CHARLOTTE (QUEEN CITY NEWS) — Those who are single may be feeling lonely this Valentine’s Day, but is your wallet also feeling it?
A new report by GoBankRates shows the cost of being single in America’s 100 largest cities, including Charlotte. It estimates that Charlotte singles need about $93,000 annually to live comfortably in the Queen City, ranking number 48 out of 100 in least expensive cities.
The median income the report lists is $78,438 with the average monthly cost of living sitting at $3,859.
Also on the list is Raleigh at $97,825, Durham at $91,482, Greensboro at $70,064 and Winston-Salem at $69,358.
What data was considered?
GoBanksRates looked at data for singles from the Bureau of Labor Statistics, including the average monthly and annual expenses. The average mortgage costs were pulled from Zillow.
Using the 50/30/20 budgeting rule that says your expenses should be half or less than half your income, researchers doubled costs to get an annual income.
National Data
Out of 100 cities, only two needed to earn under $50,000: Cleveland, Ohio, with a comfortable salary of $47,874, and Toledo, Ohio, with $49,425.
Singles needed $100,000 or more to live comfortably in 61 cities and needed to earn $200,000 or more to live in 6 cities.
Most Expensive Cities
1. Irvine, California
- Salary needed to live comfortably: $291,586
- Median household income: $129,647
- Average monthly cost of living: $12,149
2. Fremont, California
- Salary needed to live comfortably: $277,753
- Median household income: $176,350
- Average monthly cost of living: $11,573
3. San Jose, California
- Salary needed to live comfortably: $262,265
- Median household income: $141,565
- Average monthly cost of living: $10,928
4. San Francisco, California
- Salary needed to live comfortably: $241,107
- Median household income: $141,446
- Average monthly cost of living: $10,046
5. Honolulu, Hawaii
- Salary needed to live comfortably: $234,876
- Median household income: $85,428
- Average monthly cost of living: $9,786
Least Expensive Cities
1. Cleveland
- Salary needed to live comfortably: $47,874
- Median household income: $39,187
- Average monthly cost of living: $1,995
2. Toledo, Ohio
- Salary needed to live comfortably: $49,425
- Median household income: $47,532
- Average monthly cost of living: $2,059
3. Detroit
- Salary needed to live comfortably: $50,519
- Median household income: $39,575
- Average monthly cost of living: $2,105
4. Memphis, Tennessee
- Salary needed to live comfortably: $54,379
- Median household income: $51,211
- Average monthly cost of living: $2,266
5. St. Louis
- Salary needed to live comfortably: $58,829
- Median household income: $55,279
- Average monthly cost of living: $2,451
For the full list, visit GoBankingRates.com.
