THE SALARY YOU NEED TO MAKE IT IN USA
Add to favoritesDepending on where you live, the salary you need to get by as a single worker can vary immensely.
In Hawaii, the living wage for single workers is $112,411 — the highest in the U.S. — according to an analysis by personal finance website GOBankingRates.com. To determine the living wage in each state, GOBankingRates calculated the minimum amount a single person would need to follow the 50/30/20 budget, using data from Bureau of Labor Statistics.
Following this outline, 50% of income is used to cover necessities, such as housing and utility costs, 30% goes toward discretionary spending, and 20% is left for savings or investments.
Hawaii’s living wage is more than double what many single people earn, as the U.S median income for single, full-time workers is $57,200, per Labor Bureau data. In Mississippi, however, the living wage is just $45,906, according to GOBankingRates data.
Here’s a look at the five most-costly states for single workers, based on how much money they’d need each year to get by.
Hawaii: $112,411
Massachusetts: $87,909
California: $80,013
New York: $73,226
Alaska: $71,570
Hawaii ranking first is not surprising, as the cost of living there is typically among the highest in the country. Because Hawaii is an isolated chain of islands, most shipping is done by sea rather than by truck or rail, which increases the cost of consumer goods. Land for real estate is also limited, which has driven up home prices.
Similarly, Massachusetts, California and New York require relatively high living wages, largely due to the fact that Boston, Los Angeles and New York City have some of the highest housing costs in the country.
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The salary a single person needs to get by in every U.S. state
Depending on where you live, the salary you need to get by as a single worker can vary immensely.
In Hawaii, the living wage for single workers is $112,411 — the highest in the U.S. — according to an analysis by personal finance website GOBankingRates.com. To determine the living wage in each state, GOBankingRates calculated the minimum amount a single person would need to follow the 50/30/20 budget, using data from Bureau of Labor Statistics.
Following this outline, 50% of income is used to cover necessities, such as housing and utility costs, 30% goes toward discretionary spending, and 20% is left for savings or investments.
Hawaii’s living wage is more than double what many single people earn, as the U.S median income for single, full-time workers is $57,200, per Labor Bureau data. In Mississippi, however, the living wage is just $45,906, according to GOBankingRates data.
Here’s a look at the five most-costly states for single workers, based on how much money they’d need each year to get by.
Hawaii: $112,411
Massachusetts: $87,909
California: $80,013
New York: $73,226
Alaska: $71,570
Hawaii ranking first is not surprising, as the cost of living there is typically among the highest in the country. Because Hawaii is an isolated chain of islands, most shipping is done by sea rather than by truck or rail, which increases the cost of consumer goods. Land for real estate is also limited, which has driven up home prices.
Similarly, Massachusetts, California and New York require relatively high living wages, largely due to the fact that Boston, Los Angeles and New York City have some of the highest housing costs in the country.
Looking at the results as a whole, single workers’ median income of $57,200 only covers the living wage in 30 states.
Single people may have to make sacrifices to get by
Although the study uses the 50/30/20 budget as a guideline for determining living wage, it isn’t always a realistic measure of what people can afford, primarily because of ever-rising housing costs.
That usually means some sort of compromise is needed to make ends meet, whether that’s cutting back on retirement contributions or eliminating other costs, like owning a car. In the case of large, expensive cities, getting a roommate is sometimes the only way a single person can cover their expenses.
While couples can usually find some cost savings by splitting mortgage or rent costs, there is no such discount for single people, which is why they typically spend thousands more on housing each year, compared with what married or people pay.
Location also plays a role. Individuals who earn around $57,200 can live comfortably in more rural states in the South and Midwest, where living costs are much lower.
Again, a lot of that has to do with housing costs. Median home prices in the South and Midwest are $311,800 and $366,600, respectively, much less than the overall U.S. median of $410,200, according to National Association of Realtors data.
Here’s a look at the cost of living in each state, in alphabetical order.
Alabama
Annual living wage for a single person: $46,577
Alaska
Annual living wage for a single person: $71,570
Arizona
Annual living wage for a single person: $60,026
Arkansas
Annual living wage for a single person: $47,111
California
Annual living wage for a single person: $80,013
Colorado
Annual living wage for a single person: $59,218
Connecticut
Annual living wage for a single person: $63,078
Delaware
Annual living wage for a single person: $56,571
Florida
Annual living wage for a single person: $57,064
Georgia
Annual living wage for a single person: $49,051
Hawaii
Annual living wage for a single person: $112,411
Idaho
Annual living wage for a single person: $58,634
Illinois
Annual living wage for a single person: $49,372
Indiana
Annual living wage for a single person: $49,855
Iowa
Annual living wage for a single person: $48,518
Kansas
Annual living wage for a single person: $47,379
Kentucky
Annual living wage for a single person: $47,318
Louisiana
Annual living wage for a single person: $50,087
Maine
Annual living wage for a single person: $60,862
Maryland
Annual living wage for a single person: $67,915
Massachusetts
Annual living wage for a single person: $87,909
Michigan
Annual living wage for a single person: $50,049
Minnesota
Annual living wage for a single person: $51,668
Mississippi
Annual living wage for a single person: $45,906
Missouri
Annual living wage for a single person: $47,771
Montana
Annual living wage for a single person: $57,056
Nebraska
Annual living wage for a single person: $49,009
Nevada
Annual living wage for a single person: $58,580
New Hampshire
Annual living wage for a single person: $62,935
New Jersey
Annual living wage for a single person: $64,463
New Mexico
Annual living wage for a single person: $51,214
New York
Annual living wage for a single person: $73,226
North Carolina
Annual living wage for a single person: $53,531
North Dakota
Annual living wage for a single person: $52,807
Ohio
Annual living wage for a single person: $50,157
Oklahoma
Annual living wage for a single person: $46,024
Oregon
Annual living wage for a single person: $65,763
Pennsylvania
Annual living wage for a single person: $53,838
Rhode Island
Annual living wage for a single person: $59,936
South Carolina
Annual living wage for a single person: $52,222
South Dakota
Annual living wage for a single person: $52,095
Tennessee
Annual living wage for a single person: $48,774
Texas
Annual living wage for a single person: $50,497
Utah
Annual living wage for a single person: $55,293
Vermont
Annual living wage for a single person: $65,923
Virginia
Annual living wage for a single person: $57,293
Washington
Annual living wage for a single person: $65,640
West Virginia
Annual living wage for a single person: $47,732
Wisconsin
Annual living wage for a single person: $53,122
Wyoming
Annual living wage for a single person: $49,666