The (Minimum) Emergency Savings Needed in America’s 50 Largest Cities

Obtaining an emergency fund with three to six months’ worth of living expenses ensures you’re financially prepared for a job loss, medical emergency or other unexpected expense — but most Americans don’t sufficiently save money.

A recent GOBankingRates survey found that 50% of Americans have $500 or less in their savings account, with 36% having $100 or less.

While the emergency savings you need will vary depending on the cost of living where you live, even in the most affordable major cities in America, $500 won’t be enough to keep you afloat for one month, let alone six.

To find the minimum emergency fund needed in the 50 largest cities in the U.S. by population, GOBankingRates determined the cost to cover necessary expenses, including groceries, healthcare, housing, utilities, transportation and the amount you’d need in savings to cover these costs for three to six months.

Here’s a look at the minimum emergency savings needed in America’s 50 largest cities, ranked from most to least expensive.

• You would need over $50,000 for a six-month emergency fund if you live in San Francisco.
• In the three largest cities — New York, Los Angeles and Chicago — you would need over $20,000 for a six-month emergency fund.
• You would still need over $10,000 for a six-month emergency fund in Detroit, the populous city with the lowest cost of living.

• Total annual expenditures: $104,729
• Savings need for a 3-month emergency fund: $26,182
• Savings need for a 4-month emergency fund: $34,910
• Savings need for a 5-month emergency fund: $43,637
• Savings need for a 6-month emergency fund: $52,365

• Total annual expenditures: $92,516
• Savings need for a 3-month emergency fund: $23,129
• Savings need for a 4-month emergency fund: $30,839
• Savings need for a 5-month emergency fund: $38,548
• Savings need for a 6-month emergency fund: $46,258

• Total annual expenditures: $76,212
• Savings need for a 3-month emergency fund: $19,053
• Savings need for a 4-month emergency fund: $25,404
• Savings need for a 5-month emergency fund: $31,755
• Savings need for a 6-month emergency fund: $38,106

• Total annual expenditures: $70,320
• Savings need for a 3-month emergency fund: $17,580
• Savings need for a 4-month emergency fund: $23,440
• Savings need for a 5-month emergency fund: $29,300
• Savings need for a 6-month emergency fund: $35,160

• Total annual expenditures: $68,909
• Savings need for a 3-month emergency fund: $17,227
• Savings need for a 4-month emergency fund: $22,970
• Savings need for a 5-month emergency fund: $28,712
• Savings need for a 6-month emergency fund: $34,455

• Total annual expenditures: $68,792
• Savings need for a 3-month emergency fund: $17,198
• Savings need for a 4-month emergency fund: $22,971
• Savings need for a 5-month emergency fund: $28,663
• Savings need for a 6-month emergency fund: $34,396

• Total annual expenditures: $64,726
• Savings need for a 3-month emergency fund: $16,181
• Savings need for a 4-month emergency fund: $21,575
• Savings need for a 5-month emergency fund: $26,969
• Savings need for a 6-month emergency fund: $32,363

• Total annual expenditures: $64,264
• Savings need for a 3-month emergency fund: $16,066
• Savings need for a 4-month emergency fund: $21,421
• Savings need for a 5-month emergency fund: $26,777
• Savings need for a 6-month emergency fund: $32,132

• Total annual expenditures: $63,056
• Savings need for a 3-month emergency fund: $15,764
• Savings need for a 4-month emergency fund: $21,019
• Savings need for a 5-month emergency fund: $26,273
• Savings need for a 6-month emergency fund: $31,528

• Total annual expenditures: $62,593
• Savings need for a 3-month emergency fund: $15,648
• Savings need for a 4-month emergency fund: $20,864
• Savings need for a 5-month emergency fund: $26,081
• Savings need for a 6-month emergency fund: $31,297

• Total annual expenditures: $53,529
• Savings need for a 3-month emergency fund: $13,382
• Savings need for a 4-month emergency fund: $17,843
• Savings need for a 5-month emergency fund: $22,304
• Savings need for a 6-month emergency fund: $26,765

• Total annual expenditures: $52,587
• Savings need for a 3-month emergency fund: $13,147
• Savings need for a 4-month emergency fund: $17,529
• Savings need for a 5-month emergency fund: $21,911
• Savings need for a 6-month emergency fund: $26,294

• Total annual expenditures: $52,052
• Savings need for a 3-month emergency fund: $13,013
• Savings need for a 4-month emergency fund: $17,351
• Savings need for a 5-month emergency fund: $21,688
• Savings need for a 6-month emergency fund: $26,026

• Total annual expenditures: $48,570
• Savings need for a 3-month emergency fund: $12,143
• Savings need for a 4-month emergency fund: $16,190
• Savings need for a 5-month emergency fund: $20,238
• Savings need for a 6-month emergency fund: $24,285

• Total annual expenditures: $48,429
• Savings need for a 3-month emergency fund: $12,107
• Savings need for a 4-month emergency fund: $16,143
• Savings need for a 5-month emergency fund: $20,179
• Savings need for a 6-month emergency fund: $24,214

• Total annual expenditures: $45,421
• Savings need for a 3-month emergency fund: $11,355
• Savings need for a 4-month emergency fund: $15,140
• Savings need for a 5-month emergency fund: $18,926
• Savings need for a 6-month emergency fund: $22,711

• Total annual expenditures: $44,517
• Savings need for a 3-month emergency fund: $11,129
• Savings need for a 4-month emergency fund: $14,839
• Savings need for a 5-month emergency fund: $18,549
• Savings need for a 6-month emergency fund: $22,259

• Total annual expenditures: $43,083
• Savings need for a 3-month emergency fund: $10,771
• Savings need for a 4-month emergency fund: $14,361
• Savings need for a 5-month emergency fund: $17,951
• Savings need for a 6-month emergency fund: $21,542

• Total annual expenditures: $42,329
• Savings need for a 3-month emergency fund: $10,582
• Savings need for a 4-month emergency fund: $14,110
• Savings need for a 5-month emergency fund: $17,637
• Savings need for a 6-month emergency fund: $21,165

• Total annual expenditures: $41,721
• Savings need for a 3-month emergency fund: $10,430
• Savings need for a 4-month emergency fund: $13,907
• Savings need for a 5-month emergency fund: $17,384
• Savings need for a 6-month emergency fund: $20,861

• Total annual expenditures: $41,575
• Savings need for a 3-month emergency fund: $10,394
• Savings need for a 4-month emergency fund: $13,858
• Savings need for a 5-month emergency fund: $17,323
• Savings need for a 6-month emergency fund: $20,787

• Total annual expenditures: $41,297
• Savings need for a 3-month emergency fund: $10,324
• Savings need for a 4-month emergency fund: $13,766
• Savings need for a 5-month emergency fund: $17,207
• Savings need for a 6-month emergency fund: $20,648

• Total annual expenditures: $41,287
• Savings need for a 3-month emergency fund: $10,322
• Savings need for a 4-month emergency fund: $13,762
• Savings need for a 5-month emergency fund: $17,203
• Savings need for a 6-month emergency fund: $20,644

• Total annual expenditures: $41,140
• Savings need for a 3-month emergency fund: $10,285
• Savings need for a 4-month emergency fund: $13,713
• Savings need for a 5-month emergency fund: $17,142
• Savings need for a 6-month emergency fund: $20,570

• Total annual expenditures: $41,086
• Savings need for a 3-month emergency fund: $10,271
• Savings need for a 4-month emergency fund: $13,695
• Savings need for a 5-month emergency fund: $17,119
• Savings need for a 6-month emergency fund: $20,543

• Total annual expenditures: $40,667
• Savings need for a 3-month emergency fund: $10,167
• Savings need for a 4-month emergency fund: $13,556
• Savings need for a 5-month emergency fund: $16,944
• Savings need for a 6-month emergency fund: $20,333

• Total annual expenditures: $40,305
• Savings need for a 3-month emergency fund: $10,076
• Savings need for a 4-month emergency fund: $13,435
• Savings need for a 5-month emergency fund: $16,794
• Savings need for a 6-month emergency fund: $20,152

• Total annual expenditures: $40,179
• Savings need for a 3-month emergency fund: $10,045
• Savings need for a 4-month emergency fund: $13,393
• Savings need for a 5-month emergency fund: $16,741
• Savings need for a 6-month emergency fund: $20,089

• Total annual expenditures: $38,721
• Savings need for a 3-month emergency fund: $9,680
• Savings need for a 4-month emergency fund: $12,907
• Savings need for a 5-month emergency fund: $16,134
• Savings need for a 6-month emergency fund: $19,360

• Total annual expenditures: $37,448
• Savings need for a 3-month emergency fund: $9,362
• Savings need for a 4-month emergency fund: $12,483
• Savings need for a 5-month emergency fund: $15,603
• Savings need for a 6-month emergency fund: $18,724

• Total annual expenditures: $37,373
• Savings need for a 3-month emergency fund: $9,343
• Savings need for a 4-month emergency fund: $12,458
• Savings need for a 5-month emergency fund: $15,572
• Savings need for a 6-month emergency fund: $18,686

• Total annual expenditures: $37,119
• Savings need for a 3-month emergency fund: $9,280
• Savings need for a 4-month emergency fund: $12,373
• Savings need for a 5-month emergency fund: $15,466
• Savings need for a 6-month emergency fund: $18,560

• Total annual expenditures: $36,396
• Savings need for a 3-month emergency fund: $9,099
• Savings need for a 4-month emergency fund: $12,132
• Savings need for a 5-month emergency fund: $15,165
• Savings need for a 6-month emergency fund: $18,198

• Total annual expenditures: $36,320
• Savings need for a 3-month emergency fund: $9,080
• Savings need for a 4-month emergency fund: $12,107
• Savings need for a 5-month emergency fund: $15,133
• Savings need for a 6-month emergency fund: $18,160

• Total annual expenditures: $35,898
• Savings need for a 3-month emergency fund: $8,975
• Savings need for a 4-month emergency fund: $11,966
• Savings need for a 5-month emergency fund: $14,958
• Savings need for a 6-month emergency fund: $17,949

• Total annual expenditures: $35,513
• Savings need for a 3-month emergency fund: $8,878
• Savings need for a 4-month emergency fund: $11,838
• Savings need for a 5-month emergency fund: $14,797
• Savings need for a 6-month emergency fund: $17,757

• Total annual expenditures: $34,828
• Savings need for a 3-month emergency fund: $8,707
• Savings need for a 4-month emergency fund: $11,609
• Savings need for a 5-month emergency fund: $14,512
• Savings need for a 6-month emergency fund: $17,414

• Total annual expenditures: $34,248
• Savings need for a 3-month emergency fund: $8,562
• Savings need for a 4-month emergency fund: $11,416
• Savings need for a 5-month emergency fund: $14,270
• Savings need for a 6-month emergency fund: $17,124

• Total annual expenditures: $34,155
• Savings need for a 3-month emergency fund: $8,539
• Savings need for a 4-month emergency fund: $11,385
• Savings need for a 5-month emergency fund: $14,231
• Savings need for a 6-month emergency fund: $17,077

• Total annual expenditures: $33,222
• Savings need for a 3-month emergency fund: $8,305
• Savings need for a 4-month emergency fund: $13,842
• Savings need for a 5-month emergency fund: $14,231
• Savings need for a 6-month emergency fund: $16,611

• Total annual expenditures: $33,141
• Savings need for a 3-month emergency fund: $8,285
• Savings need for a 4-month emergency fund: $11,047
• Savings need for a 5-month emergency fund: $13,809
• Savings need for a 6-month emergency fund: $16,570

• Total annual expenditures: $32,770
• Savings need for a 3-month emergency fund: $8,193
• Savings need for a 4-month emergency fund: $10,923
• Savings need for a 5-month emergency fund: $13,654
• Savings need for a 6-month emergency fund: $16,385

• Total annual expenditures: $32,660
• Savings need for a 3-month emergency fund: $8,165
• Savings need for a 4-month emergency fund: $10,887
• Savings need for a 5-month emergency fund: $13,608
• Savings need for a 6-month emergency fund: $16,330

• Total annual expenditures: $32,576
• Savings need for a 3-month emergency fund: $8,144
• Savings need for a 4-month emergency fund: $10,859
• Savings need for a 5-month emergency fund: $13,573
• Savings need for a 6-month emergency fund: $16,288

• Total annual expenditures: $32,439
• Savings need for a 3-month emergency fund: $8,110
• Savings need for a 4-month emergency fund: $10,813
• Savings need for a 5-month emergency fund: $13,516
• Savings need for a 6-month emergency fund: $16,219

• Total annual expenditures: $31,947
• Savings need for a 3-month emergency fund: $7,987
• Savings need for a 4-month emergency fund: $10,649
• Savings need for a 5-month emergency fund: $13,311
• Savings need for a 6-month emergency fund: $15,973

• Total annual expenditures: $31,179
• Savings need for a 3-month emergency fund: $7,795
• Savings need for a 4-month emergency fund: $10,393
• Savings need for a 5-month emergency fund: $12,992
• Savings need for a 6-month emergency fund: $15,590

• Total annual expenditures: $30,010
• Savings need for a 3-month emergency fund: $7,503
• Savings need for a 4-month emergency fund: $10,003
• Savings need for a 5-month emergency fund: $12,504
• Savings need for a 6-month emergency fund: $15,005

• Total annual expenditures: $29,349
• Savings need for a 3-month emergency fund: $7,337
• Savings need for a 4-month emergency fund: $9,783
• Savings need for a 5-month emergency fund: $12,229
• Savings need for a 6-month emergency fund: $14,674

• Total annual expenditures: $26,204
• Savings need for a 3-month emergency fund: $6,551
• Savings need for a 4-month emergency fund: $8,735
• Savings need for a 5-month emergency fund: $10,919
• Savings need for a 6-month emergency fund: $13,102

Methodology: GOBankingRates defined the minimum emergency savings needed in every state as the amount needed to afford three to six months of living expenses. GOBankingRates used the top 50 cities by population as sourced from the US Census American Community Survey and cost of living indexes as sourced from Sperlings BestPlaces. Calculations included only the necessary expenses from the Bureau of Labor Statistics Consumer Expenditure Survey: groceries (“food at home”), housing (“shelter”), utilities (“utilities, fuels and public services”), transportation (“gasoline, other fuels and motor oil” + “other vehicle expenses”), healthcare and miscellaneous. Using the cost of living index and the average expenditure cost, one month’s expenses were calculated and extrapolated for three to six months. This estimate captures the minimum emergency savings needed in the top 50 US cities to cover basic expenses for three to six months. All data was collected and is up-to-date as of May 24, 2024.