Study Pinpoints Salary Required To 'Live Comfortably' In Boston Area

CBS Boston

March 10, 2023

BOSTON - How much do you need to make in order to live well in the Boston area?

A new report from SmartAsset says a single person in the Boston-Cambridge-Newton metro area has to pull in a salary of almost $80,000 a year to "live comfortably." The study is based on a theoretical budget where a person spends half their income on needs, 30% on "wants" and the rest on savings or repaying debt.

"A single person needs to earn $78,752 after taxes in order to cover basic living expenses ($39,376) and still devote half of their earnings to wants and saving/debt," the report for Boston states. "Following the 50/30/20 budget, a person living comfortably would allocate $23,626 for discretionary spending and $15,750 to savings or debt payments."

Click https://www.cbsnews.com/boston... for a CBS News video report.

CBS Local Digital Media personalizes the global reach of CBS-owned and operated television and radio stations with a local perspective.