Cities in the United States are among the top destinations for residents who wish to afford a comfortable life, according to a recent study. The study conducted was based on the 50-30-20 classic rule of budgeting, where 50 percent of the income goes to basic necessities such as housing and food, 30 percent is allotted to discretionary expenses like the entertainment and 20 percent is put aside for savings.
Based on the cost of living and the median incomes in 50 cities across the US, it was found out that after having covered their normal daily expenses, the residents of Virginia Beach still have an extra amount of $16,072 in their yearly budgets, according to the study by the Go Banking Rates.
A home in Virginia Beach has a median price of $297,500. The seaside city, which is the largest in Virginia boasts its 3-mile boardwalk, several primo biking and hiking in the state park and aquarium as well.
A real estate agent in Virginia Beach's Kellar Williams Elite Town Center, Alison Creamer, said that the community is a perfect place for vacation given its strong economy. She also cited the lower housing inventory is a factor that pushes the value at 3 percent to 5 percent higher. However, there are already enough residences on the market that can meet the present demand, which according to Creamer is beyond control.
Aside from Virginia Beach, other communities that made it to the list are Bakersfield, CA, Colorado Springs, CO, Arlington, Meza, AZ and TX. A lot of the cities where the people are struggling to get by are also some of the country's most expensive vacation destinations, according to a feature from the Realtor. Miami ranked first in the list, followed by New York, San Francisco, Boston and Los Angeles.
While the cities that have a higher cost of living are often the communities with higher incomes, these earnings can be immediately stretched thin in the country's most expensive areas.
