El Paso Named One Of America’s Most Affordable Cities
A new survey came out ranking the 50 most populous cities to see how much you would need to make in each to live comfortably. El Paso came out as one of the best.
Finance website GoBankingRates.com conducted a survey where they looked at the 50 most populous cities to see how the cost of living varied. The survey used the 50-30-20 rule meaning:
50% of income on necessities + 30% on discretionary spending +20% on savings
Using this method they ranked the cities by their overall affordability and found that El Paso was one of the hidden gems in the United States. According to this survey, to leave in El Paso comfortably you need about $40,393.
50% Necessities = $20,197
30% Discretionary Spending = 2,118
20% Savings = $8,079
According to GoBankingRates:
El Paso residents need to set aside only $20,197 for necessities — the lowest amount in this study. Although transportation costs are high, other El Paso cost-of-living expenses are low. The city boasts a very affordable median rent for a one-bedroom residence ($563) and the second-cheapest cost of groceries per year. These low costs make it easier for El Paso residents to live well with a $42,772 median income, which is $2,379 more than the income needed to follow a 50-30-20 budget
Check out some of the other cities on this survey by visiting their website.