These Are The Most (And Least) Costly US States For Single Workers, 2024

What is the minimum salary required for a single person to survive in each state of the United States? The cost of living can vary greatly depending on where you live and work. According to a recent study by CEOWORLD magazine, the minimum amount a single person needs to meet the 50/30/20 budget is $112,411 in Hawaii, which is the highest in the country. This data was collected from the Bureau of Labor Statistics. According to this plan, half of our income will be spent on covering our basic needs such as housing and utilities, while 30% will be allotted for discretionary spending. The remaining 20% will be saved or invested.

It’s interesting to note that in Hawaii, the living wage for single, full-time workers is more than twice the median income in the United States, which is $57,200 according to the Labor Bureau. In comparison, Mississippi’s living wage is only $45,906, according to data from CEOWORLD magazine. Let’s take a closer look at the states that are the most and least expensive for single workers, based on the yearly income required to meet their basic needs.

It’s not surprising that Hawaii has the highest cost of living, as it’s a remote archipelago where most goods are shipped by sea, leading to higher prices for consumers. Additionally, limited land availability has caused home prices to skyrocket. Additionally, Massachusetts, California, and New York are also notorious for high costs of living, mainly due to cities like Boston, Los Angeles, and New York City having some of the most expensive housing in the country.

After considering all the relevant factors, it becomes evident that the median income of $57,200 earned by a single worker is sufficient to meet the living wage in only 30 states. This is a challenging reality for many Americans who are struggling to make ends meet. For those who aren’t in a relationship, it can be even more difficult to make ends meet. Such individuals may have to give up certain luxuries and make tough choices to make ends meet.

The 50/30/20 budget is a widely used guide for determining a livable wage. However, this approach isn’t always practical, especially as housing costs continue to rise. As a result, people often have to make compromises to make ends meet. For instance, they may need to reduce their retirement contributions or cut out other expenses, such as owning a car. In major cities with high living costs, having a roommate is often the only option for a single person to cover their living expenses. Couples may be able to save some money by splitting mortgage or rent payments, but this isn’t possible for single individuals. Therefore, they end up spending much more on housing each year compared to married individuals.

The region where one lives also has a significant impact on the cost of living. People earning around $57,200 can easily afford to live in the more rural states of the South and Midwest, where the cost of living is significantly lower. This is mainly due to the difference in housing prices. The median home prices in the South and Midwest are $311,800 and $366,600, respectively, which is considerably less than the overall U.S. median of $410,200, as reported by the National Association of Realtors.

The Most (And Least) Costly US States For Single Workers, 2024

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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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