New York’s Cost of Living: What’s the Minimum Income to ‘Get By’?
How much a New Yorker must make to be considered “getting by” may surprise you.
Everyone has been heavily struck by inflation, as we all know. However, things have always been a little more expensive in New York State than they are elsewhere. That must be the cost of living in the best state in the nation, I suppose.
New York appears to have it all, from the splendor of Niagara Falls and the Finger Lakes to the fall foliage of the Hudson Valley and closeness to the biggest metropolis in the world. Except for affordable housing, just taxes, and a decent cost of life.
The fourth-most expensive state to live in is New York.
According to a recent study of annual living costs by state, New Yorkers need to earn much more than residents of most other states merely to get by.
According to the survey, New York State is the fourth most expensive state to live in. It was performed by GoBankingRates.com. This is primarily a result of the state’s expensive housing market.
Hawaii, Massachusetts, Massachusetts, California, New York, and Alaska are the top five most expensive states.
Hawaii is the only state where single earners need to bring in six figures just to make ends meet because of its extreme isolation. For islanders, the minimum living wage is $112,411.
Read Also: California’s High Cost of Living: How Much Do You Need to Earn to Survive?
How Much Money Must You Earn in New York to Survive?
The majority of New Yorkers do not make a living wage. The average yearly wage in New York State is $50,800, or $24 per hour, according to ZipRecruiter.
Unfortunately, earning this amount won’t even keep you afloat and will have a significant negative influence on your capacity to accumulate savings for the future.
According to the report, New York single earners need to bring in at least $73,226 yearly to make ends meet. Anyone making less than that is therefore considered to be in need.
What States Are Most Affordable to Live in?
Mississippi has the lowest cost of living, with a living salary of only $45,906 per year.
Simply put, this demonstrates that you get what you pay for.
Mississippi is frequently recognized as one of the least healthy, least educated, and poorest states in the nation even though you don’t need much money to live there.
Oklahoma, Alabama, Arkansas, and Kentucky make up the final five, with a living wage of under $48,000 in each of these states.
Read Also: US Treasury Direct Implements Account Freezing Measures
Source: nj101.5
