Cynthia Davis, 52, typed on her keyboard while working in her home office on November 16, 2023. Davis works several jobs to keep up with the rising living costs in California, including working as a social worker for Riverside County and as a baker for her own business, “The Donut Diva.”
© Yannick Peterhans / USA TODAY NETWORK
(New York, NY) – A new study is out and it suggests single individuals need to earn an annual salary above $100,000 to live comfortably. SmartAsset conducted the analysis using MIT’s Living Wage Calculator. They set the national median in terms of “living comfortably” at $89,000 from an annual perspective.
Of course it’s no surprise that New York ranks among the most expensive states. California, Massachusetts, Washington, and Hawaii also place in the top five most costly. Each of the top five demand single individuals earn well over six-figures to achieve that “comfort” level. SmartAsset defines living in financial comfort with the 50/30/20 budget: 50% going toward earnings for necessities such as housing costs and utilities. From there 30% goes toward so-called discretionary spending, and 20% for investments or general saving.
SmartAsset lists the least expensive states as West Virginia, Arkansas, Kentucky, Oklahoma, and North Dakota.
