Want to live 'comfortably' in Portland? You'll need to make at l - KPTV - FOX 12

Want to live 'comfortably' in Portland? You'll need to make at least $60K, study says

Posted: Updated:
An aerial view of downtown Portland from AIR 12 An aerial view of downtown Portland from AIR 12
(Image: GOBankingRates.com) (Image: GOBankingRates.com)
(KPTV) -

Portland residents need to be making at least $60,000 to live comfortably. That's according to a new study by website GOBankingRates.com. 

The study looked at 50 of the biggest cities in the United States and defined "living comfortably" using the 50-30-20 budgeting rule, where 50 percent of income goes to necessities, 30 percent goes to discretionary expenses and 20 percent is set away toward savings. It also compared that amount to each city’s median income. 

According to the study, 15 cities have median incomes above what is needed to live comfortably, while 35 other cities have median incomes below the amount needed for comfortable living. Eighteen of those have incomes that fall short by more than $10,000. 

As for Portland, the annual income needed to live comfortably is $60,195, which breaks down to $30,097 for necessities, $18,058 for discretionary spending, and $12,039 for savings. Based on a median household income of $53,230, earnings fall short by nearly $7,000, or $6,965. 

You can see how other cities fared by checking out the full study

Copyright 2016 KPTV-KPDX Broadcasting Corporation. All rights reserved.

Powered by Frankly
FOX 12
Powered by WorldNow CNN
All content © 2017, KPTV-KPDX Broadcasting Corporation, Portland, OR . All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.