How Much Does it Cost for Singles to Comfortably Live in the US?
The fact that living has recently become more expensive is not really breaking news. The price of homes, rent, gas, utilities, and, well, most things have increased across the country.
A recent assessment details the minimum salary needed to live comfortably in each of the 50 U.S. states.
GoBankingRates.com, a personal finance website, examined American statistics. The Bureau of Labor Statistics and state of Missouri studies were used to calculate the annual cost of living for single people, not couples or families. These sums were then multiplied by two to account for savings and discretionary spending.
Hawaii ($112,411), Massachusetts ($87,909), and California ($80,013) are the states that mandate the greatest living wage for individuals.
The median cost of a single-family residence in California was $832,340 in August, according to the California Association of Realtors. Townhomes and condominiums cost, on average, $645,000. Monthly rent is $2,912 on average.
Massachusetts has a median home price of $640,000 whereas Hawaii’s is $713,000.
Head to Alabama ($46,577), Mississippi ($45,906), or Oklahoma ($46,024) if you want to live on a budget.
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The 10 Most Expensive States for Singles to Live in
| RANK | STATE | INCOME REQUIRED |
| 1 | Hawaii | $112,411 |
| 2 | Massachusetts | $87,909 |
| 3 | California | $80,013 |
| 4 | New York | $73,226 |
| 5 | Alaska | $71,570 |
| 6 | Maryland | $67,915 |
| 7 | Vermont | $65,923 |
| 8 | Oregon | $65,763 |
| 9 | Washington | $65,640 |
| 10 | New Jersey | $64,463 |
Gobankingrates.com
Americans are feeling less optimistic about their financial situation as the summer comes to a conclusion and rising prices and interest rates affect people’s appetite to spend.
A business research organization called the Conference Board reported that its consumer confidence index dropped from a revised 114 in July to 106.1 in August.
Analysts anticipated that the reading would be 116.
The index gauges Americans’ perceptions of the nation’s economic situation right now as well as their expectations for the following six months. Significant drops in both metrics were observed in August.
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Source: The Hill
