Updated on April 10, 2024. Written by Jaclyn DeJohn. Edited by Arturo Conde, CEPF®. From: https://smartasset.com/data-studies/state-salary-living-comfortably-2024
Outside of the big cities, life can be cheaper for many Americans. Though, after years of high inflation, cost increases have affected almost everyone. If you aspire to maintain a comfortable lifestyle, the 50/30/20 budget rule recommends spending approximately 50% of your income on basic needs like food and housing, 30% on wants and putting away the remainder toward savings or paying off debt.
Keeping this in mind, SmartAsset applied the 50/30/20 budget rule to cost of living data in each U.S. state to determine how much income a single adult needs to live comfortably, as well as two working adults raising two children. Woah! Massachusetts!
