PHOENIX — If you go by the advice that you need to divvy up your income by the 50/30/20 budgeting rule, you need to earn quite a bit to live comfortably in Phoenix, when compared with other major U.S. cities.
The rule is that you spend 50% of your income on necessities, 30% on fun and 20% on savings, but that may not be feasible, depending on where you live.
A recent report by GOBankingRates ranks 50 major cities in the U.S. by how much money you need to earn to live comfortably, based on each city's cost of living.
The study shows the ideal salary for homeowners and renters in each major city when factoring in necessities such as transportation, groceries, health care and more, compared with each major metro area's actual median wage.
For the full story on how Phoenix, Tucson and Mesa stack up, visit the Phoenix Business Journal.