The Salary You Need To Afford America's 50 Biggest Cities While Paying Off Debt
If you think living in a big city comes with a major financial catch you may be right. Your paycheck is never stretched thinner than when you are shoveling nearly 50% of your salary into just having a place to live.
Now, factor in student loans, credit card balances, car payments, transportation costs, grocery bills and mortgages (if you can afford being a homeowner), and the financial hits just keep on coming.
Read On: 5 States Where Even Starter Homes Now Cost $1 Million or More
For You: Start Growing Your Net Worth With Smarter Tracking
MoneyLion sifted through varying costs of living in major metropolitan areas and found just how much you need to make so you can reasonably afford to live there.
Key Findings
As the cost of living remains elevated pretty much everywhere, financial experts stress the importance of budgeting, debt management and maintaining enough income to cover both necessities and long-term financial goals. The following are key takeaways from costs MoneyLion found worth considering:
In this ranking, the top five cities of San Francisco; New York; San Jose, California; Boston; and San Diego show an average rent toppling over $3,000 a month.
Residents pay over $5,000 a year on utility bills alone in New York; Boston; Fresno, California; Bakersfield, California; Philadelphia; Baltimore; and Washington, D.C.
Only 11 cities on this list have an estimated annual grocery bill under $6,000.
In Detroit, New York and Los Angeles, you can expect transportation costs to run you over $11,000 a year.
Here are the salaries required to afford America's 50 biggest cities while staying on top of your debt, ranked by the minimum salary needed to afford it (for renters).
50. San Francisco
Renters' minimum salary needed: $247,380
20% of salary toward debt repayment for renters: $31,894
2026 average annual rent: $49,901.02
Homeowners' minimum salary needed: $419,125
20% of salary toward debt repayment for homeowners: $49,838
2026 average annual mortgage: $94,761.63
49. New York
Renters' minimum salary needed: $245,639
20% of salary toward debt repayment for renters: $33,242
2026 average annual rent: $48,406.44
Homeowners' minimum salary needed: $265,217
20% of salary toward debt repayment for homeowners: $35,545
2026 average annual mortgage: $54,162.42
48. San Jose, California
Renters' minimum salary needed: $211,511
20% of salary toward debt repayment for renters: $27,843
2026 average annual rent: $40,926.87
Homeowners' minimum salary needed: $414,377
20% of salary toward debt repayment for homeowners: $49,353
2026 average annual mortgage: $94,702.91
47. Boston
Renters' minimum salary needed: $195,050
20% of salary toward debt repayment for renters: $27,141
2026 average annual rent: $40,798.58
Homeowners' minimum salary needed: $233,886
20% of salary toward debt repayment for homeowners: $32,226
2026 average annual mortgage: $53,510.88
46. San Diego
Renters' minimum salary needed: $186,435
20% of salary toward debt repayment for renters: $24,656
2026 average annual rent: $36,194.64
Homeowners' minimum salary needed: $307,940
20% of salary toward debt repayment for homeowners: $38,348
2026 average annual mortgage: $70,422.99
45. Los Angeles
Renters' minimum salary needed: $184,342
20% of salary toward debt repayment for renters: $24,391
2026 average annual rent: $33,157.83
Homeowners' minimum salary needed: $291,269
20% of salary toward debt repayment for homeowners: $36,612
2026 average annual mortgage: $63,712.11
44. Oakland, California
Renters' minimum salary needed: $174,527
20% of salary toward debt repayment for renters: $23,257
2026 average annual rent: $31,081.91
Homeowners' minimum salary needed: $233,703
20% of salary toward debt repayment for homeowners: $30,388
2026 average annual mortgage: $48,909.20
43. Miami
Renters' minimum salary needed: $169,192
20% of salary toward debt repayment for renters: $25,382
2026 average annual rent: $35,908.68
Homeowners' minimum salary needed: $184,081
20% of salary toward debt repayment for homeowners: $27,417
2026 average annual mortgage: $40,996.71
42. Long Beach, California
Renters' minimum salary needed: $167,833
20% of salary toward debt repayment for renters: $22,484
2026 average annual rent: $29,078.20
Homeowners' minimum salary needed: $268,315
20% of salary toward debt repayment for homeowners: $34,199
2026 average annual mortgage: $58,365.46
41. Washington, DC
Renters' minimum salary needed: $167,155
20% of salary toward debt repayment for renters: $22,855
2026 average annual rent: $29,829.32
Homeowners' minimum salary needed: $217,233
20% of salary toward debt repayment for homeowners: $29,225
2026 average annual mortgage: $45,752.11
40. Chicago
Renters' minimum salary needed: $150,415
20% of salary toward debt repayment for renters: $21,355
2026 average annual rent: $28,000.04
Homeowners' minimum salary needed: $125,597
20% of salary toward debt repayment for homeowners: $18,208
2026 average annual mortgage: $20,132.54
39. Sacramento, California
Renters' minimum salary needed: $147,970
20% of salary toward debt repayment for renters: $20,190
2026 average annual rent: $24,556.36
Homeowners' minimum salary needed: $168,035
20% of salary toward debt repayment for homeowners: $22,507
2026 average annual mortgage: $30,350.56
38. Fresno, California
Renters' minimum salary needed: $137,873
20% of salary toward debt repayment for renters: $19,035
2026 average annual rent: $23,354.19
Homeowners' minimum salary needed: $143,220
20% of salary toward debt repayment for homeowners: $19,641
2026 average annual mortgage: $24,868.26
37. Virginia Beach, Virginia
Renters' minimum salary needed: $135,584
20% of salary toward debt repayment for renters: $19,391
2026 average annual rent: $24,403.23
Homeowners' minimum salary needed: $144,251
20% of salary toward debt repayment for homeowners: $20,476
2026 average annual mortgage: $27,115.99
36. Atlanta
Renters' minimum salary needed: $134,400
20% of salary toward debt repayment for renters: $19,355
2026 average annual rent: $22,803.19
Homeowners' minimum salary needed: $148,865
20% of salary toward debt repayment for homeowners: $21,182
2026 average annual mortgage: $27,371.62
35. Bakersfield, California
Renters' minimum salary needed: $134,217
20% of salary toward debt repayment for renters: $18,601
2026 average annual rent: $22,277.10
Homeowners' minimum salary needed: $141,582
20% of salary toward debt repayment for homeowners: $19,452
2026 average annual mortgage: $24,403.51
34. Seattle
Renters' minimum salary needed: $134,018
20% of salary toward debt repayment for renters: $20,573
2026 average annual rent: $26,523.88
Homeowners' minimum salary needed: $223,152
20% of salary toward debt repayment for homeowners: $33,111
2026 average annual mortgage: $57,868.22
33. Philadelphia
Renters' minimum salary needed: $132,319
20% of salary toward debt repayment for renters: $19,510
2026 average annual rent: $21,246.69
Homeowners' minimum salary needed: $110,855
20% of salary toward debt repayment for homeowners: $16,667
2026 average annual mortgage: $14,139.12
32. Portland, Oregon
Renters' minimum salary needed: $131,487
20% of salary toward debt repayment for renters: $18,084
2026 average annual rent: $20,458.08
Homeowners' minimum salary needed: $180,468
20% of salary toward debt repayment for homeowners: $23,810
2026 average annual mortgage: $34,772.62
31. Baltimore
Renters' minimum salary needed: $127,192
20% of salary toward debt repayment for renters: $18,494
2026 average annual rent: $21,289.36
Homeowners' minimum salary needed: $97,834
20% of salary toward debt repayment for homeowners: $14,675
2026 average annual mortgage: $11,739.86
30. Tampa, Florida
Renters' minimum salary needed: $126,486
20% of salary toward debt repayment for renters: $19,544
2026 average annual rent: $23,861.68
Homeowners' minimum salary needed: $129,100
20% of salary toward debt repayment for homeowners: $19,901
2026 average annual mortgage: $24,755.16
29. Denver
Renters' minimum salary needed: $126,062
20% of salary toward debt repayment for renters: $18,518
2026 average annual rent: $22,243.83
Homeowners' minimum salary needed: $169,136
20% of salary toward debt repayment for homeowners: $24,027
2026 average annual mortgage: $36,016.99
28. Charlotte, North Carolina
Renters' minimum salary needed: $119,283
20% of salary toward debt repayment for renters: $17,699
2026 average annual rent: $20,837.38
Homeowners' minimum salary needed: $132,954
20% of salary toward debt repayment for homeowners: $19,469
2026 average annual mortgage: $25,261.80
27. Las Vegas
Renters' minimum salary needed: $119,096
20% of salary toward debt repayment for renters: $18,523
2026 average annual rent: $20,513.93
Homeowners' minimum salary needed: $141,071
20% of salary toward debt repayment for homeowners: $21,538
2026 average annual mortgage: $28,051.11
26. Minneapolis
Renters' minimum salary needed: $119,011
20% of salary toward debt repayment for renters: $17,197
2026 average annual rent: $19,841.45
Homeowners' minimum salary needed: $127,144
20% of salary toward debt repayment for homeowners: $18,204
2026 average annual mortgage: $22,359.36
25. Nashville, Tennessee
Renters' minimum salary needed: $117,788
20% of salary toward debt repayment for renters: $18,339
2026 average annual rent: $21,736.85
Homeowners' minimum salary needed: $135,718
20% of salary toward debt repayment for homeowners: $20,806
2026 average annual mortgage: $27,904.22
24. Detroit
Renters' minimum salary needed: $116,607
20% of salary toward debt repayment for renters: $17,232
2026 average annual rent: $16,007.18
Homeowners' minimum salary needed: $82,180
20% of salary toward debt repayment for homeowners: $12,680
2026 average annual mortgage: $4,628.95
23. Colorado Springs, Colorado
Renters' minimum salary needed: $115,306
20% of salary toward debt repayment for renters: $17,117
2026 average annual rent: $20,656.76
Homeowners' minimum salary needed: $139,483
20% of salary toward debt repayment for homeowners: $20,235
2026 average annual mortgage: $28,452.69
22. Phoenix
Renters' minimum salary needed: $114,328
20% of salary toward debt repayment for renters: $17,322
2026 average annual rent: $18,618.12
Homeowners' minimum salary needed: $136,953
20% of salary toward debt repayment for homeowners: $20,332
2026 average annual mortgage: $26,142.23
21. Dallas
Renters' minimum salary needed: $112,996
20% of salary toward debt repayment for renters: $17,665
2026 average annual rent: $19,155.70
Homeowners' minimum salary needed: $116,004
20% of salary toward debt repayment for homeowners: $18,088
2026 average annual mortgage: $20,213.62
20. Fort Worth, Texas
Renters' minimum salary needed: $112,877
20% of salary toward debt repayment for renters: $17,648
2026 average annual rent: $19,322.21
Homeowners' minimum salary needed: $110,796
20% of salary toward debt repayment for homeowners: $17,355
2026 average annual mortgage: $18,590.10
19. Mesa, Arizona
Renters' minimum salary needed: $112,759
20% of salary toward debt repayment for renters: $17,109
2026 average annual rent: $18,440.33
Homeowners' minimum salary needed: $140,603
20% of salary toward debt repayment for homeowners: $20,812
2026 average annual mortgage: $27,697.98
18. Austin, Texas
Renters' minimum salary needed: $111,527
20% of salary toward debt repayment for renters: $17,458
2026 average annual rent: $19,107.30
Homeowners' minimum salary needed: $153,056
20% of salary toward debt repayment for homeowners: $23,176
2026 average annual mortgage: $33,402.76
17. Raleigh, North Carolina
Renters' minimum salary needed: $111,462
20% of salary toward debt repayment for renters: $16,661
2026 average annual rent: $18,752.81
Homeowners' minimum salary needed: $139,258
20% of salary toward debt repayment for homeowners: $20,280
2026 average annual mortgage: $27,801.08
16. Houston
Renters' minimum salary needed: $110,623
20% of salary toward debt repayment for renters: $17,331
2026 average annual rent: $18,604.33
Homeowners' minimum salary needed: $106,296
20% of salary toward debt repayment for homeowners: $16,614
2026 average annual mortgage: $16,812.34
15. Jacksonville, Florida
Renters' minimum salary needed: $110,418
20% of salary toward debt repayment for renters: $17,302
2026 average annual rent: $19,055.37
Homeowners' minimum salary needed: $108,819
20% of salary toward debt repayment for homeowners: $17,077
2026 average annual mortgage: $18,492.93
14. Milwaukee
Renters' minimum salary needed: $109,151
20% of salary toward debt repayment for renters: $16,243
2026 average annual rent: $17,261.30
Homeowners' minimum salary needed: $99,970
20% of salary toward debt repayment for homeowners: $15,048
2026 average annual mortgage: $14,275.18
13. Omaha, Nebraska
Renters' minimum salary needed: $107,927
20% of salary toward debt repayment for renters: $16,192
2026 average annual rent: $17,110.72
Homeowners' minimum salary needed: $112,710
20% of salary toward debt repayment for homeowners: $16,774
2026 average annual mortgage: $18,565.07
12. Kansas City, Missouri
Renters' minimum salary needed: $107,925
20% of salary toward debt repayment for renters: $16,124
2026 average annual rent: $17,066.63
Homeowners' minimum salary needed: $104,403
20% of salary toward debt repayment for homeowners: $15,662
2026 average annual mortgage: $15,910.70
11. Louisville, Kentucky
Renters' minimum salary needed: $105,152
20% of salary toward debt repayment for renters: $15,848
2026 average annual rent: $16,243.52
Homeowners' minimum salary needed: $106,859
20% of salary toward debt repayment for homeowners: $16,077
2026 average annual mortgage: $16,814.02
10. Oklahoma City
Renters' minimum salary needed: $104,063
20% of salary toward debt repayment for renters: $15,580
2026 average annual rent: $15,333.74
Homeowners' minimum salary needed: $97,026
20% of salary toward debt repayment for homeowners: $14,653
2026 average annual mortgage: $13,016.97
9. Albuquerque, New Mexico
Renters' minimum salary needed: $104,043
20% of salary toward debt repayment for renters: $15,651
2026 average annual rent: $17,480.06
Homeowners' minimum salary needed: $116,758
20% of salary toward debt repayment for homeowners: $17,316
2026 average annual mortgage: $21,640.95
8. Columbus, Ohio
Renters' minimum salary needed: $103,612
20% of salary toward debt repayment for renters: $15,931
2026 average annual rent: $17,123.31
Homeowners' minimum salary needed: $102,927
20% of salary toward debt repayment for homeowners: $15,838
2026 average annual mortgage: $16,891.49
7. Indianapolis
Renters' minimum salary needed: $103,476
20% of salary toward debt repayment for renters: $15,720
2026 average annual rent: $16,767.17
Homeowners' minimum salary needed: $97,364
20% of salary toward debt repayment for homeowners: $14,897
2026 average annual mortgage: $14,707.43
6. El Paso, Texas
Renters' minimum salary needed: $103,090
20% of salary toward debt repayment for renters: $16,271
2026 average annual rent: $18,088.56
Homeowners' minimum salary needed: $93,387
20% of salary toward debt repayment for homeowners: $14,906
2026 average annual mortgage: $14,675.66
5. Tucson, Arizona
Renters' minimum salary needed: $103,028
20% of salary toward debt repayment for renters: $15,789
2026 average annual rent: $16,909.74
Homeowners' minimum salary needed: $114,201
20% of salary toward debt repayment for homeowners: $17,305
2026 average annual mortgage: $20,700.15
4. Tulsa, Oklahoma
Renters' minimum salary needed: $101,525
20% of salary toward debt repayment for renters: $15,246
2026 average annual rent: $15,127.64
Homeowners' minimum salary needed: $98,081
20% of salary toward debt repayment for homeowners: $14,792
2026 average annual mortgage: $13,994.01
3. San Antonio
Renters' minimum salary needed: $99,805
20% of salary toward debt repayment for renters: $15,809
2026 average annual rent: $16,604.69
Homeowners' minimum salary needed: $97,134
20% of salary toward debt repayment for homeowners: $15,433
2026 average annual mortgage: $15,665.03
2. Wichita, Kansas
Renters' minimum salary needed: $97,421
20% of salary toward debt repayment for renters: $14,546
2026 average annual rent: $13,664.87
Homeowners' minimum salary needed: $94,916
20% of salary toward debt repayment for homeowners: $14,221
2026 average annual mortgage: $12,853.88
1. Memphis, Tennessee
Renters' minimum salary needed: $94,931
20% of salary toward debt repayment for renters: $15,123
2026 average annual rent: $14,966.50
Homeowners' minimum salary needed: $77,970
20% of salary toward debt repayment for homeowners: $12,736
2026 average annual mortgage: $9,000.28
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
Methodology: For this piece, MoneyLion first identified the 50 largest American cities in terms of population, as sourced from the 2024 American Community Survey conducted by the US Census Bureau. With these 50 cities identified, MoneyLion then found both the (1) average monthly rent by averaging all 2026 data points for monthly rent, as sourced from Zillow’s July 2026 data, which was then extrapolated into (2) average annual rent. MoneyLion also found the (3) monthly and (4) annual mortgage payments for each city by first sourcing the 2026 average home value for single-family residences from Zillow’s July 2026 data. The mortgage payments were calculated assuming a 20% down payment on a 30-year fixed mortgage at 6.67% as sourced from Freddie Mac on Aug. 13, 2026. With the housing costs found MoneyLion then found each cities annual cost of (5) groceries, (6) utilities, (7) healthcare, and (8) transportation by first find the average annual household cost of each for the average American household as sourced from the Bureau of Labor Statistics 2024 Consumer Expenditure Survey and then factoring that figure out for each city by using the cost of living indices for each category for each city from Sperling’s Best Places. With these eight figures calculated, MoneyLion was able to find each city's (9) annual cost of necessities for renters and (10) annual cost of necessities for homeowners. And with factors (9) and (10) calculated, MoneyLion was able to follow the 50/30/20 rule, where no more than 50% of your post-tax income should go towards necessities, no more than 30% of post-tax income going towards discretionary spending and no more than 20% of post-tax income going towards savings and debt repayment. Following this guideline, Money Lion was able to find both the (11) post-tax income needed to afford each city while paying off debt and (12) pre-tax salary needed to afford each city while paying off debt, for both renters and homeowners. Factor (12) was the only factor used for rankings. All data was collected and is up to date as of Aug. 19, 2026.
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