Life is dear, and in these states, it is even worse.
With the continuing surge of the price of residing, the minimal revenue required for a person to maintain themselves has risen throughout the whole nation. The July 2023 Shopper Value Index reported a 3.2% escalation in costs inside the final 12 months on the “all gadgets index.”
However in the event you’re seeking to transfer or relocate for a job, there are some states you may must keep away from—or ask for extra money—relying in your revenue.
Private finance platform GOBankingRates lately performed a survey on the residing prices for a single particular person in all 50 states to seek out the common annual wage one must maintain themselves in 2023 and located that Hawaii is the No. 1 state with the best minimal residing wage for singles to get by.
To calculate the yearly bills for necessities, the researchers used information from the 2021 Shopper Expenditure Survey from the Bureau of Labor Statistics, specializing in prices for a single particular person. After acquiring the important price information, researchers then doubled it to calculate a residing wage, accounting for discretionary expenditures and financial savings.
In Hawaii, a single particular person wants a six-figure revenue of $112,411 to satisfy primary wants. The state with the second highest is Massachusetts at $87,909, adopted by California at $80,013, and New York at $73,226.
Provided that housing constitutes a big portion comprising a residing wage, it is no accident that the states requiring the best common revenue for a person have all seen aggressive and skyrocketing housing costs. In accordance with a separate report by RentCafe launched in August, the 4 states with the best residing wage necessities are additionally among the many ranks for the most costly common hire within the nation.
Associated: 7 of the ten Most Costly Cities to Reside within the U.S. Are in One State
Listed below are the ten states within the U.S. with the best minimal residing wages for a person in 2023, based on the report, in addition to the common hire, per RentCafe.
1. Hawaii
Earnings required: $112,411
Common hire for a one-bedroom house: $2,532
2. Massachusetts
Earnings required: $87,909
Common hire for a one-bedroom house: $2,737
3. California
Earnings required: $80,013
Common hire for a one-bedroom house: $2,541
4. New York
Earnings required: $73,226
Common hire for a one-bedroom house: $2,660
5. Alaska
Earnings required: $71,570
Common hire for a one-bedroom house: $1,397
6. Maryland
Earnings required: $67,915
Common hire for a one-bedroom house: $1,816
7. Vermont
Earnings required: $65,923
Common hire for a one-bedroom house: $1,895
8. Oregon
Earnings required: $65,763
Common hire for a one-bedroom house: $1,735
9. Washington
Earnings required: $65,640
Common hire for a one-bedroom house: $1,988
10. New Jersey
Earnings required: $64,463
Common hire for a one-bedroom house: $2,228