You need an income of $60,195 to 'live comfortably' in Portland, study says
Story by Laura Frazier | The Oregonian/OregonLive - Story Source
|ECONOMY||Living In Portland|
The idea of what it means to "live comfortably" is subjective and can of course vary depending on the person. In this case, GOBankingRates.com's report looked the income a single person needs to cover expenses and put some money aside too.
The report, released Monday, compared costs of living and needed income in 50 of the largest cities nationwide. GOBankingRates surveyed costs of living expenses, such as rent and food, and then doubled the amount to see how much is required to follow the so-called 50-30-20 budgeting rule. That budget puts half of a person's income to necessities, 30 percent to discretionary costs and 20 percent toward debt or savings.
GOBankingRates then compared that figure to the median household income for each city, based on U.S. Census figures. The difference between needed income and median income was displayed on a map using colored bubbles.
Here's what the study found for Portland and a few other west coast cities.
Income needed: $60,195
50 percent for necessities: $30,097
30 percent for discretionary spending: $18,058
20 percent for savings: $12,039
Median household income: $53,230