Americans face an uphill battle with the rising costs of living across all 50 states, though the income needed to live comfortably varies significantly depending on where one resides, with West Virginia on the lower end and Hawaii on the extreme high.
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Americans handling daily expenses know all too well the pain of stretching every dollar.
Recent studies, such as one by SmartAsset, shed light on the growing financial demands.
According to the 50/30/20 budget rule, effective financial planning requires allotting 50% of income for necessities, 30% for discretionary spending, and 20% for long-term goals.
Data shows the disparity in living comfortably between states.
West Virginia is the least expensive for a single adult requiring $80,829, while Mississippi ranks lowest for families at $186,618.
Conversely, Massachusetts is the highest for families, needing an income of $313,747.
As expenses climb, Hawaii leads as the most expensive state for a single adult, requiring a whopping salary of $124,467.
Hawaii saw a 9.48% price increase from the previous year.
Similarly, Vermont and New Jersey experienced significant increases, pointing to rapidly mounting living costs nationwide.
The average American’s median salary falls short, hovering slightly below $62,000 at 2024’s end.
A staggering revelation from a CNBC/SurveyMonkey poll indicated that nearly 70% of Americans felt financially stressed.
Despite reports of wage growth outpacing inflation, many still struggle.
President Donald Trump’s tariffs could further compound price surges, making it imperative for citizens to adapt through job changes or side hustles, CNBC reports.
CNN’s data reflects this economic climate, where Vermont’s family income needs saw a sharp 15.48% spike, while Montana led single adult income hikes at 9.57%.
With an extra $5,844 required over just one year for individual comfort, the urgency for financial strategies grows.
These insights emerge from data fixed by the MIT Living Wage Calculator, which updates costs considering housing, food, and other essentials.
This key information compels individuals to strategize ahead to secure a stable future, ensuring they’re not blindsided by unsustainable living expenses.
“About 7 in 10 Americans feel stressed about their finances, according to a CNBC/SurveyMonkey online poll conducted in April,” CNBC reports.
Current wages can’t compete with economic demands. The steady climb in required income showcases how political decisions and economic policies influence daily Americans.
Solutions lie in effective resource management, income diversification, and vigilant financial planning.
Only by understanding these factors and adapting accordingly can Americans hope to afford a comfortable life across the diverse economic landscapes of all 50 states.
“The median annual wage for individuals was just below $62,000 at the end of 2024, according to the Bureau of Labor Statistics,” the report notes further.
One can’t overlook the necessity of addressing governmental policies affecting economic strains, echoing the ongoing calls for responsible governance aligning with the common man’s everyday struggles.
See the full list of states according to the study findings here.
Which state do you think requires a higher income — New Jersey or Connecticut? https://t.co/B6aIbBxPsr
— NBC New York (@NBCNewYork) June 7, 2025
