Having an emergency fund with three to six months’ worth of living expenses can ensure you’re financially prepared in the case of a job loss, medical emergency or other unexpected expense — but most Americans don’t have sufficient savings. A recent GOBankingRates survey found that 50% of Americans have $500 or less in their savings account, with 36% having $100 or less. That is especially problematic for anyone in Phoenix or Mesa, where new research shows you need at least $20,000 in emergency savings to cover costs for six months.

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In a new study, GOBankingRates set out to uncover the minimum emergency fund needed in the 50 largest cities in the U.S. To do so, we determined the cost to cover basic expenses including groceries, healthcare, housing, utilities and transportation – and calculated the amount you would need in savings to cover these costs for three to six months.

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 and transportation, and found the amount you would need in savings to cover these costs for three to six months.

Here’s a look at the minimum emergency savings needed in some of America’s 50 largest cities:

Key Findings

  • 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.

1. San Francisco

  • 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

21. Mesa, Arizona

  • 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

23. Phoenix

  • 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