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.

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.

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).

Renters' minimum salary needed: $247,380

20% of salary toward debt repayment for renters: $31,894

Homeowners' minimum salary needed: $419,125

20% of salary toward debt repayment for homeowners: $49,838

2026 average annual mortgage: $94,761.63

Renters' minimum salary needed: $245,639

20% of salary toward debt repayment for renters: $33,242

Homeowners' minimum salary needed: $265,217

20% of salary toward debt repayment for homeowners: $35,545

2026 average annual mortgage: $54,162.42

Renters' minimum salary needed: $211,511

20% of salary toward debt repayment for renters: $27,843

Homeowners' minimum salary needed: $414,377

20% of salary toward debt repayment for homeowners: $49,353

2026 average annual mortgage: $94,702.91

Renters' minimum salary needed: $195,050

20% of salary toward debt repayment for renters: $27,141

Homeowners' minimum salary needed: $233,886

20% of salary toward debt repayment for homeowners: $32,226

2026 average annual mortgage: $53,510.88