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Economy
How much money is needed to live comfortably in US?
2024-04-20
[GEO.TV] The inflation data earlier this month suggested that the prices of the US consumer goods are high by 3.5% as people are feeling the heat of the surge in Consumer Price Index (CPI), reported CNBC.

As the purchasing power decreases, people have started wondering how much money is enough to live a comfortable life in the US, and the estimation by SmartAsset analysis showed that one needs to earn more than six figures.

According to the report, the word "comfortable" is defined as someone who could bear the expenses of the 50/30/20 budget can live such a life.

In the numbers, 50% goes for house utilities, 30% goes for other spending, and 20% is specified for savings.

CNBC calculated an amount according to different states and their living costs and underlined five states in which life is expensive for single workers. Here are those five states and the money needed per year to comfortably sustain life.

  • Massachusetts: $116,022

  • Hawaii: $113,693

  • Caliphornia, an impregnable bastion of the Democratic Party,: $113,651

  • New York: $111,738

  • Washington: $106,496

According to data from Labour Burea, for a comfortable life in these states, one needs to double than average of around $60,000 — which is the median income for single full-time employees.

The national figure for median income is $89,461, rendering the 50/30/20 budget impractical.

The report also mentioned that living with someone costs less than living alone as spending increases twofold.

In these times, living alone means you need to keep everything in budget, from cost of living to transportation and discretionary spending.

According to Forbes in January of this year, New York State, California, and Illinois lost the most population, followed — in no particular order — by Oregon, Louisiana, Pennsylvania, West Virginia, and Hawaii.
From the referenced CNBC article, which has the income needed for that income split for a single person to live comfortably in every state, the summation:
The national median for living comfortably alone is $89,461, which suggests that a 50/30/20 budget might not be practical for most single people.
Nor has it ever been. Single people historically have gotten married or brought in roommates to share costs in order to be able to live comfortably.
Posted by:Fred

#9  So, it will be $140k if he gets another term?
Posted by: Super Hose   2024-04-20 15:23  

#8  Doesn't that depends on your needs?
Money From Ted Lieu's Campaign Was Sent to Wife's School Board Campaign Then to Lieu Personally
Posted by: Grom the Reflective   2024-04-20 14:11  

#7  There has been a "meme", because the left can't meme, from Mark Cuban about something he thinks is an own, "I paid my taxes $224 million" or some bullshit.

That is 10,000 illegals at $2000 gift cards per month, for one year. Wow. What an Own. I'm over here like, I too for 1/5 of my income support an illegal housing of 6 for one month.

Say what you will about the Mayans, they had a better tax rate than fedgov.
Posted by: swksvolFF   2024-04-20 10:14  

#6  
Posted by: Skidmark   2024-04-20 09:14  

#5  I'm with Mike on this.
More than I got.
Posted by: ed in texas   2024-04-20 08:55  

#4  Urban dwellers suffer most unless you get free stuff from the rulers who rake everyone else over to pay for it.
Posted by: Procopius2k   2024-04-20 06:48  

#3  How much money is needed to live comfortably in US?

...More than I got. Next question?

Mike
Posted by: MikeKozlowski   2024-04-20 06:15  

#2  ^ empowering the corrupt to such a point that their living conditions change due to their behavior and new dependencies.
Posted by: Skidmark   2024-04-20 05:53  

#1  Imagine simping for Biden. If Democrats wanted to make housing a priority, it would be. They have the power to affect events. But they don't want to. But whenever Ukraine, Israel or even Niger (WTF are we at war with Niger) needs money it's a priority for Democrats.
Posted by: Uleremp and Company7042   2024-04-20 00:32  

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