This is the living wage in each state in 2024
As prices rise, so does the cost of living. But the increases aren’t uniform across the US. This is the amount necessary to live comfortably in each state.
As prices increase, the cost of living also becomes more expensive. It becomes more difficult to shop at the supermarket, pay rent or the mortgage, as well as health, transportation and education expenses, among others.
According to the Consumer Price Index report for March, the most recent, inflation increased 0.4 percent on a seasonally adjusted basis, the same increase as in February.
On the other hand, over the past 12 months, the all-items index increased 3.5 percent before seasonal adjustment, up from 3.2% in February.
According to the Bureau of Labor Statistics (BLS) report, the index for housing and the gasoline both increased in March. Combined, these two indices contributed more than half of the monthly index increase for all articles.
This is the living wage in each state in 2024
The cost of living can vary from one place to another within the United States, since in some areas it is cheaper or more expensive to cover certain needs, so it is important to know what the living wage is what it takes to live in a place.
The “living wage” is defined as the income necessary to cover 50% of needs, 30% for discretionary/luxury expenses and 20% for savings or, in short, the salary necessary to live comfortably.
According to an analysis by GOBankingRates, based on data from the 2022 Consumer Expenditure Survey, this is the salary needed to live comfortably in each state of the country.
- Alabama: $63,074
- Alaska: $97,546
- Arizona: $83,561
- Arkansas: $62,976
- California: $110,333
- Colorado: $80,652
- Connecticut: $87,380
- Delaware: $74,285
- Florida: $76,410
- Georgia: $66,261
- Hawaii: $148,683
- Idaho: $73,594
- Illinois: $67,424
- Indiana: $67,728
- Iowa: $66,360
- Kansas: $64,254
- Kentucky: $66,829
- Louisiana: $66,399
- Maine: $84,628
- Maryland: $87,865
- Massachusetts: $120,416
- Michigan: $67,589
- Minnesota: $70,115
- Mississippi: $63,408
- Missouri: $65,152
- Montana: $77,424
- Nebraska: $66,972
- Nevada: $78,851
- New Hampshire: $84,394
- New Jersey: $84,278
- New Mexico: $69,539
- New York: $100,205
- North Carolina: $71,690
- North Dakota: $70,793
- Ohio: $68,307
- Oklahoma: $63,893
- Oregon: $90,851
- Pennsylvania: $70,008
- Rhode Island: $81,866
- South Carolina: $68,221
- South Dakota: : $68,687
- Tennessee: : $65,750
- Texas: $68,211
- Utah: $79,127
- Vermont: $88,598
- Virginia: $76,264
- Washington: $90,480
- West Virginia: $61,842
- Wisconsin: $71,524
- Wyoming: $68,563
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What is the cost of living index?
Broadly speaking, the cost of living is the amount of money necessary to maintain a certain standard of living by covering expenses such as housing, food, taxes and health care.
In the United States, since 1968, the Council for Community and Economic Research (C2ER) has collected and published cost of living index data at the state and local levels.
According to this organization, the Cost of Living Index measures regional differences in the cost of consumer goods and services, excluding taxes and expenses not related to consumption, for professional and managerial households in the quintile higher income.
This indicator is based on more than 90,000 prices covering 60 different items. The index is based on six main component categories: housing, utilities, groceries, transportation, health care, and miscellaneous goods and services.