Houston, Texas has been named the most affordable city for single residents to live comfortably in 2024, according to a report by SmartAsset. The report reveals that Houstonians require a salary of $75,088 annually, or $36.10 per hour, to lead a comfortable lifestyle and avoid living paycheck to paycheck.
In recent years, the cost of living has been on the rise across the United States, making it increasingly difficult for individuals to maintain a sustainable lifestyle. However, Houston stands out as an exception, with its relatively low cost of living compared to other major cities in the country.
SmartAsset’s report utilizes the 50/30/20 budgeting rule, which allocates 50 percent of a salary towards needs such as housing, groceries, and transportation, 30 percent towards wants like entertainment and hobbies, and 20 percent towards paying off debt, saving, or investing. Houston ranks number one for requiring the lowest salary to meet these criteria.
The report also highlights that Houstonians now need nearly $12,000 more compared to last year to live comfortably. In SmartAsset’s 2023 report, it stated that residents needed to make $62,260 annually to achieve a comfortable lifestyle. This significant increase in the necessary salary can be attributed to inflation and the rising cost of living in the city.
While Houston may be the most affordable city for single residents, it is important to note that this analysis only considers individual expenses. The cost of living for families or couples may differ significantly due to additional financial responsibilities.
Houston’s affordability extends beyond just housing and basic necessities. The city offers a vibrant culture and ample opportunities for entertainment and hobbies. With its diverse culinary scene, world-class museums, and thriving music and arts community, Houston provides a high quality of life at a relatively low cost.
Despite being an affordable city overall, it is worth noting that three Houston-area counties were listed among the top ten most expensive places to live in Texas in a separate report. This indicates that while the city itself may be affordable, certain neighborhoods or suburban areas within Houston may have a higher cost of living.
In conclusion, Houston has emerged as the most affordable city for single residents to live a comfortable lifestyle in 2024. With a required salary of $75,088 annually, individuals can allocate their income towards their needs, wants, and financial goals. While the cost of living has risen compared to last year, Houston continues to offer a high quality of life at a relatively low cost. Whether it’s enjoying the city’s cultural attractions, exploring its diverse neighborhoods, or indulging in its culinary delights, Houston provides a thriving and affordable environment for its residents.
