Living on your own can be a financial challenge, and in most states, you’ll need to earn around $45,000 annually to cover basic expenses. This figure, derived from SmartAsset’s analysis, considers housing, transportation, healthcare, taxes, and other essential costs, as tracked by the MIT Living Wage calculator.
Income Requirements Vary by State
The amount needed to get by can differ widely depending on your location, primarily due to variations in housing costs and taxes. For example, states like Massachusetts, California, and Hawaii have housing costs that are more than double those in states with the lowest living costs.
States with the Highest Living Wage Requirements
- Massachusetts: $58,009
- Hawaii: $56,841
- California: $56,825
- New York: $55,878
- Washington: $53,242
To meet the annual income requirement in Massachusetts, you would need to earn about $28 per hour over a 40-hour work week. In contrast, West Virginia has the lowest annual income requirement at $39,386, which equates to approximately $19 per hour.
Read: Work-Life Balance in the Digital Age: Strategies for Disconnecting and Recharging
Minimum Wage Discrepancy
Despite these figures, the federal minimum wage remains at $7.25 per hour, significantly below what is needed in most states to cover basic expenses. Many minimum wage workers rely on tips or must cut costs elsewhere to make ends meet. Even in states with higher minimum wages, these wages often fall short of the estimated living wage.
Living Wage Across All States
Below is a breakdown of the minimum annual income a single person needs to get by in each U.S. state:
- Alabama: $41,911
- Alaska: $48,375
- Arizona: $48,677
- Arkansas: $39,724
- California: $56,825
- Colorado: $51,644
- Connecticut: $50,194
- Delaware: $47,064
- Florida: $46,645
- Georgia: $48,448
- Hawaii: $56,841
- Idaho: $44,366
- Illinois: $47,559
- Indiana: $42,510
- Iowa: $41,678
- Kansas: $42,337
- Kentucky: $40,355
- Louisiana: $41,233
- Maine: $45,844
- Maryland: $51,460
- Massachusetts: $58,009
- Michigan: $42,187
- Minnesota: $44,626
- Mississippi: $41,361
- Missouri: $42,024
- Montana: $42,374
- Nebraska: $41,849
- Nevada: $46,727
- New Hampshire: $49,045
- New Jersey: $51,504
- New Mexico: $41,807
- New York: $55,878
- North Carolina: $44,848
- North Dakota: $40,262
- Ohio: $40,359
- Oklahoma: $40,211
- Oregon: $50,553
- Pennsylvania: $45,661
- Rhode Island: $50,418
- South Carolina: $44,152
- South Dakota: $40,718
- Tennessee: $43,196
- Texas: $43,508
- Utah: $46,850
- Vermont: $47,892
- Virginia: $49,973
- Washington: $53,242
- West Virginia: $39,386
- Wisconsin: $42,062
- Wyoming: $43,823
Understanding these figures can help you better plan your finances, especially if you are considering relocating. The disparities highlight the importance of considering local cost of living when evaluating job opportunities and lifestyle choices.
Latest Post –
-
13 Unspoken Rules of Womanhood That Every Female Should Know
In the intricate tapestry of womanhood, there are unspoken rules that bind us together, creating a sense of solidarity and mutual respect. These rules, often referred to as “girl code,” … Read more
-
This State Has the Most Deer in America
Deer populations in the United States have seen a remarkable recovery, with current estimates ranging between 35 and 36 million. Once on the verge of extinction due to excessive hunting, … Read more
-
10 Celebrities Who Discovered Their Famous Relatives on “Finding Your Roots”
Discovering unexpected family ties among celebrities has always been a fascinating subject, especially when it involves some of the biggest names in Hollywood. “Finding Your Roots,” a popular genealogy documentary … Read more
-
Avoid Answering Calls from These Area Codes: Scam Phone Numbers Guide
Be Cautious of Calls from These Area Codes In today’s digital age, phone scammers are constantly evolving their tactics, such as utilizing AI voice scams. To protect yourself from these … Read more