As the cost of living continues to rise in the U.S., a family of four needs to earn more than ever to live “comfortably,” according to a new report by GOBankingRates.
Using data from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center’s 2024 Cost of Living data series, GOBankingRates researchers analyzed annual living expenses for a family of four in all 50 states. For the report, a “living wage” is defined as the income required to cover 50% of necessities, 30% for discretionary spending, and 20% placed into savings.
The data tells an expensive story.
Every state’s living wage was at least $82,000 a year. In 26 states, a family of four has to earn at least $100,000 a year to be considered “financially secure,” while in four states, a family of four would need to earn $150,000 to have a living wage: Hawaii ($259K), Massachusetts ($200K), California ($188K), and New York ($155K).
Related: Millions of Americans Are Getting a Pay Bump This Year. Here’s Where.
States once considered “affordable,” according to the report, (Florida, Virginia, Wisconsin, and North Carolina) now require a family of four to earn more than $100,000 to be “comfortable.”
Here are the most and least expensive states with living wages needed for a family of four.
Least expensive:
1. West Virginia
- Living wage for a family of four: $82,338
- Annual cost of housing: $13,454
- Annual cost of groceries: $5,731
- Annual cost of healthcare: $7,465
2. Mississippi
- Living wage for a family of four: $87,564
- Annual cost of housing: $15,846
- Annual cost of groceries: $6,750
- Annual cost of healthcare: $7,373
3. Alabama
- Living wage for a family of four: $87,607
- Annual cost of housing: $15,670
- Annual cost of groceries: $6,675
- Annual cost of healthcare: $6,949
4. Kansas
- Living wage for a family of four: $87,944
- Annual cost of housing: $15,517
- Annual cost of groceries: $6,610
- Annual cost of healthcare: $7,141
5. Arkansas
- Living wage for a family of four: $88,312
- Annual cost of housing: $16,504
- Annual cost of groceries: $7,030
- Annual cost of healthcare: $6,617
Related: Young People Earning More Than $200,000 a Year Are Fleeing 1 U.S. State — and Flocking to 2 Others
Most expensive:
46. Alaska
- Living wage for a family of four: $136,990
- Annual cost of housing: $25,854
- Annual cost of groceries: $11,013
- Annual cost of healthcare: $11,290
47. New York
- Living wage for a family of four: $155,738
- Annual cost of housing: $37,354
- Annual cost of groceries: $15,912
- Annual cost of healthcare: $8,607
48. California
- Living wage for a family of four: $188,269
- Annual cost of housing: $45,891
- Annual cost of groceries: $19,549
- Annual cost of healthcare: $8,213
49. Massachusetts
- Living wage for a family of four: $199,671
- Annual cost of housing: $49,600
- Annual cost of groceries: $21,129
- Annual cost of healthcare: $10,033
50. Hawaii
- Living wage for a family of four: $258,918
- Annual cost of housing: $66,412
- Annual cost of groceries: $28,290
- Annual cost of healthcare: $9,540
Read the full report to see where all 50 states rank, click here.