CHARLOTTE — Personal finance website SmartAsset found last year that a six-figure salary is needed to “live comfortably” in Charlotte. Now, that figure has jumped even higher.
The site found in a recent study that, based on the 50/30/20 rule for budgeting, a single adult in the Queen City needs to make an annual salary of $110,614 to live comfortably — up 9.2% from the estimated $101,338 required just a year ago. For a family of four, a salary of $244,192 is needed, up about 3.4% from $235,123 in last year’s study.
Meanwhile, SmartAsset pegs the median household income in Charlotte at $80,581.
Using the 50/30/20 formula, 50% of a person’s budget is allocated for needs such as housing, groceries and transportation, 30% is earmarked for wants such as entertainment and hobbies, and 20% is reserved for paying off debt, saving or investing. SmartAsset used data from the MIT Living Wage Calculator to compile its report, focusing on the 100 largest U.S. cities by population.
Read more here.
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