How much you need to earn for a comfortable life in different states of the USA

Everyone strives for a good salary and a comfortable living. The cost of housing or repairs in emergency cases can be tidy, and instead of increasing capital, you will try to make ends meet.

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Edition GOBankingRates conducted a study to determine the annual cost of living required for a comfortable stay in various states of the USA, and showed that even if you feel comfortable in one state in terms of finances, the situation may change in another.

A “living wage” is not a minimum wage, it is like the income you need to cover expenses while contributing to savings. By analyzing data from the Bureau of Labor Statistics and the 50/30/20 budgeting rules—which allocate 50 percent of your income to necessities, 30 percent to discretionary spending, and 20 percent to savings—you can calculate how much you need to earn to comfortably cover basic needs and look confidently into the future. The average salary may not be enough.

Illinois

Annual cost of living: $ 66 847

Not only are expenses lower than the national average in Illinois, residents also get an average salary of $ 61 229 dollars. This puts the average income of only $ 5 618 dollars below the subsistence level.

Florida

Annual cost of living: $ 67 614

While the cost of living in Florida is actually below the national average, the average income in the state isn't that great at just over $50 per year. That leaves a gap of more than $000 between the typical annual salary and the cost of living. However, Florida is considered one of the best states for the middle class.

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Pennsylvania

Annual cost of living: $ 68 581

In Pennsylvania, the cost of living is slightly below the national average, including housing costs, which are almost 7% lower than the typical national level of $ 11 074 per year. However, the average salary here is $ 11 630 below the subsistence level.

New Jersey

Annual cost of living: $ 86 244

The annual cost of living in New Jersey is more than 20% higher than in the rest of the country as a whole, but this is also due to higher wages in the state, where the average income is a whopping $ 76 475. Thus, despite a living wage of more than $ 85 000 per year, a resident of the state is within $ 10 000 from this mark.

Oregon

Annual cost of living: $ 93 285

Oregon ranks second in the gap between the minimum wage and the cost of living. Housing expenses are one of the biggest culprits: the average Oregon needs more than 20 000 dollars a year to provide a roof over his head when the minimum wage is less than the living wage by as much as $ 37 166.

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New York

Annual cost of living: $ 95 724

While the average salary is $ 62 765 dollars, the gap in $ 32 959 from the cost of living is second only to Hawaii and Oregon.

California

Annual salary: $ 99 971

The most populous state in the country is also one of the most expensive: the cost of living is almost $ 100 000 if you plan to follow the 50 / 30 / 20 rule. Even for a staff with an average annual income of $ 67 169 dollars, these costs are difficult to cover.

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