According to a recent GOBankingRates survey, a family of four must make more money than ever before to live "comfortably," as the cost of living in the united states keeps rising.
GOBankingRates analysts examined yearly living expenditures for a family of four in all 50 states using data from the Missouri Economic Research and Information Center's 2024 Cost of Living data series and the Bureau of Labor Statistics. According to the paper, a "living wage" is the amount of money needed to pay for 50% of essentials, 30% of discretionary expenses, and 20% of savings.
The data tells an expensive story.
Every state's living wage was at least $82,000 a year. In 26 states, a family of four has to earn at least $100,000 a year to be considered "financially secure," while in four states, a family of four would need to earn $150,000 to have a living wage: Hawaii ($259K), Massachusetts ($200K), california ($188K), and New York ($155K).
States once considered "affordable," according to the report, (Florida, Virginia, Wisconsin, and North Carolina) now require a family of four to earn more than $100,000 to be "comfortable."
Here are the most and least expensive states with living wages needed for a family of four.
Least expensive:
1. West Virginia
Living wage for a family of four: $82,338
Annual cost of housing: $13,454
Annual cost of groceries: $5,731
Annual cost of healthcare: $7,465
2. Mississippi
Living wage for a family of four: $87,564
Annual cost of housing: $15,846
Annual cost of groceries: $6,750
Annual cost of healthcare: $7,373
3. Alabama
Living wage for a family of four: $87,607
Annual cost of housing: $15,670
Annual cost of groceries: $6,675
Annual cost of healthcare: $6,949
4. Kansas
Living wage for a family of four: $87,944
Annual cost of housing: $15,517
Annual cost of groceries: $6,610
Annual cost of healthcare: $7,141
5. Arkansas
Living wage for a family of four: $88,312
Annual cost of housing: $16,504
Annual cost of groceries: $7,030
Annual cost of healthcare: $6,617
Most expensive:
46. Alaska
Living wage for a family of four: $136,990
Annual cost of housing: $25,854
Annual cost of groceries: $11,013
Annual cost of healthcare: $11,290
47. New York
Living wage for a family of four: $155,738
Annual cost of housing: $37,354
Annual cost of groceries: $15,912
Annual cost of healthcare: $8,607
48. California
Living wage for a family of four: $188,269
Annual cost of housing: $45,891
Annual cost of groceries: $19,549
Annual cost of healthcare: $8,213
49. Massachusetts
Living wage for a family of four: $199,671
Annual cost of housing: $49,600
Annual cost of groceries: $21,129
Annual cost of healthcare: $10,033
50. Hawaii
Living wage for a family of four: $258,918
Annual cost of housing: $66,412
Annual cost of groceries: $28,290
Annual cost of healthcare: $9,540
GOBankingRates analysts examined yearly living expenditures for a family of four in all 50 states using data from the Missouri Economic Research and Information Center's 2024 Cost of Living data series and the Bureau of Labor Statistics. According to the paper, a "living wage" is the amount of money needed to pay for 50% of essentials, 30% of discretionary expenses, and 20% of savings.
The data tells an expensive story.
Every state's living wage was at least $82,000 a year. In 26 states, a family of four has to earn at least $100,000 a year to be considered "financially secure," while in four states, a family of four would need to earn $150,000 to have a living wage: Hawaii ($259K), Massachusetts ($200K), california ($188K), and New York ($155K).
States once considered "affordable," according to the report, (Florida, Virginia, Wisconsin, and North Carolina) now require a family of four to earn more than $100,000 to be "comfortable."
Here are the most and least expensive states with living wages needed for a family of four.
Least expensive:
1. West Virginia
Living wage for a family of four: $82,338
Annual cost of housing: $13,454
Annual cost of groceries: $5,731
Annual cost of healthcare: $7,465
2. Mississippi
Living wage for a family of four: $87,564
Annual cost of housing: $15,846
Annual cost of groceries: $6,750
Annual cost of healthcare: $7,373
3. Alabama
Living wage for a family of four: $87,607
Annual cost of housing: $15,670
Annual cost of groceries: $6,675
Annual cost of healthcare: $6,949
4. Kansas
Living wage for a family of four: $87,944
Annual cost of housing: $15,517
Annual cost of groceries: $6,610
Annual cost of healthcare: $7,141
5. Arkansas
Living wage for a family of four: $88,312
Annual cost of housing: $16,504
Annual cost of groceries: $7,030
Annual cost of healthcare: $6,617
Most expensive:
46. Alaska
Living wage for a family of four: $136,990
Annual cost of housing: $25,854
Annual cost of groceries: $11,013
Annual cost of healthcare: $11,290
47. New York
Living wage for a family of four: $155,738
Annual cost of housing: $37,354
Annual cost of groceries: $15,912
Annual cost of healthcare: $8,607
48. California
Living wage for a family of four: $188,269
Annual cost of housing: $45,891
Annual cost of groceries: $19,549
Annual cost of healthcare: $8,213
49. Massachusetts
Living wage for a family of four: $199,671
Annual cost of housing: $49,600
Annual cost of groceries: $21,129
Annual cost of healthcare: $10,033
50. Hawaii
Living wage for a family of four: $258,918
Annual cost of housing: $66,412
Annual cost of groceries: $28,290
Annual cost of healthcare: $9,540
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