Here’s the salary you need to live in the country’s priciest towns

Wealth


There’s no secret to scoring a coveted 90210 mailing address in California. All it takes is $692,388.

From Beverly Hills to Greenwich, Connecticut, personal finance website GOBankingRates determined the exact annual income needed to live comfortably in the country’s most expensive ZIP codes, based on local home values and the cost of living (including groceries, transportation, health-care costs and utilities).

The study assumes that half of that income will be spent on necessities, 20 percent put toward savings and 30 percent left for discretionary spending (otherwise known as the “50-30-20 rule“).

In that case, Sagaponack, a beachfront town in the affluent Hamptons area of Long Island, New York, is the nation’s most expensive ZIP code, requiring an income of more than $850,000 to live there. Beverly Hills came in second.

Here are the top 10 ZIP codes:

Sagaponack, New York $853,738
Beverly Hills, California $692,388
Alpine, New Jersey $499,244
Fisher Island, Florida $452,630
Aspen, Colorado $380,590
Sea Island, Georgia $354,366
Greenwich, Connecticut $343,126
Nantucket, Massachusetts $331,558
Sullivans Island, South Carolina $296,354
Honolulu, Hawaii $288,004
*Total income needed

Not ready to move? To be counted among the 1 percent, regardless of where you live, you need to have an adjusted gross income of at least $480,930, according to the latest data from the Internal Revenue Service, which looked at income statistics for tax year 2015.

More from Personal Finance:
$30 trillion is about to change hands in the US
Here’s how much money those 1 percenters really make
Five money mistakes that can destroy a marriage



Source link

Products You May Like

Articles You May Like

Public fund investors want Mark Zuckerberg out as chairman 
These are the 10 most expensive U.S. tourist destinations
Bank of America CEO Brian Moynihan on cutting 100,000 jobs
Self-driving cars take to the road, but not everyone is ready to ride
Here’s how investors can save the world, one dollar at a time

Leave a Reply

Your email address will not be published. Required fields are marked *