Families Need Over $270K Annually to Live Comfortably in Top Five States

What we’re showing?

The income that two working adults with two children need to live comfortably in each U.S. state. 

Methodology 

Comfortable was defined as the annual income required to cover a 50/30/20 budget, allocating 50% of earnings to necessities such as housing and utility costs, 30% to discretionary spending, and 20% to savings or investments.

The income estimates for each state were derived from the cost of necessities using data from the MIT Living Wage Calculator. Data was last updated on Feb. 14, 2024.

Key Takeaways

• Massachusetts is the most expensive state to live comfortably in. A family with two working parents and two children needs a total family income of about $301,184.

• Mississippi is the least expensive state, requiring $177,798.

• To live comfortably in the top five states, a family needs to earn over $270,000 per year.