Milwaukee 'living comfortably' salary; study ranks 50 US cities
MILWAUKEE - A new report on the 50 most populated U.S. cities – including Milwaukee – determined the annual salary needed to live comfortably in each.
GOBankingRates looked at data from the U.S. Census, the Bureau of Labor Statistics, Zillow and BestPlaces to determine a "living comfortably" salary for each city. The report defined living comfortably through the 50/30/20 rule, which states that necessities should not exceed 50% of a person's income.
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The report also ranked the cities based on population growth from 2021 to 2022, which GOBankingRates said provided the most recent figures for data such as household median income, average value for a single-family home and more.
Of the 50 cities ranked, residents of the most expensive city needed to pull in $266,000 per year to live comfortably – while the least expensive city required less than $65,000.
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The report found Milwaukee's population shrunk from 578,198 to 573,299. Residents had a median household income of $49,733, and the average value of a single-family home came in at $209,803. The report concluded Milwaukeeans had an annual cost of living of $37,763 – and needed $75,526 per year to live comfortably.
For comparison around the Midwest, the study found residents in Detroit needed $64,849, Indianapolis needed $76,979, Minneapolis needed $93,482, and Chicago needed $93,999.
To see the complete list of the cities where you need a certain salary to live comfortably, click here.