If you adhere to the 50-30-20 rule for budgeting—50 percent of income covers necessities, 30 percent is for discretionary items, and 20 percent is saved—then you need a yearly income of $60,782 to live comfortably in New Orleans, according to a study by Go Banking Rates.
The study also says the median household income in New Orleans is just $36,964—that's $23,818 short of what's needed to live well in the city.
This is yet another study that shows New Orleans' cost of living increasing with little increase in wages. Both rent and home prices are on the rise—the latter saw a steep increase that surpassed that of New York City.
• How Much Money You Need to Live Comfortably in the 50 Biggest Cities [Go Banking Rates]
• New Orleans Rent Becoming Increasingly Unaffordable, According to Study [Curbed NOLA]
• Think New York Real Estate Market Is Crazy? Try London [Curbed]