A new survey outlines how much someone needs to earn as a “living wage” to live comfortably in all 50 U.S. states.
States that require the highest living wage for individuals are Hawaii ($112,411) followed by Massachusetts ($87,909) and then California ($80,013).
If you want to live cheaply, head to Mississippi ($45,906), Oklahoma ($46,024) and Alabama ($46,577).
(KTLA) – It’s not exactly breaking news that life has gotten more expensive recently. Across the nation, the cost of home prices, rent, gasoline, utilities, and, well, most things has gone up.
Now, a new survey outlines how much someone needs to earn as a “living wage” to live comfortably in all 50 U.S. states.
The personal finance website GoBankingRates.com looked at data from the U.S. Bureau of Labor Statistics and research by the state of Missouri to determine how much single people, not couples or families, pay in necessities each year. Then, those amounts were doubled to factor in discretionary spending and savings.
States that require the highest living wage for individuals are Hawaii ($112,411) followed by Massachusetts ($87,909) and then California ($80,013).
“That’s not surprising when you realize that median home values are also highest in Hawaii, California and Massachusetts,” the study’s authors noted.
According to the California Association of Realtors, the median price of a single-family home in California was $832,340 in August. Condominiums and townhomes average $645,000. Median rent is $2,912 per month.
Hawaii has a median home price of $713,000 and Massachusetts is $640,000.
If you want to live cheaply, head to Mississippi ($45,906), Oklahoma ($46,024) and Alabama ($46,577).
RANK
STATE
INCOME REQUIRED
1
Mississippi
$45,906
2
Oklahoma
$46,024
3
Alabama
$46,577
4
Arkansas
$47,111
5
Kentucky
$47,318
6
Kansas
$47,379
7
West Virginia
$47,732
8
Missouri
$47,771
9
Iowa
$48,518
12
Tennessee
$48,774
11
Nebraska
$49,009
10
Georgia
$49,051
13
Illinois
$49,372
14
Wyoming
$49,666
15
Indiana
$49,855
17
Michigan
$50,049
16
Louisiana
$50,087
18
Ohio
$50,157
19
Texas
$50,497
20
New Mexico
$51,214
21
Minnesota
$51,668
22
South Dakota
$52,095
23
South Carolina
$52,222
24
North Dakota
$52,807
25
Wisconsin
$53,122
26
North Carolina
$53,531
27
Pennsylvania
$53,838
28
Utah
$55,293
29
Delaware
$56,571
31
Montana
$57,056
30
Florida
$57,064
32
Virginia
$57,293
34
Nevada
$58,580
33
Idaho
$58,634
35
Colorado
$59,218
36
Rhode Island
$59,936
37
Arizona
$60,026
38
Maine
$60,862
39
New Hampshire
$62,935
40
Connecticut
$63,078
41
New Jersey
$64,463
42
Washington
$65,640
43
Oregon
$65,763
44
Vermont
$65,923
45
Maryland
$67,915
46
Alaska
$71,570
47
New York
$73,226
48
California
$80,013
49
Massachusetts
$87,909
50
Hawaii
$112,411
As summer comes to a close and high prices and interest rates weigh on people’s willingness to spend, Americans are feeling less confident financially. The Conference Board, a business research group, said its consumer confidence index tumbled to 106.1 in August from a revised 114 in July.
Analysts were expecting a reading of 116.
The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. Both measures saw significant declines in August.
The Associated Press contributed to this report.
Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
California's living wage is $19.41, or $40,371 a year for an individual. A family of four requires $27.42, or $101,378 a year. Childcare costs will cost a family with two working adults $22,259 a year, slightly more than the $24,682 they can expect to spend on housing.
California's living wage is $19.41, or $40,371 a year for an individual. A family of four requires $27.42, or $101,378 a year. Childcare costs will cost a family with two working adults $22,259 a year, slightly more than the $24,682 they can expect to spend on housing.
The findings are eye-opening: to lead a comfortable life in a major U.S. city, an individual needs to earn, on average, an annual pre-tax salary of $96,500. This takes into account necessities, debt obligations, and investments for the future.
SmartAsset says a single working adult must earn at least $114,000, or about $55 an hour, to support themselves in the Golden State. When it comes to a basic “living wage,” MIT says a single adult in California needs to earn $27.32 per hour or $56,800 per year.
Mississippi. Referred to as the Magnolia State, Mississippi has been ranked as the most affordable place to live in the U.S. thanks to not only its low housing costs, but also having some of the lowest gas costs.
How Much Does it Cost to Move to Another State? Depending on a variety of factors, it could cost anywhere from $3000 to $7000 to move out of state – and even more if you're moving cross country or moving a home that has more than 5 bedrooms.
Hourly wage needed for a single adult: $36.10. Annual salary needed for a single adult to live comfortably: $75,088. Combined salaries for two working adults with two children needed: $175,219.
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.
The average annual average salary in the U.S. is $63,795. The median annual salary, which is often less skewed by outlying numbers, is $59,384. It's worth noting that average and median salaries vary quite a bit by state.
According to research from MIT, the living wage in the United States was $25.02 per hour ($104,077.70 per year) before taxes per year in 2022 for a family of four (two working adults with two children). That's an increase from $24.16 ($100,498.60 per year) in 2021.
“Good income is relative to the average household income in America, which is $78,000 right now.” Real median household income in the U.S. was $78,250 in 2019 and fell to $74,580 in 2022, according to the Census Bureau. "You're not a bad person. You're not a horrible income earner.
National average income: The national average salary in the U.S. in Q4 of 2023 was $59,384, according to the U.S. Bureau of Labor Statistics. Average salary by age: The highest average earners are aged between 35 and 44, earning 13.8% more than the national average salary.
An analysis of the living wage (as calculated in December 2022 and reflecting a compensation being offered to an individual in 2023), compiling geographically specific expenditure data for food, childcare, health care, housing, transportation, and other necessities, finds that: The living wage in the United States is ...
But the state where workers earn the highest median annual wage is actually Massachusetts, where the median income as of 2023 is about $60,690, according to the Bureau of Labor Statistics. Workers in the District of Columbia have a higher annual median wage at $84,450, but Massachusetts is the highest-earning state.
Generally speaking, $60,000 per year is considered a modest income in California, especially in areas like San Francisco or Los Angeles where the cost of living is high. However, it is possible to live a comfortable lifestyle in California with this salary if you manage your expenses carefully.
Address: Suite 228 919 Deana Ford, Lake Meridithberg, NE 60017-4257
Phone: +2613987384138
Job: Chief Retail Officer
Hobby: Tai chi, Dowsing, Poi, Letterboxing, Watching movies, Video gaming, Singing
Introduction: My name is Zonia Mosciski DO, I am a enchanting, joyous, lovely, successful, hilarious, tender, outstanding person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
