Miami, Florida is the number one city in America where people struggle to live comfortably.

Living in a tropical paradise isn’t easy — at least when considering finances.

A new study from personal finance company GoBankingRates shows that to live comfortably in Miami you need to make about $76,000 a year, but most people living in the city don’t earn half of that. The costs of life’s necessities like food and housing are even higher than the average annual income in Miami.

The study’s conclusions were based off the 50-30-20 budgeting rule, where 50 percent of your annual earnings should go to things you need, 30 percent to things you want, and 20 percent for you to save.

How much money needs to go to each?

To live in Miami, this is how the study suggests you should budget to live comfortably.

  • 50 percent for necessities is $37,945
  • 30 percent for things you want is $22,767
  • 20 percent for savings is $15,178

The median income in Miami is $31,051, almost $45,000 lower than the recommended amount. Compare that to the national median income the Census Bureau reported in 2015, $56,516.

Nonprofit United Way recently released a report on financial hardships and the numbers don’t look good, either. This year’s ALICE report (short for Asset Limited, Income Constrained, Employed) shows the number of people who work, make above the federal poverty line, and can’t afford basic needs in life. It’s nearly 60 percent.

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Aside from high poverty levels, housing costs are high as well. Florida university researchers have analyzed population changes in South Florida from 2010-16 and noted rising numbers of locals leaving the city. One real estate expert says it is definitely due to high real estate costs.

Miami may not be the most expensive city in the country to live, but the difference between the typical cost of living and median income shows it is the most difficult to live in comfortably.

Other cities where living comfortably is a struggle

Miami may have made number one, but these four others made the top five based on gap between income needed to live comfortably and median household income.

New York, New York

  • Needed to live comfortably: $86,446
  • 50 percent for necessities: $43,223
  • 30 percent for wants $25,934
  • 20 percent for savings: $17,289
  • Median household income is $33,073

San Francisco, California

  • Needed to live comfortably: $110,357
  • 50 percent for necessities is $55,179
  • 30 percent wants $33,107
  • 20 percent for savings is $22,071
  • Median household income is $81,294

Los Angeles, California

  • Needed to live comfortably: $76,047
  • 50 percent for necessities $38,024
  • 30 percent for wants $22,814
  • 20 for savings is $15,209
  • Median household income is $50,205

Oakland, California

  • Needed to live comfortably: $80,438
  • 50 percent for necessities $40,219
  • 30 percent for wants $24,131
  • 20 percent for savings $16,088
  • Median household income is $54,618

Where can we afford to live?

We said 80 percent of the biggest cities were unaffordable, but fortunately the study does highlight the top five most affordable cities to live in, too…

Virginia Beach, Virginia

  • Needed to live comfortably: $52,650
  • 50 percent for necessities $26,325
  • 30 percent for wants $15,795
  • 20 percent for savings $10,530
  • Median household income $66,634

Arlington, Texas

  • Needed to live comfortably: $46,420
  • 50 percent for necessities: $23,210
  • 30 percent for wants: $ 13,926
  • 20 percent for savings $9,284
  • Median household income is $46,420

Colorado Springs, Colorado

  • Needed to live comfortably: $49,415
  • 50 percent for necessities $24,707
  • 30 percent wants $14,825
  • 20 percent for savings $9,883
  • Median household income $54,527

Albuquerque, N.M.

  • Needed to live comfortably: $42,445
  • 50 percent for necessities $21,222
  • 30 percent for wants $12,734
  • 20 percent for savings $8,489
  • Median household income $47,030

Austin, Texas

  • Needed to live comfortably: $54,631
  • 50 percent for necessities $27,316
  • 30 percent wants $16,389
  • 20 percent for savings $10,926
  • Median household income$57,689

So if a move is in your future and cost is a concern, Virginia Beach may be a much better option than Miami Beach.

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Article last modified on May 17, 2017. Published by Debt.com, LLC . Mobile users may also access the AMP Version: We Can’t Afford to Live in Most Major Cities - AMP.