El Paso Named Top Ten City Where You Can Live On $50K Or Less

A new report has come out that names El Paso one of the top cities to live in where you can live comfortably on $50,000 a year or less. Many people move to cities where there are ample job opportunities for them to enjoy, but cities like that usually come with a higher cost of living. Cities like Austin, San Francisco, Dallas and more all have a higher cost of living to go with those job opportunities. Real Estate is in high demand, which means people will be paying more money for comfortable living. Because of this, many young people are looking to see which cities they could move to and live a comfortable life, without having to make a lot more money. A new report by Go Banking Rates decided to look at various cities to see where someone could move and live comfortably, making $50,000 or less a year.

To find this information, researchers used the 50/30/20 ratio to calculate their results. Using this ratio, 50% of a person's income goes towards necessities, 30% is discretionary or nonessential items while 20% goes to a person's savings. The site looked at the cost of groceries, utilities, rent, gas/transportation, and more.

Experts and the personal finance site factored in the cost of rent, groceries, utilities, transportation and health care under the 'necessities' category and then doubled the cost for every city to obtain the total income needed for each. Topping the list this year was Springfield, Missouri in large part due to their low rent cost. Coming in at number two? The Sun City itself!  El Paso, Texas was number two due to our low utility cost, low grocery prices and having the second median rent cost. According to the website, a person can live comfortably in the city with an income of less than $35,000 a year, or less than $3,000 a month.