Here's the income you need to live comfortably in every state in the US
Business Insider Australia, November 17, 2019 (excerpts)
Having it all – the ability to cover basic expenses, while still having “fun money” and contributing to savings – can be a difficult feat.
That total amount – also known as an annual “living wage” – varies significantly depending on what state you’re in.
GoBankingRates recently determined the necessary living wage in each state using data from the Bureau of Labour Statistics and the 50/30/20 budgeting rule. This popular general budgeting rule allocates 50% of annual income to necessities like housing, 30% to discretionary expenses like travel, and the remaining 20% to savings.
The median necessary living wage across the entire US is $US67,690. The state with the lowest annual living wage is Mississippi with $US58,321. The state with the highest living wage is Hawaii with $US136,437. Other expensive states (unsurprisingly) included New York and California, which have notoriously high costs of living and expensive housing markets.
Keep reading to see what the annual living wage necessary is to live comfortably in every US state, listed in alphabetical order by state name. Also included is the actual median household income in each state according to 2018 data from the US Census Bureau and the median price of homes listed for sale in each state from Zillow….
- The living wage in Hawaii is $US136,437.
- Median household income in 2018: $US80,212
- Median price of homes currently listed: $US630,000
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