As a family of four, it’s essential to have a practical understanding of the amount of money we need to cover our expenses in each state of the U.S. The cost of living can vary significantly depending on where we reside, so it’s crucial to have a clear picture. Let’s dive into the numbers and see how much we need to survive in each state. According to a recent analysis by CEOWORLD magazine, it’s been revealed that in certain states across the US, a family of four must earn a minimum of $100,000 to make ends meet.
This study, conducted by CEOWORLD magazine, found that in Hawaii, the highest living wage in the country is a staggering $182,900 for a married couple with two children. This living wage is based on the 50/30/20 budget, using the Bureau of Labor Statistics data. For this budget, a family of four is defined as a married couple with two children, with the oldest being between the ages of 6 and 17. Under the 50/30/20 budget, 50 percent is allocated towards necessities such as housing and utilities, while 30 percent is designated for discretionary spending. The remaining 20 percent is reserved for savings or investments.
According to this outline, Hawaii is the priciest country for a family of four. However, there are 12 other states where a family must bring in a whopping $100,000 to make ends meet. It’s no surprise that these states have some of the country’s highest living expenses, especially regarding housing. Take Hawaii, for example, where the cost of a home is the highest out of all the states. This is because Hawaii is a group of isolated islands, where the limited land has caused home prices to skyrocket. Not to mention, transportation costs are also higher due to the majority of goods being shipped to the islands by sea. As a result, these higher costs are often passed down to consumers through increased prices. Other states like Massachusetts, California, and New York also require a significant living wage, as the major cities in these states have some of the highest housing costs in the nation.
On the other hand, the states with the lowest living wages are typically located in the South or Midwest regions, where housing prices tend to be more affordable compared to other areas in the country. Mississippi has the lowest living wage out of all the states, with a household needing only $73,381 a year to get by – less than half of what a family would need in Hawaii. To give you a better idea of the living wage needed for a family of four in each state:
The Most (And Least) US States For A Family Of Four, 2024
| Rank | State | Annual living wage for a family of four | Well-being rank | Crime rank |
|---|---|---|---|---|
| 1 | Hawaii | $182,900 | 1 | 32 |
| 2 | Massachusetts | $142,341 | 11 | 10 |
| 3 | California | $130,239 | 15 | 38 |
| 4 | New York | $118,127 | 4 | 15 |
| 5 | Alaska | $113,079 | 27 | 49 |
| 6 | Maryland | $110,244 | 20 | 29 |
| 7 | Oregon | $106,779 | 9 | 28 |
| 8 | Vermont | $106,692 | 7 | 4 |
| 9 | Washington | $105,080 | 30 | 34 |
| 10 | New Jersey | $104,770 | 13 | 3 |
| 11 | Connecticut | $101,030 | 5 | 4 |
| 12 | New Hampshire | $100,436 | 8 | 1 |
| 13 | Maine | $99,158 | 10 | 2 |
| 14 | Arizona | $97,345 | 18 | 41 |
| 15 | Rhode Island | $95,929 | 5 | 7 |
| 16 | Nevada | $95,755 | 17 | 40 |
| 17 | Colorado | $95,563 | 28 | 37 |
| 18 | Idaho | $94,874 | 45 | 6 |
| 19 | Montana | $92,367 | 12 | 29 |
| 20 | Florida | $92,271 | 3 | 27 |
| 21 | Virginia | $91,955 | 32 | 9 |
| 22 | Delaware | $91,293 | 2 | 36 |
| 23 | Utah | $89,936 | 43 | 18 |
| 24 | Pennsylvania | $87,500 | 14 | 12 |
| 25 | North Carolina | $84,957 | 34 | 32 |
| 26 | Wisconsin | $84,156 | 21 | 12 |
| 27 | South Carolina | $84,062 | 19 | 46 |
| 28 | North Dakota | $83,852 | 39 | 18 |
| 29 | South Dakota | $83,708 | 24 | 22 |
| 30 | New Mexico | $82,047 | 21 | 50 |
| 31 | Minnesota | $81,931 | 25 | 17 |
| 32 | Texas | $81,374 | 47 | 38 |
| 33 | Ohio | $81,006 | 35 | 20 |
| 34 | Michigan | $80,998 | 29 | 26 |
| 35 | Louisiana | $80,451 | 41 | 48 |
| 36 | Indiana | $80,144 | 50 | 22 |
| 37 | Illinois | $79,899 | 21 | 25 |
| 38 | Wyoming | $79,879 | 16 | 7 |
| 39 | Tennessee | $79,054 | 36 | 45 |
| 40 | Nebraska | $79,007 | 37 | 21 |
| 41 | Georgia | $78,448 | 42 | 29 |
| 42 | Iowa | $78,025 | 31 | 12 |
| 43 | Kentucky | $77,842 | 49 | 11 |
| 44 | Missouri | $77,197 | 32 | 42 |
| 45 | West Virginia | $76,905 | 26 | 16 |
| 46 | Arkansas | $76,456 | 44 | 46 |
| 47 | Kansas | $75,924 | 38 | 35 |
| 48 | Alabama | $75,724 | 40 | 44 |
| 49 | Oklahoma | $74,253 | 48 | 42 |
| 50 | Mississippi | $73,381 | 46 | 22 |
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Copyright 2024 The CEOWORLD magazine. All rights reserved. This material (and any extract from it) must not be copied, redistributed or placed on any website, without CEOWORLD magazine' prior written consent. For media queries, please contact: info@ceoworld.biz
