Living comfortably as a single person in the United States is a goal that many individuals aspire to achieve. However, the money needed to attain this goal varies significantly depending on the state you call home.
In this comprehensive article, we delve into the intricacies of the living wage required for single adults across all 50 states, using the 50/30/20 budget rule as a guideline and drawing upon the most recent data from the MIT Living Wage Calculator.
By exploring the most expensive and affordable states and highlighting some surprising findings, I aim to provide valuable insights and critical takeaways for single individuals seeking to make informed decisions about their finances and lifestyle. We’ll cover the most expensive and affordable states for single adults, as well as some surprising findings and key takeaways.
The 50/30/20 Budget Rule: A Guide to Comfortable Living
The 50/30/20 budget rule is a simple yet effective way to manage your finances and achieve a comfortable lifestyle. This rule suggests allocating 50% of your income to needs (such as housing, food, and transportation), 30% to wants (like entertainment and dining out), and 20% to savings or paying off debt.
By applying this rule to the MIT Living Wage Calculator data, we can determine the income levels needed for a comfortable life in each state.
The Top 10 Most Expensive States for Single Adults
According to the analysis, the top 10 most expensive states for single adults are:
- Massachusetts – $55.78/hour, $116,022/year
- Hawaii – $54.66/hour, $113,693/year
- California – $54.64/hour, $113,651/year
- New York – $53.72/hour, $111,738/year
- Washington – $51.20/hour, $106,496/year
- Colorado – $49.66/hour, $103,293/year
- New Jersey – $49.52/hour, $103,002/year
- Maryland – $49.48/hour, $102,918/year
- Oregon – $48.60/hour, $101,088/year
- Rhode Island – $48.48/hour, $100,838/year
These states have higher living costs due to expensive housing, higher taxes, and other factors that drive up the overall expenses for single adults.
The Top 10 Most Affordable States for Single Adults
On the other hand, the top 10 most affordable states for single adults are:
- West Virginia – $37.88/hour, $78,790/year
- Arkansas – $38.20/hour, $79,456/year
- Oklahoma – $38.66/hour, $80,413/year
- North Dakota – $38.72/hour, $80,538/year
- Kentucky – $38.80/hour, $80,704/year
- Ohio – $38.80/hour, $80,704/year
- South Dakota – $39.16/hour, $81,453/year
- Mississippi – $39.78/hour, $82,742/year
- Louisiana – $39.64/hour, $82,451/year
- Iowa – $40.08/hour, $83,366/year
These states generally have a lower cost of living, with more affordable housing, lower taxes, and other factors contributing to a more budget-friendly environment for single adults.
Surprising Findings: California More Expensive for Singles Than Families
One surprising finding from the analysis is that California ranks as the third most expensive state for single adults, requiring an annual salary of $113,651. However, for two working adults raising two children, California drops to the fifth most expensive state, with a required family income of $276,723.
This discrepancy may be due to higher costs associated with single-person households, such as rent for one-bedroom apartments or the lack of shared expenses that families can benefit from.
Connecticut: Affordable for Singles, Costly for Families
Another interesting observation is that Connecticut ranks 11th most expensive for single adults, requiring an annual salary of $100,381. However, for families with two working adults and two children, Connecticut jumps to the 3rd most expensive state, with a required family income of $279,885.
This difference could be attributed to higher childcare costs and the need for larger housing to accommodate a family, which may not impact single adults as significantly.
Mississippi: Cheapest for Families, Not as Cheap for Singles
Mississippi is the cheapest state for families, requiring a total family income of $177,798 for two working adults raising two children. Surprisingly, though, Mississippi is only the 8th cheapest state for single adults, with a required annual salary of $82,742.
This difference might be due to lower childcare costs and family-friendly policies in the state that benefit families more than single individuals.
Methodology: How the MIT Living Wage Calculator Data Was Analyzed
The MIT Living Wage Calculator is a tool that calculates the cost of living in each state based on various factors such as housing, food, transportation, health care, and taxes. The data used in this analysis was updated to reflect costs as of February 2024 to determine the comfortable income levels for single adults and families. The 50/30/20 budget rule was applied to the living wage data provided by the calculator.
Complete Data: Comfortable Living Wages for All 50 States
How Much Do You Need to Live Comfortably in Each State?
Here is the complete data table, showing the rank, state, hourly wage, and annual salary needed for single adults to live comfortably in all 50 states, along with the rank and income required for two working adults raising two children:
| Rank | State | Hourly wage needed for a single working adult | Salary required for a single working adult | Rank of income needed for a family | Income for two working adults raising two children |
|---|---|---|---|---|---|
| 1 | Massachusetts | $55.78 | $116,022 | 1 | $301,184 |
| 2 | Hawaii | $54.66 | $113,693 | 2 | $294,611 |
| 3 | California | $54.64 | $113,651 | 5 | $276,723 |
| 4 | New York | $53.72 | $111,738 | 4 | $278,970 |
| 5 | Washington | $51.20 | $106,496 | 7 | $257,421 |
| 6 | Colorado | $49.66 | $103,293 | 6 | $264,992 |
| 7 | New Jersey | $49.52 | $103,002 | 9 | $251,181 |
| 8 | Maryland | $49.48 | $102,918 | 15 | $239,450 |
| 9 | Oregon | $48.60 | $101,088 | 8 | $257,338 |
| 10 | Rhode Island | $48.48 | $100,838 | 10 | $249,267 |
| 11 | Connecticut | $48.26 | $100,381 | 3 | $279,885 |
| 12 | Virginia | $48.06 | $99,965 | 17 | $235,206 |
| 13 | New Hampshire | $47.16 | $98,093 | 13 | $244,109 |
| 14 | Arizona | $46.80 | $97,344 | 19 | $230,630 |
| 15 | Georgia | $46.58 | $96,886 | 27 | $212,826 |
| 16 | Alaska | $46.52 | $96,762 | 14 | $242,611 |
| 17 | Vermont | $46.04 | $95,763 | 11 | $248,352 |
| 18 | Illinois | $45.72 | $95,098 | 18 | $231,962 |
| 19 | Delaware | $45.26 | $94,141 | 22 | $228,966 |
| 20 | Utah | $45.04 | $93,683 | 24 | $218,483 |
| 21 | Nevada | $44.92 | $93,434 | 16 | $237,286 |
| 22 | Florida | $44.86 | $93,309 | 33 | $209,082 |
| 23 | Maine | $44.08 | $91,686 | 21 | $229,549 |
| 24 | Pennsylvania | $43.90 | $91,312 | 20 | $230,464 |
| 25 | North Carolina | $43.12 | $89,690 | 31 | $209,331 |
| 26 | Minnesota | $42.90 | $89,232 | 12 | $244,774 |
| 27 | Idaho | $42.66 | $88,733 | 30 | $211,245 |
| 28 | South Carolina | $42.46 | $88,317 | 40 | $200,762 |
| 29 | Wyoming | $42.14 | $87,651 | 36 | $203,424 |
| 30 | Texas | $41.84 | $87,027 | 39 | $201,344 |
| 31 | Tennessee | $41.54 | $86,403 | 42 | $195,770 |
| 32 | Indiana | $40.88 | $85,030 | 34 | $206,003 |
| 33 | Montana | $40.74 | $84,739 | 28 | $211,411 |
| 34 | Kansas | $40.70 | $84,656 | 41 | $196,768 |
| 35 | Michigan | $40.56 | $84,365 | 25 | $214,490 |
| 36 | Wisconsin | $40.44 | $84,115 | 23 | $225,056 |
| 37 | Missouri | $40.40 | $84,032 | 37 | $202,259 |
| 38 | Alabama | $40.30 | $83,824 | 44 | $193,606 |
| 39 | Nebraska | $40.24 | $83,699 | 26 | $213,075 |
| 40 | New Mexico | $40.20 | $83,616 | 35 | $203,923 |
| 41 | Iowa | $40.08 | $83,366 | 28 | $211,411 |
| 42 | Mississippi | $39.78 | $82,742 | 50 | $177,798 |
| 43 | Louisiana | $39.64 | $82,451 | 47 | $189,613 |
| 44 | South Dakota | $39.16 | $81,453 | 45 | $192,608 |
| 45 | Kentucky | $38.80 | $80,704 | 46 | $190,112 |
| 45 | Ohio | $38.80 | $80,704 | 31 | $209,331 |
| 47 | North Dakota | $38.72 | $80,538 | 38 | $202,176 |
| 48 | Oklahoma | $38.66 | $80,413 | 43 | $194,106 |
| 49 | Arkansas | $38.20 | $79,456 | 49 | $180,794 |
| 50 | West Virginia | $37.88 | $78,790 | 48 | $189,363 |
Key Takeaways and Insights for Single Adults Across the US.
The analysis of comfortable wages across the United States reveals a significant variation in the income levels needed for single adults to maintain a relaxed lifestyle. The most expensive states, such as Massachusetts, Hawaii, and California, require annual salaries well over $100,000.
In contrast, the most affordable states, like West Virginia, Arkansas, and Oklahoma, have more manageable income requirements, around $80,000 annually.
This information can be invaluable for single adults considering relocating or evaluating their living situation to make informed decisions about where to live and work. By understanding the cost of living in different states and comparing it to their income potential, single adults can make strategic choices that align with their financial goals and desired lifestyle.
It’s important to note that while striving for a comfortable lifestyle is essential, it’s equally crucial to live within one’s means and make intelligent financial decisions. The 50/30/20 budget rule can be a helpful guideline for single adults looking to balance their expenses, save for the future, and enjoy a comfortable life without overextending themselves financially.
Conclusion
A single person’s living wage to live comfortably varies significantly across the United States. By understanding these differences and using tools like the MIT Living Wage Calculator and the 50/30/20 budget rule, single adults can make informed decisions about where to live and how to manage their finances effectively. Ultimately, balancing income, expenses, and long-term financial goals is the key to a comfortable lifestyle. [1] [2]