In the United States, it takes a substantial income to live comfortably, especially in the most expensive states. A recent analysis by SmartAsset highlights that achieving a comfortable lifestyle as a single person requires earning over six figures annually in these areas.
The term “comfortable” refers to the monthly income required to cover a 50/30/20 budget. This budget allocates 50% of earnings for necessities like housing and utilities, 30% for discretionary spending, and 20% for savings or investments. SmartAsset based its calculations on data from the MIT Living Wage Calculator, extrapolating the income needed for each state.
Here’s a rundown of the top five most expensive states for single workers, along with the annual income required to live comfortably:
- Massachusetts: $116,022
- Hawaii: $113,693
- California: $113,651
- New York: $111,738
- Washington: $106,496
These figures illustrate a stark contrast with the U.S. median income for single, full-time workers, which hovers around $60,000 according to Labor Bureau data. In essence, to live independently in these states, one would need nearly double the median income.
The national median for comfortable solo living stands at $89,461, suggesting that the 50/30/20 budget might not be feasible for most single individuals. Living alone incurs additional expenses, often referred to as the “singles tax.” Apart from housing, single individuals bear extra costs for groceries, transportation, travel, and entertainment.
To maintain financial stability while living alone, adjustments to the budget are necessary. This might entail opting for a smaller living space or cutting back on discretionary spending such as travel.
The income required to live comfortably varies significantly across states. Below is a comprehensive list of states alongside the annual income needed for comfortable living, listed alphabetically:
– Alabama: $83,824
– Alaska: $96,762
– Arizona: $97,344
– Arkansas: $79,456
– California: $113,651
– Colorado: $103,292
– Connecticut: $100,381
– Delaware: $94,141
– Florida: $93,309
– Georgia: $96,886
– Hawaii: $113,693
– Idaho: $88,733
– Illinois: $95,098
– Indiana: $85,030
– Iowa: $83,366
– Kansas: $84,656
– Kentucky: $80,704
– Louisiana: $82,451
– Maine: $91,686
– Maryland: $102,918
– Massachusetts: $116,022
– Michigan: $84,365
– Minnesota: $89,232
– Mississippi: $82,742
– Missouri: $84,032
– Montana: $84,739
– Nebraska: $83,699
– Nevada: $93,434
– New Hampshire: $98,094
– New Jersey: $103,002
– New Mexico: $83,616
– New York: $111,738
– North Carolina: $89,690
– North Dakota: $52,807
– Ohio: $80,704
– Oklahoma: $80,413
– Oregon: $101,088
– Pennsylvania: $91,312
– Rhode Island: $100,838
– South Carolina: $88,317
– South Dakota: $81,453
– Tennessee: $86,403
– Texas: $87,027
– Utah: $93,683
– Vermont: $95,763
– Virginia: $99,965
– Washington: $106,496
– West Virginia: $78,790
– Wisconsin: $84,115
– Wyoming: $87,651
These figures underscore the significant financial demands of living independently across different states in the U.S.
