How much do you need to earn to live comfortably in California
California is not famous for its affordability, but exactly how much one person needs to earn in order to live comfortably here may surprise you. How much should a resident of California earn, the publication said SFGate.
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A recent study by financial website GOBankingRates ranked California as the third most expensive state to live in, behind only Massachusetts and Hawaii. The study analyzed the annual cost of living for one person in all 50 states, as well as data from the US Bureau of Labor Statistics.
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According to the study, to have a "living wage" in California, you need to earn at least $80 a year. This takes into account how much it costs to pay for basic necessities and still have extra money for expenses and save them. This comes as no surprise to residents of San Francisco, where, as it turns out, to live “financially comfortably” requires a net worth of $013 million.
The most expensive state in the study was Hawaii, where a single person needs an annual income of $112 to meet the living wage, followed by Massachusetts with an income of $411 per year. The state with the lowest annual income to earn a living wage is Mississippi, where you need just under $87 a year to live comfortably.
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The annual salary required to pay day-to-day bills and still put some money into savings has increased across the country along with the surge in the cost of goods, the study says. According to the US Bureau of Labor Statistics, between 2020 and 2021, average annual spending will increase by 9,1%.
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