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CEOWORLD magazine - Latest - Special Reports - The Most (And Least) Expensive US States For A Family Of Four, 2024

Special Reports

The Most (And Least) Expensive US States For A Family Of Four, 2024

family of four

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

RankStateAnnual living wage for a family of fourWell-being rankCrime rank
1Hawaii$182,900 132
2Massachusetts$142,341 1110
3California$130,239 1538
4New York$118,127 415
5Alaska$113,079 2749
6Maryland$110,244 2029
7Oregon$106,779 928
8Vermont$106,692 74
9Washington$105,080 3034
10New Jersey$104,770 133
11Connecticut$101,030 54
12New Hampshire$100,436 81
13Maine$99,158 102
14Arizona$97,345 1841
15Rhode Island$95,929 57
16Nevada$95,755 1740
17Colorado$95,563 2837
18Idaho$94,874 456
19Montana$92,367 1229
20Florida$92,271 327
21Virginia$91,955 329
22Delaware$91,293 236
23Utah$89,936 4318
24Pennsylvania$87,500 1412
25North Carolina$84,957 3432
26Wisconsin$84,156 2112
27South Carolina$84,062 1946
28North Dakota$83,852 3918
29South Dakota$83,708 2422
30New Mexico$82,047 2150
31Minnesota$81,931 2517
32Texas$81,374 4738
33Ohio$81,006 3520
34Michigan$80,998 2926
35Louisiana$80,451 4148
36Indiana$80,144 5022
37Illinois$79,899 2125
38Wyoming$79,879 167
39Tennessee$79,054 3645
40Nebraska$79,007 3721
41Georgia$78,448 4229
42Iowa$78,025 3112
43Kentucky$77,842 4911
44Missouri$77,197 3242
45West Virginia$76,905 2616
46Arkansas$76,456 4446
47Kansas$75,924 3835
48Alabama$75,724 4044
49Oklahoma$74,253 4842
50Mississippi$73,381 4622

 


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This report/news/ranking/statistics has been prepared only for general guidance on matters of interest and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, CEOWORLD magazine does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.


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CEOWORLD magazine - Latest - Special Reports - The Most (And Least) Expensive US States For A Family Of Four, 2024
Rajnish Karan
Digital news editor for the CEOWORLD magazine. Business journalist cutting through the jargon to make sense of stories that matter. Pushing for progressive forms of storytelling and leadership.My goal in leadership is to help people realize their potential and equip them with the tools to reach it. I believe honest and empathetic conversations are the key to successful relationships in business and beyond. I channel this passion for people into the stories I curate. I start each day seeking stories that represent diverse experiences and communities.