Life is pricey, 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 your complete nation. The July 2023 Client Worth Index reported a 3.2% escalation in costs inside the final 12 months on the “all gadgets index.”
However when you’re trying to transfer or relocate for a job, there are some states you may must keep away from—or ask for more cash—relying in your revenue.
Private finance platform GOBankingRates not too long ago performed a survey on the residing prices for a single particular person in all 50 states to seek out the typical annual wage one must maintain themselves in 2023 and located that Hawaii is the No. 1 state with the very best minimal residing wage for singles to get by.
To calculate the yearly bills for necessities, the researchers used information from the 2021 Client Expenditure Survey from the Bureau of Labor Statistics, specializing in prices for a single particular person. After acquiring the important value 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.
On condition that housing constitutes a big portion comprising a residing wage, it is no accident that the states requiring the very best common revenue for a person have all seen aggressive and skyrocketing housing costs. In keeping with a separate report by RentCafe launched in August, the 4 states with the very 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 very best minimal residing wages for a person in 2023, in keeping with the report, in addition to the typical hire, per RentCafe.
1. Hawaii
Earnings required: $112,411
Common hire for a one-bedroom condominium: $2,532
2. Massachusetts
Earnings required: $87,909
Common hire for a one-bedroom condominium: $2,737
3. California
Earnings required: $80,013
Common hire for a one-bedroom condominium: $2,541
4. New York
Earnings required: $73,226
Common hire for a one-bedroom condominium: $2,660
5. Alaska
Earnings required: $71,570
Common hire for a one-bedroom condominium: $1,397
6. Maryland
Earnings required: $67,915
Common hire for a one-bedroom condominium: $1,816
7. Vermont
Earnings required: $65,923
Common hire for a one-bedroom condominium: $1,895
8. Oregon
Earnings required: $65,763
Common hire for a one-bedroom condominium: $1,735
9. Washington
Earnings required: $65,640
Common hire for a one-bedroom condominium: $1,988
10. New Jersey
Earnings required: $64,463
Common hire for a one-bedroom condominium: $2,228
