How much does it cost to be single and live in a big city? A newly updated
family budget calculatorfrom the Economic Policy Institute shows the income that different family sizes need in order to have a baseline standard of living in the U.S.
For a single person, the costs can range from $29,118 a year to live in Brownsville, Texas, up to $69,072 a year to live in San Francisco, according to the calculator.
EPI’s calculator factors in geographic differences in the cost of living for the areas, including costs for housing, food, transportation, health care, taxes, and other basic necessities.
"In order to keep the budgets modest, the calculator notably does not include many expenses associated with a middle-class lifestyle, such as paying off student loans or saving for college or retirement," the EPI notes.
In a look at some of the largest U.S. cities, singles would need the highest earnings to live in these locations:
San Francisco
- Housing costs: $2,014 per month ($24,168 per year)
- Total cost of living: $5,756 per month ($69,072 per year)
San Jose, Calif.
- Housing costs: $1,716 per month ($20,592 per year)
- Total cost of living: $5,129 per month ($61,549 per year)
New York
- Housing costs: $1,514 per month ($18,168 per year)
- Total cost of living: $4,277 per month ($51,323 per year)
San Diego
- Housing costs: $1,164 per month ($13,973 per year)
- Total cost of living: $3,903 per month ($46,834 per year)
Los Angeles
- Housing costs: $1,067 per month ($12,804 per year)
- Total cost of living: $3,569 per month ($42,825 per year)
Chicago
- Housing costs: $879 per month ($10,548 per year)
- Total cost of living: $3,217 per month ($38,605 per year)
Austin, Texas
- Housing costs: $860 per month ($10,320 per year)
- Total cost of living: $3,197 per month ($38,369 per year)
Philadelphia
- Housing costs: $824 per month ($9,891 per year)
- Total cost of living: $3,191 per month ($38,291 per year)
Phoenix
- Housing costs: $684 per month ($8,208 per year)
- Total cost of living: $3,143 per month ($37,715 per year)
Houston
- Housing costs: $772 per month ($9,264 per year)
- Total cost of living: $2,949 per month ($35,391 per year)
View the full list at CNBC.
Source: “Here’s How Much it Costs a Single Person to Live in the 15 Largest U.S. Cities,” CNBC (March 22, 2018)
