A recent study gave an overview of how you need to live in Houston Texas. The number isn’t high but it isn’t low either. Let’s take a look and tell me what you think.
Smart Asset conducted a study and determined residents in Houston need to make at least $51,148 to live comfortably. The number is after your taxes are paid. So per month, the number you need to live in Houston is $4,262.
From the $51,148 given, 80% is broken down covering your needs and your wants. The study said a person needs $25,574 or 50% to cover their needs. Then $15,344 provides for a person’s wants.
Needs are basically what you need to survive - this may be rent, mortgage, food, water, and covering basic utilities. Wants are things that you want but you don’t need to live - this may be electronics, jewelry, cable or Direct TV, and so on.
Then the remaining 20% is aimed at savings or paying off debt. If the debt is paid off, then you can save more money.
According to Realtor.com, the average house in Houston was $340,000. Of course, some homes cost more or less than this number.
Then according to Rent.com, the average rent for a 1 bedroom apartment was $1,292. So after you subtract the rent from the average income, this leaves you with $2,970.
This is not a lot considering there are still utilities and car payments you may have to cover. Then you have to consider how much you spend eating. With food prices higher today than they were a year ago, your money won’t go as far.
Then there are some other expenses you might see living in Houston.
Do you think the number provided by Smart Asset is correct?
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