Ashousing price skyrocketaround the commonwealth , more renters and first - time homebuyers are flee large metropolis for place that offer a scummy price of living . interestingness rates , rent hikes , inflation , andlagging wagesare pushing manyMillennialsand members ofGen Zto prioritize affordability when planning the next phases of their lives and careers .
Unfortunately , big cities like New York and Los Angeles do n’t have a monopoly on priciness . Most topographic point feel expensive these day , but some land are still easier on your wallet than others . To see which U.S. commonwealth are the most affordable and which are the least , check out the listing below .
The Most and Least Expensive States
SmartAssetrecently calculated theincome a single grownup working full - meter would need to bring in to subsist well in each state of matter . To specify “ comfortably , ” the financial technology caller leaned on the50/30/20 ruleof budgeting . This guideline order that only 50 per centum of one ’s salary should go to requirement like caparison , groceries , and utilities , while 30 percent should be directed to discretionary spending ( dining out , entertainment , etc . ) . That leaves 20 percent for savings . In other words , to “ last comfortably ” mean you ’re not just surviving paycheck to paycheck — you’re able to pass over all your expenses and still have enough to save and occassionally fling .
To no one ’s surprise , commonwealth like California , Hawaii , and New York ranked as some of the most expensive place to call nursing home . edge them out for the top situation was Massachusetts , which requires an eyebrow - raising salary of $ 116,022 for a prosperous lifestyle . That mean a resident physician needs to make $ 55.78 per minute to afford economic rent , nutrient , and more while having a bit left over in the banking concern .
On the opposite ending of the scale leaf , West Virginia is the most low-cost state to call home , requiring an average earnings of just $ 78,790 , which works out to around $ 37.88 an time of day . But , according to theBureau of Labor Statistics , even that number is too mellow for most masses , as the typical salary for individual , full - time doer in the U.S. is some $ 60,000 .
For a look at where your land ranks in terms oflivability , check out the full tilt below .
The Salary Required to Live Comfortably in All 50 States
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