Financial Strain: The High Cost Of Living Alone In America's Most Expensive States

The study defined 'comfortable' living as being able to adhere to the 50/30/20 budget rule, which allocates 50 percent of income for necessities such as housing, food, and utilities, 30 percent for discretionary spending, and 20 percent for savings, investments, and debt repayment.

According to the findings, Massachusetts tops the list as the most expensive state for a single worker, requiring an annual income of $116,022 to live comfortably. This revelation underscores the impact of persistent inflation and rising interest rates on household budgets, rendering solo living unaffordable for many Americans in certain states.

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The four most expensive states, including Hawaii, California, and New York, in addition to Massachusetts, necessitate a single worker to earn over $111,000 for a comfortable lifestyle. This figure is nearly double the average annual income of most single earners. As reported by CNBC, citing Labor Bureau data, the US median income for a single full-time worker is approximately $60,000.

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The national median for living comfortably alone is $89,461, implying that a balanced 50/30/20 budget is beyond the reach of Americans residing in half of the states, based on the SmartAsset data. The study utilized data from the MIT Living Wage Calculator to determine the income required for each state, factoring in the cost of essential expenses including housing, food, transportation, and income taxes.

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While the study highlighted the need for a six-figure salary for comfortable living in the 11 most expensive states, it identified West Virginia as the state requiring the lowest income. A single adult would need a salary of $78,790, or an estimated pre-tax hourly wage of $37.88, to live comfortably in West Virginia. Arkansas was identified as the second least expensive state, requiring a salary of $79,456.

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The financial strain on households has been exacerbated by inflation, increased interest rates, and the resumption of student loan payments for some in October. Interest rates are currently at a 23-year high of between 5.25 and 5.5 percent, and a higher-than-anticipated inflation report has dampened hopes for a rate cut in the near future.

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Federal Reserve Chairman Jerome Powell, speaking in Washington DC, indicated that it would take longer than anticipated to bring inflation down to the central bank's 2 percent target, suggesting a delay in rate reduction as well.

Living alone also incurs additional costs, often more than double those incurred when living with another person, a phenomenon referred to as the 'singles tax'. According to a Zillow analysis released earlier this year, Americans living alone pay an annual premium of $7,110.

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The SmartAsset study also examined the income required for two working adults raising two children to live comfortably in each state. Massachusetts again emerged as the most expensive state, necessitating a staggering income of $301,184. California, the third most expensive state for a single adult, ranks fifth for a family of four, requiring a total family income of at least $276,724.

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Connecticut, the third most expensive state for raising a family, ranks only 11th for single adults, requiring a salary of $100,380 for a single adult and $279,884 for a family of four. Mississippi, on the other hand, is the least expensive state for raising children, with a family of two adults and two children needing approximately $177,798 to cover their basic needs, wants, and savings goals, according to SmartAsset.