Read Full Article 👇 👇

Read Full Article 👇 👇

The Hidden Costs: Family Income Needed to Live Comfortably in Each U.S. State

The Hidden Costs: Family Income Needed to Live Comfortably in Each U.S. State

The Annual Income Required for a Family to Live Comfortably in Each U.S. State

Income Required for Comfortable Living in the Most Expensive U.S. States

In the five most expensive states in the U.S., families need to earn over $270,000 annually to live comfortably. This information was visualized by Bruno Venditti of Visual Capitalist. The visualization represents the income required for two working adults with two children to maintain a comfortable lifestyle in each state.

The term "comfortable" is defined as the income necessary to sustain a 50/30/20 budget, with 50% allocated to necessities such as housing and utilities, 30% to discretionary spending, and 20% to savings or investments.

The family income required in each state was calculated by SmartAsset, using the cost of necessities sourced from the MIT Living Wage Calculator, last updated on February 14, 2024.

Massachusetts Requires the Highest Family Income

Massachusetts tops the list as the most expensive state to live comfortably in, requiring a total family income of approximately $301,184. Hawaii comes in second with $294,611, followed by Connecticut with $279,885.

The high cost of housing, particularly in the Boston area, is one of the main reasons Massachusetts is an expensive state to live in. The state also has a high cost of living, including expenses such as healthcare and utilities.

Income Required in Other States

Other states also require substantial income for a family to live comfortably. For instance, New York requires $278,970, California needs $276,723, and Colorado demands $264,992. On the lower end of the spectrum, Mississippi requires the least amount at $177,798 per year, followed by Arkansas with $180,794 and West Virginia with $189,363. These states all have in common low housing prices.

Conclusion

It's interesting to see the wide range of income needed for a family to live comfortably in different states across the U.S. Factors such as housing, healthcare, and utilities play a significant role in these variations. What are your thoughts on these income requirements? Do you think they accurately reflect the cost of living in your state? Share this article with your friends and start a conversation. Also, don't forget to sign up for the Daily Briefing, which is available every day at 6pm.

Some articles will contain credit or partial credit to other authors even if we do not repost the article and are only inspired by the original content.

Some articles will contain credit or partial credit to other authors even if we do not repost the article and are only inspired by the original content.

Show All
Top Stories
Show All