SmartAsset did research that talked about how much money a family needs monthly to live comfortably in each US state. A comfortable lifestyle is often divided according to the 50/30/20 rules, where 50% of the income is spend on necessities, 30% of income is spent on non-essential expenses like entertainment, etc. and 20% of the income goes to savings or investments. So, based on data collected from different states, the report ranks Massachusetts as the most expensive state in the US to live in. You need to have a total annual income of $301,184 for a family (which includes only 2 working adults raising 2 children). ). The reason this state is more expensive is likely due to real estate and housing market trends. The houses are too expensive to buy and the rents are barely affordable for a middle class family. Healthcare and utilities in Massachusetts are also very expensive.
The second most expensive city to live in the United States is Hawaii. If you are two working adults with two children, you should have an annual income of $294,611 to have a comfortable lifestyle. Connecticut is the third most expensive state with a median income of $279,885 to live comfortably. Other states on the top list of most expensive states to live in the US include New York ($278,970), California ($276,723), Colorado ($264,992), Washington ($257,421), Oregon (257,338), New Jersey ($251,181) and Rhode Island. ($249,267).
Mississippi is the most affordable, requiring only $177,798 a year for a family to live comfortably.”>
The three cheapest US states to live comfortably are Mississippi, Arkansas and West Virginia. Mississippi is the least expensive with an annual income of $177,798 to live comfortably. Arkansas is the second least expensive state, requiring an annual income of $180,794, while West Virginia is the third least expensive state with an annual income of $189,363 to live a comfortable lifestyle.
State | Hourly wage required for a single adult | Annual salary required for a single adult | Annual income for 2 working adults raising 2 children |
---|---|---|---|
Massachusetts | $55.78 | $116,022 | $301,184 |
Hawaii | $54.66 | $113,693 | $294,611 |
California | $54.64 | $113,651 | $276,723 |
NY | $53.72 | $111,738 | $278,970 |
Washington | $51.20 | $106,496 | $257,421 |
Colorado | $49.66 | $103,293 | $264,992 |
New Jersey | $49.52 | $103,002 | $251,181 |
Maryland | $49.48 | $102,918 | $239,450 |
Oregon | $48.60 | $101,088 | $257,338 |
Rhode Island | $48.48 | $100,838 | $249,267 |
Connecticut | $48.26 | $100,381 | $279,885 |
Virginia | $48.06 | $99,965 | $235,206 |
New Hampshire | $47.16 | $98,093 | $244,109 |
Arizona | $46.80 | $97,344 | $230,630 |
Georgia | $46.58 | $96,886 | $212,826 |
Alaska | $46.52 | $96,762 | $242,611 |
Vermont | $46.04 | $95,763 | $248,352 |
Illinois | $45.72 | $95,098 | $231,962 |
Delaware | $45.26 | $94,141 | $228,966 |
Utah | $45.04 | $93,683 | $218,483 |
Snowfall | $44.92 | $93,434 | $237,286 |
Florida | $44.86 | $93,309 | $209,082 |
Maine | $44.08 | $91,686 | $229,549 |
Pennsylvania | $43.90 | $91,312 | $230,464 |
North Carolina | $43.12 | $89,690 | $209,331 |
Minnesota | $42.90 | $89,232 | $244,774 |
Idaho | $42.66 | $88,733 | $211,245 |
South Carolina | $42.46 | $88,317 | $200,762 |
Wyoming | $42.14 | $87,651 | $203,424 |
Texas | $41.84 | $87,027 | $201,344 |
Tennessee | $41.54 | $86,403 | $195,770 |
Indiana | $40.88 | $85,030 | $206,003 |
Mountain | $40.74 | $84,739 | $211,411 |
Kansas | $40.70 | $84,656 | $196,768 |
Michigan | $40.56 | $84,365 | $214,490 |
Wisconsin | $40.44 | $84,115 | $225,056 |
Missouri | $40.40 | $84,032 | $202,259 |
Alabama | $40.30 | $83,824 | $193,606 |
Nebraska | $40.24 | $83,699 | $213,075 |
New Mexico | $40.20 | $83,616 | $203,923 |
Iowa | $40.08 | $83,366 | $211,411 |
Mississippi | $39.78 | $82,742 | $177,798 |
Louisiana | $39.64 | $82,451 | $189,613 |
South Dakota | $39.16 | $81,453 | $192,608 |
Kentucky | $38.80 | $80,704 | $190,112 |
Ohio | $38.80 | $80,704 | $209,331 |
North Dakota | $38.72 | $80,538 | $202,176 |
Oklahoma | $38.66 | $80,413 | $194,106 |
Arkansas | $38.20 | $79,456 | $180,794 |
West Virginia | $37.88 | $78,790 | $189,363 |
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