Gone are the days when a five-figure salary provides a comfortable living for a family of four, based on a recent SmartAsset study.
So just how much money does a family need to live a comfortable American life? The number varies drastically depending on the state you live in.
Living Large (Enough)
SmartAsset set out to determine how much money it takes for a family of four (two working grownups and two children) to live comfortably in each state. They based their calculations on the 50/30/20 budget rule, which is broken down as follows:
50% of income goes towards needs (food, housing, electricity, etc.)
30% of income goes towards wants (the fun things in life)
20% of income goes towards savings and retirement
So, it’s important to note that the incomes we’ll be sharing aren’t the bare minimum necessary for a family of four to survive; it’s the minimum necessary to have a comfortable middle-class lifestyle.
With that in mind, this is how much money it takes for a family of four to live comfortably in each state. We’ve ordered this list from the most to least expensive states. We also included the amount of money it takes for a single person to live comfortably in each state as a reference.
1: Massachusetts
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Income for a family of four to live comfortably: $301,184
Income for a single person to live comfortably: $116,022
2: Hawaii
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Income for a family of four to live comfortably: $294,611
Income for a single person to live comfortably: $113,693
3: Connecticut
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Income for a family of four to live comfortably: $279,885
Income for a single person to live comfortably: $100,381
4: New York
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Income for a family of four to live comfortably: $278,970
Income for a single person to live comfortably: $111,738
5: California
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Income for a family of four to live comfortably: $276,723
Income for a single person to live comfortably: $113,651
6: Colorado
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Income for a family of four to live comfortably: $264,992
Income for a single person to live comfortably: $103,293
7: Washington
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Income for a family of four to live comfortably: $257,421
Income for a single person to live comfortably: $106,496
8: Oregon
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Income for a family of four to live comfortably: $257,338
Income for a single person to live comfortably: $101,088
9: New Jersey
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Income for a family of four to live comfortably: $251,181
Income for a single person to live comfortably: $103,002
10: Rhode Island
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Income for a family of four to live comfortably: $249,267
Income for a single person to live comfortably: $100,838
11: Vermont
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Income for a family of four to live comfortably: $248,352
Income for a single person to live comfortably: $95,763
12: Minnesota
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Income for a family of four to live comfortably: $244,774
Income for a single person to live comfortably: $89,232
13: New Hampshire
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Income for a family of four to live comfortably: $244,109
Income for a single person to live comfortably: $98,093
14: Alaska
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Income for a family of four to live comfortably: $242,611
Income for a single person to live comfortably: $96,762
15: Maryland
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Income for a family of four to live comfortably: $239,450
Income for a single person to live comfortably: $102,918
16: Nevada
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Income for a family of four to live comfortably: $237,286
Income for a single person to live comfortably: $93,434
17: Virginia
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Income for a family of four to live comfortably: $235,206
Income for a single person to live comfortably: $99,965
18: Illinois
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Income for a family of four to live comfortably: $231,962
Income for a single person to live comfortably: $95,098
19: Arizona
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Income for a family of four to live comfortably: $230,630
Income for a single person to live comfortably: $97,344
20: Pennsylvania
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Income for a family of four to live comfortably: $230,464
Income for a single person to live comfortably: $91,312
21: Maine
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Income for a family of four to live comfortably: $229,549
Income for a single person to live comfortably: $91,686
22: Delaware
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Income for a family of four to live comfortably: $228,966
Income for a single person to live comfortably: $94,141
23: Wisconsin
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Income for a family of four to live comfortably: $225,056
Income for a single person to live comfortably: $84,115
24: Utah
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Income for a family of four to live comfortably: $218,483
Income for a single person to live comfortably: $93,683
25: Michigan
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Income for a family of four to live comfortably: $214,490
Income for a single person to live comfortably: $84,365
26: Nebraska
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Income for a family of four to live comfortably: $213,075
Income for a single person to live comfortably: $83,699
27: Georgia
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Income for a family of four to live comfortably: $212,826
Income for a single person to live comfortably: $96,886
28: Montana
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Income for a family of four to live comfortably: $211,411
Income for a single person to live comfortably: $84,739
29: Iowa
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Income for a family of four to live comfortably: $211,411 (tied with Montana)
Income for a single person to live comfortably: $83,366
30: Idaho
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Income for a family of four to live comfortably: $211,245
Income for a single person to live comfortably: $88,733
31: North Carolina
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Income for a family of four to live comfortably: $209,331
Income for a single person to live comfortably: $89,690
32: Ohio
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Income for a family of four to live comfortably: $209,331 (tied with North Carolina)
Income for a single person to live comfortably: $80,704 (tied with Kentucky)
33: Florida
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Income for a family of four to live comfortably: $209,082
Income for a single person to live comfortably: $93,309
34: Indiana
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Income for a family of four to live comfortably: $206,003
Income for a single person to live comfortably: $85,030
35: New Mexico
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Income for a family of four to live comfortably: $203,923
Income for a single person to live comfortably: $83,616
36: Wyoming
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Income for a family of four to live comfortably: $203,424
Income for a single person to live comfortably: $87,651
37: Missouri
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Income for a family of four to live comfortably: $202,259
Income for a single person to live comfortably: $84,032
38: North Dakota
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Income for a family of four to live comfortably: $202,176
Income for a single person to live comfortably: $80,538
39: Texas
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Income for a family of four to live comfortably: $201,344
Income for a single person to live comfortably: $87,027
40: South Carolina
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Income for a family of four to live comfortably: $200,762
Income for a single person to live comfortably: $88,317
41: Kansas
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Income for a family of four to live comfortably: $196,768
Income for a single person to live comfortably: $84,656
42: Tennessee
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Income for a family of four to live comfortably: $195,770
Income for a single person to live comfortably: $86,403
43: Oklahoma
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Income for a family of four to live comfortably: $194,106
Income for a single person to live comfortably: $80,413
44: Alabama
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Income for a family of four to live comfortably: $193,606
Income for a single person to live comfortably: $83,824
45: South Dakota
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Income for a family of four to live comfortably: $192,608
Income for a single person to live comfortably: $81,453
46: Kentucky
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Income for a family of four to live comfortably: $190,112
Income for a single person to live comfortably: $80,704
47: Louisiana
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Income for a family of four to live comfortably: $189,613
Income for a single person to live comfortably: $82,451
48: West Virginia
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Income for a family of four to live comfortably: $189,613
Income for a single person to live comfortably: $78,790
49: Arkansas
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Income for a family of four to live comfortably: $180,794
Income for a single person to live comfortably: $79,456
50: Mississippi
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Income for a family of four to live comfortably: $177,798
Income for a single person to live comfortably: $82,742
The Cali Conundrum
Relatively speaking, it’s cheaper to comfortably raise a family in California than it is for a single person to live comfortably alone. However, given that many California cities consistently make it onto lists of the topmost expensive cities to live in the U.S., the Golden State’s fifth-place ranking might surprise many.
According to U.S. News & World Report, the most expensive cities in California are Los Angeles, Santa Barbara, Santa Rosa, San Diego, and San Francisco. That said, Hartford, Connecticut, tops the list as the most expensive city.
Childcare Woes
SmartAsset’s study assumes two working parents contribute to a household’s income. However, the reality is often much different. Based on 2021 data from the Census Bureau, the price for a single child to have childcare for one year ranged from $4,810 to $15,417. In 2024 dollars, that’s around $5,765 to $18,480. For a family with two children, you can expect those numbers to double.
Depending on how much a parent brings in, it often makes more financial sense for one parent to stay at home with their children rather than go to work and pay for daycare.
Inflation Discriminates
Inflation is cooling off in the U.S., but countless Americans are still feeling its wrath. Many financial experts blame inflation for disproportionately impacting low-income households.
The reason? People in low-income households typically spend a large portion of their money on gas, food, and rent. All of these categories have had higher-than-average inflation rates in recent years. In contrast, middle-income households often have more leeway for navigating inflation, for they can choose to shop at cheaper stores and buy products that aren’t the more expensive brands they usually purchase. Lower-income households usually don’t have this flexibility, for they’re often already buying the cheapest items.
19 Things the Middle Class Won’t Be Able To Afford in 5 Years
If current financial trends continue, middle-class Americans may find things they used to afford unattainable. These are the troubling things that will likely become more difficult to afford in the next five years.
Are you in the market for a home but are tired of high housing prices where you’re looking? If your job allows you to be location-independent, these are the most economical places to live in the US that just might be worth moving to.
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