A new study shows the the amount of income it takes to live comfortably in every U.S. state, ranking Massachusetts as the most expensive at $116,000 and West Virginia the least, at $78,790.
The research applied the 50/30/20 rule for a “comfortable” lifestyle: 50% of income for basic needs like food and housing, 30% on things you want, and 20% for savings.
The study offers the income needed for a single working adult, as well as the amount needed for a family to live comfortably. North Carolina sits right in the middle, with an $89,000 salary needed for a single adult and $209,000 needed for a family.
Key Findings
- Massachusetts is the most expensive state to live comfortably in. A single adult needs to make at least $116,022 to cover basics, wants and savings in Massachusetts, or $55.78 per hour. For a family with two working parents of two children, the total family income will need to be about $301,184 for the same level of comfort.
- Relatively, it’s less expensive to raise a family in California than live comfortably alone. While California ranks third-most expensive for a single adult to live comfortably at $113,652, it only ranks fifth-most expensive for two working adults raising two children. The total family income should be at least $276,724 in the latter case. Connecticut ($279,884) and New York ($278,970) cut ahead of California when it comes to costs of raising a family comfortably.
- Connecticut is third-most expensive for raising a family comfortably – and only 11th- most for single adults. While single adults in Connecticut have a bit of reprieve supporting themselves comfortably, requiring $100,380, the income needed across two working adults with kids comes out to $279,884, or third-most studywide.
- It requires least for an adult to live comfortably in West Virginia: $78,790. West Virginia is least expensive for a single adult, who only needs to make an estimated $37.88 per hour pre-tax. When it comes to two working adults raising two children, the state is third-least expensive with the family requiring $189,364 in income across needs, wants and long-term goals.
- Two working adults need the least money to raise children in Mississippi. A family in Mississippi would need about $177,798 to cover the basic needs, wants and savings goals. It’s relatively more expensive for a single adult to achieve the same at $82,742, which makes The Magnolia State eighth-least expensive.
