A new study reveals the salary needed to be considered wealthy in the 50 largest cities in the United States. Louisville will require more than three times his average annual salary.
LOUISVILLE, Ky. — The price of just about everything has skyrocketed over the past few years, and many people are feeling the pinch.
According to ziprecruiter.com, people in Louisville earn an average annual salary of $61,679, or about $30 an hour, but those salaries aren't growing as much as they used to. While many families struggle to pay their bills, the dream of becoming rich seems out of reach.
In fact, to be considered wealthy in Louisville, you need to earn more than three times that $61,000 salary, according to a study by Madison Trust Company.
They calculated the annual income needed to become wealthy in America's 50 largest cities, based on the incomes of the top 20% of residents. The housing market, food costs, taxes, and transportation costs all affect the income needed in each city.
Louisville comes in at No. 47 with a salary of $218,643, near the bottom of the list.
Indianapolis is much higher than Louisville, which ranks 36th at $233,611.
Cincinnati is right in the middle of the pack, ranking 29th with $242,151.
Nashville is the most expensive of Louisville's neighborhoods, ranking 21st at $261,974.
The city at the top of this list is San Jose, California, where you need to have an annual income of $500,000 or more to be considered wealthy.
The ranking of the top 25 cities is as follows:
- San Jose: $500,341
- San Francisco: $442,934
- Washington DC: 353,350
- Boston: $353,292
- Seattle: $346,862
- New York: $340,209
- San Diego: $303,546
- Los Angeles: $302,890
- Denver: $292,305
- Austin: $288,453
- Baltimore: $286,736
- Chicago: $279,943
- Philadelphia: $279,362
- Minneapolis: $275,185
- Raleigh, North Carolina: $273,011
- Sacramento: $271,415
- Atlanta: $267,747
- Hartford, CT: $267,012
- Dallas: $265,858
- Portland: $265,594
- Nashville: $261,974
- Houston: $260,958
- Miami: $258,049
- Charlotte, North Carolina: $253,175
- Phoenix: $252,783
Click here for the complete list.
“The cost of living varies widely across countries, and someone who is considered wealthy in one city may be barely surviving in another,” the study said.
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