'Pretty intense': Raleigh among top for most expensive cities to live in, study shows
If you want to live comfortably, living in Raleigh might make that difficult.
Posted — UpdatedIf you want to live comfortably, living in Raleigh might make that difficult.
The study has some residents rethinking their career paths and lifestyles.
“That’s pretty intense,” N.C. State senior Jenni Mangala said. “I don’t think I would have chosen a degree where I didn’t know I’d have a guaranteed at least $70,000 [or] $80,000 coming out, especially with inflation and cost of living going up.”
Conversely, SmartAsset listed Winston-Salem as the 11th most affordable city for “comfortable living,” with an adult needing an average salary of $81,869 or an hourly wage of $39.36.
What is 'comfortable living?'
For many, living comfortably means not having to think about bills and still having money to save up.
“[It means] being able to support yourself and be able to pay off everything comfortably, and still have a little bit left to save up,” N.C. State freshman Feiran Yi said.
According to SmartAsset, living comfortably means living by a 50/30/20 budget. SmartAsset defines the budget as so:
- 50% of your paycheck goes toward essentials (mortgage/rent, food, utilities, insurance, etc.)
- 30% of your paycheck goes towards things you want (Trips, concerts, dining out, etc.)
- 20% goes towards savings and investments.
SmartAsset says a single person in the United States needs to make $96,500 for “sustainable, comfortable living.”
Kasey Wagoner, a father of a three-year-old and a three-month-old, said it’s important to be strategic when planning household expenses.
“Not being extravagant, but being able to live life and not have the worries, but also be able to enjoy my family,” he explained.
Mangala said the new study has her rethinking how she will spend her money once she leaves school.
“Any time I go out to dinner, I’m like, ‘I spent this much money, let me roll it back the next two weeks or so,’” she explained.
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