nothing | To live well and save 10% | To live well and save 25% | |
|---|---|---|---|
| Your annual income needs to be: | $71,010 | $78,967 | $94,760 |
| Your hourly wage should be: | $34.17 | $37.96 | $45.56 |
| Annual savings: | $0 | $7,897 | $23,690 |
These occupations only sound like they can fund the New York lifestyle:
- Forensic science technician: $64,140/year or $30.84/hour
- Landscape architect: $67,810/year or $32.60/hour
- Tax preparer: $69,730/year or $33.53/hour
Methodology
The most expensive U.S. cities are selected based on Mercer's 2015 Cost of Living Rankings.
Average annual expenditures for U.S. metropolitan statistical areas (MSAs) are based on 2012-2013 data from the Bureau of Labor Statistics.
Average taxes paid by each state come from the U.S. Census Bureau as of July 2012. Average incomes for each MSA are based on the 2013 American Community Survey from the U.S. Census Bureau.
The amount to live comfortably (before taxes) is calculated by adding the average annual expenditure and the average taxes paid.
Occupational employment statistics for each MSA is provided by the the Bureau of Labor Statistics as of May 2014.
Do you live in any of these expensive cities and agree that it's hard to save? Or do we have it all wrong and you find it easy to save? Comment on this story below or chime in our Facebook!
