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Middle-class New Yorkers are going more than $12,000 into the red every year just to make ends meet, a depressing new study has uncovered.
GOBankingRates analyzed America’s most populous cities to determine where salaries go the furthest, analyzing the cost of living in each metropolis and comparing it to the median income there.
The financial site used data from the Bureau of Labor Statistics, the U.S. Census American Community Survey, and Pew Research to calculate the figures.
The Big Apple was determined to be one of the worst cities in the country for the middle-class, with annual household living expenses estimated at $91,888 — higher than the median household income of $79,713.
This means the average middle-class New York family is spending $12,175 more than they earn just to cover the essentials, which include food, housing, utilities, transport, and medical expenses.
Despite New York City’s reputation as a hub for high-earning jobs, the median household income is actually far higher in multiple other cities.
In San Francisco, for instance, the median household income is $141,446, while in Seattle it’s $121,984.
While the cost of essentials is also high in both of those cities, GOBankingRates determined that the average middle-class family is actually financially far better off in those metropolises.
The study indicates that mid-size cities are the financial bet for middle-class families, where decent median household incomes far outweigh cost of living expenses.
For instance, in Oklahoma City, the median household income is $66,072, but the annual cost of living is just $38,391 for a middle-class family. That means there’s leftover savings of $28,311 per year.
Meanwhile, in Forth Worth, Texas, the median household income is $76,602, while annual middle-class expenditures total $43,383. Thus, there’s $33,219 remaining for discretionary spending or saving.
You can find the full study here.
