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Rampant inflation has caused prices of everyday goods, services, and necessities to skyrocket, from rent and gas prices to groceries. As a result, the cost of living has also spiked for millions of Americans. It could be cheaper or more expensive depending on where you're living.
That's why GOBankingRates revealed how much you need to make to live comfortably in every state. According to the website, $65,640 is a livable wage in Washington. Analysts pointed out that the Evergreen State is one of the most expensive states to live in, partly due to higher housing costs.
Here are the Top 10 states with the highest living wages:
- Hawaii ($112,411)
- Massachusetts ($87,909)
- California ($80,013)
- New York ($73,226)
- Alaska ($71,570)
- Maryland ($67,915)
- Vermont ($65,915)
- Oregon ($65,763)
- Washington ($65,640)
- New Jersey ($64,640)
Researchers also revealed how they conducted their research:
"GOBankingRates recently surveyed annual living expenses for a single person in each of the 50 states. The researchers used the 2021 Consumer Expenditure Survey data (the latest available) for a single person from the Bureau of Labor Statistics to calculate the annual cost of necessities based on data from the Missouri Economic Research and Information Center’s 2023 Q1 Cost of Living Data Series. With the cost of necessities in hand, researchers doubled the total annual cost of necessities to determine a living wage that also factors in discretionary spending and savings."