A single adult earning less than $80,000 per year cannot afford to live comfortably in a single U.S. state, a new report found.
The report, released by SmartAsset on June 4, also revealed that families of four must earn more than $200,000 to live comfortably in nearly every state.
To reach these conclusions, SmartAsset — a personal finance site — used data from the Massachusetts Institute of Technology’s Living Wage Calculator to quantify the baseline costs of living for single adults and families with two adults and two children.
Factoring into these costs are housing, transportation, taxes and other items.
Using these baseline costs, the site then applied the 50/30/20 budgeting rule — under which 50% of income goes toward necessities, 30% goes toward discretionary spending and 20% go