Tuesday, October 3, 2023

How much does it cost to live comfortably in each state?

According to a study by the personal finance portal Go Banking Rates, there are significant differences in the cost of sales between states in the United States, a highly sought-after country for emigration from Latin America or Asia.

To verify this, analysts relied on data from the Bureau of Labor Statistics’ 2021 Consumer Expenditure Survey, the most recent data available.

This information shows the annual cost of a single adult’s basic needs. This amount is then doubled to determine the ideal salary. Not only basic expenses are taken into account, but also savings and other amounts.

This makes Hawaii the state that tops the list of localities where it is most expensive to live freely, requiring an annual income of $112,411 (more than 458 million pesos).

“It is the only place where a person needs to earn six figures to survive, pay for utilities and a few nice purchases, and also put money aside,” the study says.

On the other hand, the state of Wyoming seems to be the most economical with a salary of $49,666 (just over 200 million pesos).

The 10 most expensive states to live in the USA

1. Hawaii: $112,411
2. Massachusetts: $87,909
3. California: $80,013
4. New York: $73,226
5. Alaska: $71,570
6. Maryland: $67,915
7. Vermont: $65,923
8. Oregon: $65,763
9. Washington: $65,640
10. New Jersey: $64,463

The 10 most economically efficient countries

40. South Carolina: $52,222
41. Dakota del Sur: $52,095
42. Tennessee: $48,774
43. Texas: $50,497
44. Utah: $55,293
45. Vermont: $65,923
46. ​​Virginia: $57,293
47. Washington: $65,640
48. West Virginia: $47,732
49. Wisconsin: $53,122
50. Wyoming: $49,666

The study shows that in the most rural states in the South and the Midwest, the cost of living is cheaper, with just $57,200 required to live comfortably.

World Nation News Desk
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