This Is the Living Wage You Need in All 50 States

This Is the Living Wage You Need in All 50 States
Joel Anderson
Wed, November 25, 2020, 10:00 AM MST

Making a livable wage can be a lifelong struggle. The mounting costs of housing and basic necessities can quickly add up, leaving you scraping to make ends meet rather than saving and building wealth. And depending on where you call home, that situation can be considerably worse.

That’s why GOBankingRates conducted a study to identify the annual living wage needed to live comfortably in each of the 50 states, revealing that even if you’re comfortably middle class in one region, that doesn’t mean you won’t be living paycheck to paycheck in another.

Not to be confused with the minimum wage, we define the “living wage” as the income you need to cover necessary and discretionary expenses while still contributing to savings. Using data from the Bureau of Labor Statistics and the 50/30/20 budgeting rule — which allocates 50% of your income to necessities, 30% to discretionary expenses and 20% to savings — the study found what you would need to earn to comfortably cover your basic needs while still saving for the future. But the results reveal that the average salary in your state might not be enough to do just that.

https://www.yahoo.com/finance/news/living-wage-50-states-170000972.html