A list published by GOBankingRates is going viral for showing how much it will cost to live in America's 50 largest cities in the 2024 economy.

The list, compiled using data from US Census, Zillow, BestPlaces and the Bureau of Labor Statistics, defines “living comfortably” as needs that do not exceed 50% of income.

This is known as the 50-30-20 rule or plan, where 50% of income covers living expenses, 30% is expendable, and 20% is left as savings.

Among the eight most expensive cities in the U.S., California's most populous centers occupy a whopping six spots on the list.

The cheapest city on GOBankingRates' list requires a salary of just under $65,000 per year, and the most expensive city tops out at over $250,000 to live comfortably.

The biggest and cheapest city to move to in 2024? Detroit, Michigan is the most financially friendly city to live in, with an estimated “comfortable” salary of $64,849 and an estimated cost of living of $32,424.

Detroit also has a high emigration rate: 8,871 residents left the motor city between 2021 and 2022.

The major city with the highest salary required to live comfortably is San Jose, California. Here, a whopping $265,926 is required to pay living expenses of $132,963 per year.

San Francisco is not far behind in second place with $252,878, the salary necessary for a comfortable life.

According to the data provided, nearly 15,000 people moved from San Francisco between 2021 and 2022.

Phoenix, Arizona grew the most in terms of population, increasing by 18,337 residents between 2021 and 2022. Their estimated population is now 1,609,456. The cost of living in the state capital is around $54,460 per year.

The city with the highest population loss over the same period is New York City, where 113,580 residents were lost. The required salary to live there comfortably is $175,909, according to GOBankingRates.

The cost of living has risen nationwide in recent years, as has the national debt.

The Inflation Reduction Act was passed a little over two years ago during the Biden administration with the ostensible goal of reducing Americans' cost of living.

Vice President Kamala Harris voted decisively for the IRA in the Senate. President Biden signed it into law in August 2022.

Inflation averaged 8.0% in 2022, a 40-year high, according to Investopedia. In 2023, the average inflation rate was 4.1%. In the 2020 financial year, however, the average inflation rate was 1.2%.

The U.S. Treasury Department estimates that the IRA will add $800 billion to the federal budget over the next decade.

According to the U.S. Treasury Department, the U.S. national debt is currently about $35 trillion, up from about $26 trillion in 2020.

Inflation has fallen steadily over the past year, with the CPI for August 2024 at 2.5%, but prices for household goods, housing and energy remain above 2020-2021 levels.