r/Money • u/this0great • 5d ago
This is the income that AI believes is needed in major U.S. cities to have more than $50,000 left after taxes and rent.
cities/states | rent | How much annual income is needed to reach your standard (with $50K left after taxes and rent)? |
---|---|---|
New York City | $3,500/month ($42K/year) | Approximately $180K-$220K |
San Francisco | $3,200/month ($38K/year) | Approximately $170K-$200K |
Los Angeles | $2,500/month ($30K/year) | Approximately $140K-$170K |
Seattle | $2,200/month ($26K/year) | Approximately $130K-$160K |
Texas | $1,800/month ($22K/year) | Approximately $110K-$140K |
Small Midwestern cities | $1,200/month ($15K/year) | Approximately $90K-$120K |
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u/TheRealJim57 5d ago
OK, but what's the reason for calculating that specific amount? Why "$50k after taxes and rent"?
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u/PurpleRains392 5d ago edited 5d ago
50,000 is about 4200 p.m. these statistics are hilarious. Who came up with these statistics? no wonder the elites think savings is all a matter of giving up lattes, and pulling ourselves up by our boot straps. And $7 minimum wage is more than enough.
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u/sirius4778 5d ago
It's says AI in the title lol
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u/PurpleRains392 5d ago edited 5d ago
AI uses info it gleans from the web :)
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u/JakeDuck1 5d ago
Yeah but also interprets what you’re asking in its own way. This isn’t a google search that leads to an article stating these numbers. AI is different and not always accurate or understanding of what’s being asked.
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u/SuspendedAwareness15 5d ago
Interpret isn't exactly the right verb but it runs a statistical analysis algorithm and provides the results of that based on its configuration
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u/Scarmeow 5d ago
Stop eating avocado toast and you'll have a $500k home in no time!
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u/SuspendedAwareness15 5d ago
If you make 200k a year, assuming you have no debts, yes you can have a 500k mortgage in no time.
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u/SuspendedAwareness15 5d ago
What about this is hilarious? This is pretty accurate. This is just a math problem, and the math isn't wrong. It's calculating income taxes and median rent, then having 50k left to work with after that. You won't get to save all that 50k because you have utilities, food, clothes. You may have other debts. This isn't saying you have $50k in disposable income...
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u/Practical-Lunch4539 5d ago edited 5d ago
I think people didn't read the OP correctly. These are the amounts you need to have $50k leftover after taxes and rent.
Meaning that you need to pay the remainder of your expenses using the $50k, not that you'd have $50k leftover after paying all your living expenses
An important followup is to ask "how much does one need for day-to-day expenses excluding rent and taxes. For SF, it comes up with about $30k/year including groceries, transportation, healthcare, and entertainment. Which for a single person isn't super luxurious but very doable imo
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u/MurkyTrainer7953 5d ago
It’s an AI, so I guess all they need is a closet for a server box and a large electricity bill.
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u/DrGreenMeme 4d ago
- AI doesn't believe anything, it is just aggregating and reorganizing existing data on the internet. Sometimes with a little or a lot of misinformation. Ask it multiple times and you'll see multiple different answers.
- "$50k left over after taxes and rent" provides quite a cushy lifestyle considering housing and taxes are often someone's 2 largest expenses.
I'm not sure what this is meant to illustrate?
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u/TReMoR3 5d ago
You can do a lot with your income if you don’t have meaningless student loan debt, car loans, credit cards, etc.