Here’s the Income It Takes to Live Comfortably in Each U.S. State – 2024 Study (2024)

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Here’s the Income It Takes to Live Comfortably in Each U.S. State – 2024 Study? ›

A household with two adults and two children would need a combined income of around $235,000 to live without financial worries. The disparity in the cost of family life is particularly pronounced in certain cities. A family of four, two adults and children, need to make more than $300,000 to live comfortably.

A household with two adults and two children would need a combined income of around $235,000 to live without financial worries. The disparity in the cost of family life is particularly pronounced in certain cities. A family of four, two adults and children, need to make more than $300,000 to live comfortably.

The average salary in the U.S. is $63,795, according to the latest data from the Social Security Administration.

Key Findings. On average, an individual needs $96,500 for sustainable comfort in a major U.S. city. This includes being able to pay off debt and invest for the future.

Utah came out on top as the most affordable state, thanks to manageable health care costs. On the other hand, the high homeownership costs landed New York as the least affordable state. We analyzed median incomes and five basic expenses: homeownership costs, groceries, health care, income tax and gasoline.

While California ranks third-most expensive for a single adult to live comfortably at $113,652, it only ranks fifth-most expensive for two working adults raising two children. The total family income should be at least $276,724 in the latter case.

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 ...

A Smart Asset report based on MIT's Living Wage data found that the average salary required to live comfortably in the U.S. is $68,499 after taxes. This is nearly $10,000 higher than what the average salary currently is.

While people have different qualifications and different ideas of what constitutes a good salary, most would consider $75,000 per year to be good pay.

What is the #1 cheapest state to live in? ›

Utah ranks third in nation for most unaffordable housing market behind Hawaii, California.

If you're thinking of relocating this year, consider New Hampshire, Wyoming, Virginia, Rhode Island and Wisconsin, which lead the most recent list of the best states to move to, according to immigration law experts Shoreline Immigration.

As a rule of thumb, a good salary in Los Angeles is between $100k and $200k gross per year. Based on the cost of living in Los Angeles, this should come down to a minimum of $76,710 yearly after taxes.

If you make $75,000 a year, you're earning more than half of all workers in the U.S. And in fact, many people would probably consider the salary as good pay. After all, a $75,000 salary works out to around $6,250 per month, $1,442.31 per week, or $36.06 an hour.

Is $80K a good salary for a single person? $80,000 is about $5,000 higher than the U.S. median household income, so many people would consider it very good for a single person. “Good” is always a relative term when it comes to salary; whether or not the amount you earn covers your expenses is a highly personal dynamic.

Well, it depends. A $40,000 salary may be sufficient for an individual in a low-cost area, but it may not be enough for a family to live comfortably in most parts of the US. Rising inflation has made it more challenging to live on a $40,000 salary, but it still exceeds the poverty threshold for families.