'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.

According to a CNBC and SmartAsset study, Raleigh is in the top 25 of 100 cities with the highest income needed to live “comfortably.”

SmartAsset listed Raleigh as the 23rd highest salary needed to live comfortably, with a single adult needing an average salary of $102,752 or an hourly wage of $49.40.

The estimate is more than double what the average resident of Raleigh makes. According to Wake County census data, the median income of someone living in Raleigh is $47,003 for single women, and $50,955 for single men.

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.”

A living that is made harder with inflation on groceries and other goods. According to the Bureau of Labor Statistics, Americans are paying more than 2.6% more across the board than in 2023.

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.