Human Interest

Compare Your Salary to the Median Salary in Your State

If you've ever wondered how much your salary compares to the median salary in your state, then there's some new research out from financial experts that answers your question. With inflation rising steadily over the past decade, it's goes without saying that $10 doesn't buy you what it did a few years ago. So, median salaries have certainly shifted over the years. That median salary also differs a lot depending on your state. So, here's a tally of the latest median salaries, so you can compare your salary to the median salary in your state. Your Salary vs. the Median Salary in Your State The experts at SmartAsset.com have put together some research on the median salary in every state in America. They note that in general, living outside of big cities is more reasonable when it comes to spending for most Americans. However, they say that inflation has impacted all Americans, not just those in big cities, even though inflation has been slowing. "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," they mention. So, with that information, the experts at SmartAsset.com used that 50/30/20 budget rule, including Labor Bureau data, to figure out the cost of living data in every U.S. state and determine how much income a single adult requires to live comfortably. They also calculated that figure for two working adults raising two children. What SmartAsset found was that the most expensive state to live comfortably in is Massachusetts. There, "a single adult needs to make at least $116,022 to cover basics, wants and savings in Massachusetts, or $55.78 per hour." That's such a high figure. If you're a family of four, that number jumps to $301,184. Yikes. The least expensive state for a single adult is actually West Virginia, at $78,790 per year or an estimated $37.88 per hour pre-tax. The cheapest state to raise a family, with that four-adult family figure, is Mississippi, where a family needs $177,798 to live comfortably and cover those basic needs, desires and savings goals. So, when it comes to a single person, Massachusetts is the most expensive state to live comfortably in at $116,022 per year. Hawaii is No. 2 at $113,693, and California is No. 3 at $113,651. Looking down the list, New Jersey is No. 7 on that list at $103,002 per year; and Georgia is No. 15 at $96,886. Other figures include Michigan at around $84,000 per year; Pennsylvania at $91,000; Delaware at $94,000; Nevada and Florida at $93,000; North Carolina at $90,000; and South Carolina at $88,000. I find these numbers fascinating. Find the full list of median incomes for singles at this location and families at this spot. Reach out to me with your thoughts, too. [select-listicle listicle_id="772767" syndication_name="simple-habits-of-millionaires-by-experts" description="no"]

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