[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. |
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