LOUISVILLE, Ky. — With the cost of nearly everything skyrocketing in the past few years, a lot of people are feeling the pinch.
According to ziprecruiter.com, the average annual salary people in Louisville make is $61,679, or about $30/hour -- and those paychecks just don't stretch as far as they used to. While many families struggle to pay the bills, dreams of getting rich seem out of reach.
In fact, you'd need more than three times that $61,000 salary to be considered rich in Louisville, according to a study by Madison Trust Company.
They calculated the annual pay needed to be rich in the 50 largest U.S. cities based on what the top 20% of residents earn. Housing markets, food costs, taxes and transportation expenses can all play a part in how much you will need to make in each city.
Louisville nears the bottom of the list, coming in at #47 with a salary of $218,643.
Indianapolis is much higher up the list than Louisville, ranked No. 36 with $233,611.
Cincinnati is around the middle of the pack and ranked No. 29 with $242,151.
Nashville is the highest on this list of all of Louisville's neighboring cities, ranked No. 21 with $261,974.
The city at the top of this list is San Jose, California, where you'd need to make more than $500,000 a year to be considered rich.
Here's how the top 25 cities stacked up:
- San Jose: $500,341
- San Francisco: $442,934
- Washington, D.C.: 353,350
- Boston: $353,292
- Seattle: $346,862
- New York: $340,209
- San Diego: $303,546
- Los Angeles: $302,890
- Denver: $292,305
- Austin: $288,453
- Baltimore: $286,736
- Chicago: $279,943
- Philadelphia: $279,362
- Minneapolis: $275,185
- Raleigh, NC: $273,011
- Sacramento: $271,415
- Atlanta: $267,747
- Hartford, CT: $267,012
- Dallas: $265,858
- Portland: $265,594
- Nashville: $261,974
- Houston: $260,958
- Miami: $258,049
- Charlotte, NC: $253,175
- Phoenix: $252,783
Click here for the full list.
"The cost of living varies greatly across the country, and what is considered rich in one city may leave someone else barely scraping by in another," the study said.
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