DALLAS (KDAF) — Have you ever wondered what the magic number (salary-wise) is to live comfortably in the 25 largest metropolitans in the country? Well, now’s the time you find out just how much you need to be making in order to do so in 2023.
A study conducted by SmartAsset found those magic numbers around the country, “A budget is the bedrock of many people’s financial plans. And it’s especially essential to understand and track your spending when the cost of everyday items is rising,” says Susannah Snider, a certified financial planner and SmartAsset’s managing editor of financial education.
They found the number needed by using the 50/30/20 rule to define what living a comfortable lifestyle would look like, “This rule is a budgeting strategy that allocates 50% of after-tax income to basic living expenses (needs), 30% to discretionary spending (wants) and 20% for savings or debt payments.”
So, how much do you need to make in order to live comfortably in the top metros in Texas?
- No. 17 Dallas: $64,742
- No. 20 Houston: $62,260
- No. 23 San Antonio: $59,270
"To live comfortably in the San Antonio-New Braunfels metro area in Texas, a single person must earn $59,270 after taxes. Typical living expenses in this part of the Lone Star State add up to $29,635 per year, meaning an individual living comfortably would have $17,781 for discretionary spending and another $11,854 to put toward their savings or debt," the study found.
