The Cost of Living In The US Depends On What State You Live In
The high cost of living in the United States varies depending on which state you reside in, according to Business Insider.
Unfortunately, many Americans are constantly worrying about money and not having enough to save. The ability to financially secure comprises the ability to cover expenses, spending money for events or fun, and contributing to savings known as the "living wage"
However, the living wage depends on what state you live in. GoBankingRates conducted a study to determine the necessary living wage in each state using the 50/30/20 budgeting rule. The budgeting rule states that 50 percent of income should go to necessities, 30 percent to discretionary money, and 20 percent to savings.
Business Insider listed the living wage, median household income, and median price of homes currently listed in all 50 states. The median necessary living wage in the entire country is $67,690. However, states like Hawaii require $136,000 to live comfortably while states like Mississippi only require $58,321.
The high cost of living in the United States varies depending on which state you reside in.