A recent survey used data from the Bureau of Labor Statistics to determine the average “Living wage” for each state. Certified Financial Planner Paul Fain reviews the most expensive and least expensive states to live in.
PAUL, FOR THE STUDY, HOW WAS A “LIVING WAGE” CALCULATED?
The study used the 50/30/20 budgeting rule — which allocates:
- 50% of income to necessities,
- 30% to discretionary expenses,
- 20% to savings (or a combination of savings & debt reduction)
I ASSUME NEW YORK WAS AMONG THE MOST EXPENSIVE CITIES TO LIVE IN…
Yes, the 3 most expensive states to live in are:
- New York: $95,724
- California: $99,971
- Hawaii: $136,437
BASED ON THIS STUDY’S FORMULA, WHAT WAS THE LIVING WAGE FOR TENNESSEE?
- Tennessee: $60,682
- The lowest was Arkansas: $59,461
FAST MARKET FACT: Tennessee’s Average Wage = $41,296
QUESTION FOR OUR MONEYMAN?
Send them to Paul@assetplanningcorp.com!
You can also reach Paul by using the contact page on APC’s website.