The amount of money needed by a family of four to survive varies in different US states, however, as per recent research a family needs at least $100,000 to get by in some states.
According to data from the Bureau of Labour Statistics, a living wage is the amount of money that a family of four would need to make in order to adhere to the 50/30/20 budget.
A married couple with two kids, the eldest of whom is 6 to 17 years old, is considered to be a family of four.
A 50/30/20 budget allocates 50% of your income to needs, such as housing and electricity, 30% to discretionary expenses, and 20% is set aside for savings or investments.
According to research by personal finance website GOBankingRates.com, Hawaii has the highest living salary in the nation for a married couple with two kids at $182,900.
Hawaii is by far the most expensive state for a family of four, although there are 12 other states that are less expensive.
Unsurprisingly, the cost of living, particularly for housing, is among the highest in the nation in all of these states.
Hawaii has the highest property prices of all the states. This is primarily due to Hawaii's isolated chain of islands, where a lack of available land has caused property prices to rise.
Since the majority of commodities are delivered by sea to Hawaii, transportation expenses have also increased. These greater expenses are then frequently passed on to customers in the form of higher prices.
A sizable living wage is also necessary in Massachusetts, California, and New York because their major cities have some of the highest housing expenses in the nation.
The South and the Midwest, where housing costs are often lower than in other parts of the country, are the states with the lowest living wages.
Mississippi has the lowest living wage of all the states, with an annual cost of $73,381 for a family to get by, which is less than half of what a family would require in Hawaii.
The average salary for married couples with two kids, ages 6 to 17, is $139,993, according to GOBankingRates. According to the survey, most households have two income earners, with an average of 1.8 earners per family.
Even with two salaries, which is a benefit, not every family can afford the price of a 50/30/20 budget in their state, mostly because of growing home costs, reported CNBC.
Here’s a look at the living wage needed for a family of four in every US state, in alphabetical order.
Here's a list of annual living wages needed by a family of four in these US states:
New Hampshire: $100,436
New Jersey: $104,770
New Mexico: $82,047
New York: $118,127
North Carolina: $84,957
North Dakota: $83,852
Rhode Island: $95,929
South Carolina: $84,062
South Dakota: $83,708
West Virginia: $76,905