Atlanta, GA
This is how much money you need to 'live comfortably' in Atlanta, data shows
ATLANTA – Living in Atlanta can come at a price.
A new study shows that single adults in Georgia’s capital city need to make a salary of more than $100,000 to be comfortable.
The annual study, which was published last week by researchers at SmartAsset, used the MIT Living Wage Calculator to examine the nation’s 99 largest metropolitan areas.
In order to determine what is a “comfortable” lifestyle, the study uses the 50/30/20 rule, which allocates 50% of income to basic living expenses, 30% to discretionary spending, and 20% to savings or paying off debt.
Using those methods, the researchers found that single Atlanta residents would need an hourly wage of $51.66 or a $107,453 salary before taxes to live comfortably. For working parents with two children, the number is even higher at $230,880 needed annually.
Population spike driving up housing prices
The numbers are in and the metro Atlanta area is growing at a breakneck pace. Data shows the growth rate has gone up substantially since last year. Experts explain how this amount of growth could worsen an already looming affordable housing crisis.
Atlanta home buyers need to earn almost $60K more in 2024 than 2020 to afford a home
While those numbers are higher than the national average of $96,500 for single people, they are surprisingly slightly less than the average combined income needed for a family of four – which was $235,000.
The results ranked Atlanta as 79th on the list of 99 areas for affordability.
Out of all the areas examined, three Texas cities – Houston, El Paso, and Lubbock – took the top three spots.
New York City was the most expensive for a single person, requiring $66.62 in hourly wages, or an annual salary of $138,570.
In six cities, the study found that a family had to make over $300k to raise two kids comfortably. Those cities were San Francisco, San Jose, Boston, Arlington, Virginia, New York City, and Oakland California.
You can see the full study here.