JACKSONVILLE, Fla. — A new study found that living comfortably in Florida and Georgia requires a mid-range salary.
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Smart Asset ranked all 50 states by the highest annual salary needed for a single adult to live comfortably. The company used the 50/30/20 rule, which recommends spending 50% of your budget on basic needs like food and housing, 30% on wants and 20% toward savings or paying off debt.
The organization then compared that to the cost of living in each state based on the MIT Living Wage Calculator.
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The study found that people living in Florida or Georgia need mid-range salaries to live comfortably.
Georgia ranked #15 most expensive state to live in overall. The hourly wage needed for a single adult is $46.58 and the salary wage is $96,886 a year.
However, Georgia drops to #27 for the income required for a family. The income needed for 2 working adults raising 2 children is $212,826 a year.
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On the other hand, Florida ranked #22 most expensive state to live in overall. Single adults in Florida must make either $44.86 per hour or $93,309 a year on salary.
Florida drops to #33 for the income required for a family. The income needed for 2 working adults raising 2 children is $209,082 a year.
CLICK HERE to check out the ranking for each state.
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