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Newsweek
a day ago
- Business
- Newsweek
Map Show States Where Highest, Lowest Salary Needed for Comfortable Life
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Americans living in the South and the Midwest generally need to earn less than those living in the East and the West to live comfortably, that is, more than just making it to the end of the month, according to a new study by SmartAsset. Higher Costs Across the Board, Across the Country Over the past five years, home prices have surged by nearly 40 percent across the United States, according to Redfin data, while other housing costs—including property taxes, homeowner association (HOA) fees and property taxes—have also gone up, together with the cost of groceries, gas and other essential goods. While wages have also increased over the past five years, the high rates of inflation in 2022 meant that Americans' personal finances took a significant hit, with many experiencing a worsening of their financial situation. For most Americans, higher costs today mean struggling just a little bit more to pay for all their essential needs, like housing and food, not to mention those extra little things that make life sweeter, like hobbies and vacations. What Does It Mean to Live Comfortably? Experts believe that households with a healthy financial situation should adhere to the 50/30/20 budget rule, allocating 50 percent of their income to necessities, 30 percent to discretionary spending, and 20 percent to long-term goals, such as retirement savings or debt repayment. Based on this formula, SmartAsset calculated that a single U.S. adult needs to earn about $5,844 more this year to have a comfortable, sustainable budget compared to last year, while a working family would need an additional $9,360. However, this ideal amount varies from state to state, as some are significantly more affordable than others, allowing residents to live as well as those in more expensive parts of the country for less. Where Do Residents Need to Earn More to Live Comfortably—And Where Less? These are the top ten states where the salary needed for a single U.S. adult to live comfortably is highest: Hawaii ($124,467) Massachusetts ($120,141) California ($119,475) New York ($114,691) Washington ($109,658) New Jersey ($108,992) Maryland ($108,867) Virginia ($106,704) Colorado ($105,955) Connecticut ($105,165) And these are the top ten states where the salary needed for a single U.S. adult to live comfortably is lowest: West Virginia ($80,829) Arkansas ($81,078) South Dakota ($82,160) North Dakota ($82,285) Kentucky ($83,574) Oklahoma ($84,282) Ohio ($84,781) Alabama ($85,280) Louisiana ($85,322) Mississippi ($86,320) SmartAsset's study utilized the MIT Living Wage Calculator to determine the basic cost of living for a single U.S. adult and a family of four in every state across the country. Their estimates take into consideration the cost of housing, food, transportation, income taxes and others. The data used is updated to February 10, 2025.
Yahoo
4 days ago
- Business
- Yahoo
Single adults must make six figures to live comfortably in Colorado: Report
DENVER (KDVR) — Coloradans need to make some of the highest salaries in the nation in order to afford to live comfortably, according to a recent study. The Smartasset study looked at data for all the states using the MIT Living Wage Calculator to see what the cost of living is like for adults living with no children, and for two working adults with two children. The study then applied the 50/30/20 budgeting rule to determine where workers need to make the most money to afford a comfortable lifestyle. Coloradans spend more time working than people in most states: Study According to the report, Colorado ranks as the No. 9 state where the salary needed to live comfortably is the highest. State rank Income needed for a single adult Income needed for a family of four 1. Hawaii $124,467 $294,362 2. Massachusetts $120,141 $313,747 3. California $119,475 $287,456 4. New York $114,691 $276,973 5. Washington $109,658 $277,888 6. New Jersey $108,992 $282,714 7. Maryland $108,867 $259,168 8. Virginia $106,704 $241,696 9. Colorado $105,955 $273,728 10. Connecticut $105,165 $290,368 The report found that the top 15 states all require an income of at least $100,000 for a single adult to live comfortably. Data: Income levels in Colorado among highest in the US, according to report The income needed to live comfortably in Colorado has increased since 2024. According to the report, the necessary income for a single adult to live comfortably in 2025 is $105,955.20, a 2.58% increase from $103,293 last year. The income needed for a family of four to live comfortably also increased 3.3% from $264,992 in 2024 to $273,728 in 2025. Similar incomes are necessary to live comfortably in many of the states toward the top of the list. Meanwhile, the income necessary to live comfortably dips to the low $ 80,000s in some states. The state with the lowest comfortable lifestyle income is West Virginia, at $80,829 for single adults and $195,354 for families. States that require an income less than $85,000 for a comfortable lifestyle include Ohio, Oklahoma, Kentucky, North Dakota, South Dakota, Arkansas and West Virginia. Study: Colorado not great for first-time homebuyers More data points and the list of rankings can be found in the full report on the Smartasset website. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
04-06-2025
- Business
- The Hill
Earn less than $200K? Your family can afford to live comfortably in only 7 states, report finds
(NEXSTAR) – Earning enough to feel comfortable can mean different things and require a very different income, especially based on where you live. A recent report shows that, in some cases, that means earning more than a quarter of a million dollars. Personal finance site SmartAsset reviewed data from the MIT Living Wage Calculator and applied it to a common budgeting method known as the 50/30/20 rule — 50% of your budget should cover your needs, 30% goes toward 'wants,' and 20% for debt, saving, or investing — to find the pre-tax salary necessary for Americans to 'live comfortably.' A portion of the analysis was focused on the income a family of four, comprised of two working adults and two children, would need to live comfortably throughout the U.S. Nowhere was it more expensive than Massachusetts, where a family would need an income of more than $313,000 to achieve the aforementioned definition of comfortable living. This was the only state where a family's necessary income was found to be over $300,000. Hawaii wasn't far behind, though, at nearly $294,400. The costs of wants, needs, and saving money aren't that high everywhere, however. In total, SmartAsset found seven states in which a family earning less than $200,000 could still afford to live comfortably. At the top of that list was Mississippi, where a family of four would require an income of less than $186,700 based on the 50/30/20 rule. While less than what that same family would need in Massachusetts, it's a nearly 5 percent increase over the $177,800 determined to be necessary in Mississippi in SmartAsset's 2024 report. The remaining affordable states were primarily east of the Mississippi River. Narrowly falling within the group was Louisiana, where a family of four requires an income of about $199,600. The states SmartAsset found to be most affordable for a family were: In a handful of states, a family's cost of living comfortably has declined since SmartAsset's 2024 report. Iowa has experienced the largest decrease, going from a necessary salary of $211,400 to about $202,700, according to SmartAsset, marking a roughly 4 percent drop. A fellow Midwestern state, Michigan, saw a similar drop of about 3.2 percent, going from $214,500 to $207,600. Other states where the costs for a family to live comfortably have declined were Delaware (2.5 percent), Georgia (0.9 percent), New York (0.7 percent), and Hawaii (0.08 percent). Three states, meanwhile, saw noticeably larger jumps. SmartAsset found that a family of four in Vermont, for example, now needs an income of $286,800 to live comfortably. That's nearly 15.5 percent more than last year, when an income of $248,400 would suffice. New Jersey and Montana also saw large increases, with 12.5 percent and 11.1 percent increases, respectively. You can view SmartAsset's full report here. Nationally, SmartAsset found the median salary needed for a family of four to live comfortably was around $223,100.
Yahoo
14-04-2025
- Business
- Yahoo
Study: It costs over $200K to raise a child over 18 years in Kentucky
KENTUCKY (FOX 56) — Parenthood can be daunting, and a new study reveals that the expense is no different. LendingTree said researchers compiled U.S. Census, U.S. Bureau of Labor Statistics, MIT Living Wage Calculator, Price and Cost of Care Report, and tax data to determine the average annual costs associated with raising a small child in a two-earner household in each state. For an in-depth look at its methodology, click here. Read more of the latest Kentucky news LendingTree's 2025 report shows that expenses associated with raising a 'small child' have jumped 35.7% since their last look at the data in 2023. Among the tracked categories, child care costs have skyrocketed, rising 51.8%. In tandem, federal tax credit values have shrunk by 44.4%, according to LendingTree. In 2023, tax credits reportedly waived around $3,600 of total expenditures. But in 2025, the figure is closer to $2,000. Here's a cost breakdown. Category Cost Rent $1,128 Food $4,216 Daycare $17,836 Girls apparel $247 Transportation $4,383 Health insurance premiums $3,609 Tax credit -$2,000 Total annual cost $29,419 Over 18 years, the average cost adds up to $297,674, including 18 years of rent, food, apparel, transportation, and insurance premiums, and five years of child care. But this picture can look drastically different in each state. According to LendingTree, it costs the most to raise a child in Hawaii. Over 18 years, parents in Hawaii spend $362,891 on average due to the high price of food, rent, child care, and transportation. 'While families in these states have some of the highest incomes in the country, they're also three of the most expensive states to live in,' Matt Schulz, LendingTree chief consumer finance analyst, said. 'Higher overall income doesn't always equate to more expendable income, so it's important to make sure high-income people are planful and thoughtful with their budgets, too.' Kentucky's tax deadline extended due to disaster declaration Study: Kentucky is the toughest state to own an EV in University of Kentucky police chief encourages appreciation for behind-the-scenes unsung heroes You're in luck, Kentucky parents. The Commonwealth is actually among those with the lowest average cost of raising a child. Kentucky ranked 46th out of 51 among the most expensive states to raise a child in annually, preceded by Georgia and followed by South Dakota. Here's a breakdown of the annual cost in Kentucky, according to LendingTree: Child care Cost Rent $1,560 Food $1,704 Childcare $9,685 Girls apparel $224 Transportation $3,138 Health insurance premiums $2838 Tax credit $0 Total annual cost $19,149 Based on LendingTree's calculations, this amounts to $218,777 over 18 years. Despite a 14.5% increase from 2023, Kentucky is still among the 10 least expensive states to raise a child in. Click here for a look at each state's analysis. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
22-03-2025
- General
- Yahoo
What does it cost to raise a child in Georgia? How it compares to other U.S. states
Raising a child is expensive, but many wonder which states are the most affordable, like Georgia. A study by SmartAsset has revealed the average annual cost of raising a child in the U.S. is $22,850, although the costs vary by state. Georgia ranked No. 37 out of the most expensive states, relatively on the more affordable side. This study compared the living costs of a household with two working adults and one child by using MIT Living Wage Calculator data. According to the study, the annual cost of raising a child is $20,480, which is below the study's median annual cost in the U.S. Here is more: Childcare costs: $8,868 Additional housing costs: $2,264 Food costs: $1,921 Massachusetts Hawaii Connecticut Colorado New York California New Hampshire Washington Rhode Island Minnesota Mississippi Arkansas Louisiana Kentucky Alabama South Dakota Kansas Tennessee Oklahoma West Virginia Vanessa Countryman is the Trending Topics Reporter for the the Deep South Connect Team Georgia. Email her at Vcountryman@ This article originally appeared on Athens Banner-Herald: How expensive is it to raise a child in Georgia? Childcare, food costs
