EconomyMay 8, 2024
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.
Dataset
| Rank | State | Income for 2 working adults raising 2 children |
|---|---|---|
| 1 | Massachusetts | $301,184 |
| 2 | Hawaii | $294,611 |
| 3 | Connecticut | $279,885 |
| 4 | New York | $278,970 |
| 5 | California | $276,723 |
| 6 | Colorado | $264,992 |
| 7 | Washington | $257,421 |
| 8 | Oregon | $257,338 |
| 9 | New Jersey | $251,181 |
| 10 | Rhode Island | $249,267 |
| 11 | Vermont | $248,352 |
| 12 | Minnesota | $244,774 |
| 13 | New Hampshire | $244,109 |
| 14 | Alaska | $242,611 |
| 15 | Maryland | $239,450 |
| 16 | Nevada | $237,286 |
| 17 | Virginia | $235,206 |
| 18 | Illinois | $231,962 |
| 19 | Arizona | $230,630 |
| 20 | Pennsylvania | $230,464 |
| 21 | Maine | $229,549 |
| 22 | Delaware | $228,966 |
| 23 | Wisconsin | $225,056 |
| 24 | Utah | $218,483 |
| 25 | Michigan | $214,490 |
| 26 | Nebraska | $213,075 |
| 27 | Georgia | $212,826 |
| 28 | Montana | $211,411 |
| 28 | Iowa | $211,411 |
| 30 | Idaho | $211,245 |
| 31 | North Carolina | $209,331 |
| 31 | Ohio | $209,331 |
| 33 | Florida | $209,082 |
| 34 | Indiana | $206,003 |
| 35 | New Mexico | $203,923 |
| 36 | Wyoming | $203,424 |
| 37 | Missouri | $202,259 |
| 38 | North Dakota | $202,176 |
| 39 | Texas | $201,344 |
| 40 | South Carolina | $200,762 |
| 41 | Kansas | $196,768 |
| 42 | Tennessee | $195,770 |
| 43 | Oklahoma | $194,106 |
| 44 | Alabama | $193,606 |
| 45 | South Dakota | $192,608 |
| 46 | Kentucky | $190,112 |
| 47 | Louisiana | $189,613 |
| 48 | West Virginia | $189,363 |
| 49 | Arkansas | $180,794 |
| 50 | Mississippi | $177,798 |
Data sources
Comfortable was defined as the annual income required to cover a 50/30/20 budget, allocating 50% of earnings to necessities, 30% to discretionary spending, and 20% to savings. Data as of Feb. 14, 2024.
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