PHOENIX — New data from SmartAsset shows Phoenix ranks 14th out of the 25 largest metropolitan areas when it comes to the highest salary required to live what’s considered “comfortably.”
The data shows a single person would need an average income of about $65,670 after taxes, which means about $90,000 before taxes. The salary does not take into account other family members or dependents.
Phoenix jumped four spots after ranking 18th last year with $70,000 required salary pre-taxes.
Jaclyn DeJohn with SmartAsset says this is a trend across the country, because even the most affordable city, St. Louis, saw a 20% increase.
She says it’s important to understand that while the inflation rate says one thing, it’s actually much higher when you take into account not only paying for bills, but family fun activities and setting aside money for savings.
“Every day families want to take a look at their income and work with their companies and businesses to match the increase in cost of living,” DeJohn said.
She says the typical family should be saving about $13,000 a year.
Click here to see where other cities rank.
