Here’s the salary needed in Phoenix area to achieve American dream

PHOENIX (AZFamily) — The goal for many is to live the American dream but to do that, you’ll need a six-figure salary in any major city, including in Arizona. In our state, two cities made the Top 25 for most expensive salary needed to achieve the American dream, according to a new study from GoBankingRates.com.

Phoenix came in at No. 22, with a household needing to make $131,868 for the American dream. The survey puts the annual cost of living at $65,950, with groceries costing $8,816 and the monthly mortgage being $2,485. The annual child care cost is $27,777, according to the survey.

Mesa is not far behind at No. 24 (Chicago is at No. 23), with a family needing to make $130,947 for the American dream. The annual cost of living is $65,473, and groceries cost $8,807 per year, the study says. The monthly mortgage average is higher than Phoenix at $2,617, with child costs at $27,777 every year.

Arizona’s other major city, Tucson, came in at No. 27, with a household needing $124,748 for the American dream. The cost of living was put at $62,374 per year, with groceries coming in at $8,653 and a monthly mortgage being $1,983. Child care was the same as the other Arizona cities at $27,777.

Cheapest city to live the American dream

So, which major U.S. city was the cheapest for the American dream? That would be Wichita, Kansas. People there still need six figures, with the minimum being $102,059. The annual cost of living is $51,030, with groceries costing $8,608 every year. The average mortgage in Wichita is only $1,134 per month, and child care costs $17,067.

Most expensive city for the American dream

For the most expensive American dream, look no further than the nation’s capital. Washington, D.C. has the highest household income for the American dream at $189,306. Boston came in second with $175,628 and New York City was third with $173,006. For the entire list, click/tap here.

GoBankingRates said it came up with the annual cost of living number using the average mortgage and expenditure costs and then doubled it to come up with the household income needed for a comfortable lifestyle.

According to the U.S. Census Bureau, the real median household income was $80,610 annually in 2023.

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