With nearly 40 percent of Americans living paycheck to paycheck, many Austinites are scrambling to afford their basic needs. But a new study suggests residents living in Austin need $26,026 saved up to cover six months' worth of expenses in the event of an emergency.

The report by personal finance website GOBakingRates.com analyzed the annual average expenditures and cost of living in the 50 most populous U.S. cities, and ranked them based on the estimated minimum emergency savings needed for three to six months to cover a resident's basic living expenses.

According to the study's findings, the average Austin resident's total expenditures add up to $52,052 per year, which accounts for the average cost of groceries, housing, utilities, transportation, healthcare, and other miscellaneous costs.

The minimum emergency fund estimates in Austin are:

• For a 3-month emergency fund: $13,013
• For a 4-month emergency fund: $17,351
• For a 5-month emergency fund: $21,688
• For a 6-month emergency fund: $26,026

Austin's projected six-month emergency fund is the highest amount needed in the entire state of Texas, and it's the 13th highest amount of money out of the 50 U.S. cities. And since it's a minimum estimated amount, it's not out of the realm of possibility that Austinites would need even more than $26,000.

"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," the report said.

If your emergency is that you can't stand your job while you look for a new one, you'll probably be fine living life as usual off savings. But in the event of a real emergency, Texans should search 211texas.org, the online database for Texas Health and Human Services. Here, users can find information on food banks, electric bill assistance, domestic violence resources, and more.

Elsewhere in Texas, residents living in Arlington (No. 30), Dallas (No. 31), and Fort Worth (No. 32) would need nearly $19,000 saved up to cover six months of expenses.

In Houston (No. 37) and San Antonio (No. 38), the estimated six-month emergency fund adds up to a little more than $17,000. El Paso (No. 48) is the Texas city with the lowest amount of money needed for six months, at $15,005.

For context, California cities dominated the top 10 with the highest annual expenses and highest minimum six-month emergency funds, and San Francisco landed in the No. 1 spot. The average annual expenses for Californians living in the Golden Gate City add up to $104,729, which means they would need more than $52,000 saved up to cover six months' worth of expenses.

The top 10 U.S. cities with the highest estimated minimum six-month emergency funds are:

• No. 1 – San Francisco, California ($52,365)
• No. 2 – San Jose, California ($46,258)
• No. 3 – Oakland, California ($38,106)
• No. 4 – Los Angeles, California ($35,160)
• No. 5 – Seattle, Washington ($34,455)
• No. 6 – San Diego, California ($34,396)
• No. 7 – New York, New York ($32,363)
• No. 8 – Washington, D.C. ($32,132)
• No. 9 – Long Beach, California ($31,528)
• No. 10 – Boston, Massachusetts ($31,297)

GOBankingRates.com collected its data from the U.S. Census American Community Survey, cost of living indexes from Sperlings BestPlaces, and the Bureau of Labor Statistics Consumer Expenditure Survey.

The report and its methodology can be found on gobakingrates.com.