State by State Chart of Income Needed for Living

[farmerjohn]

Hey Fellers, looking at the news this morning and saw this..... wondering how accurate it is. Arkansas is pretty close.....if you read the fine print and see that it is figured for a single adult...
John

 

[WSnyder]

AZ and NM sounds high. I know of many making it on far less. Maybe if you were starting today from scratch and needed to buy a home it might be that high? I know some young couples here that can’t buy a home and have expressed that they don’t know if they ever will be able to.

 

[Forum Boss]

For further explanation, the graphic states that these numbers (by state) are based on a "50/30/20 budget, allocating 50% of earnings to necessities, 30% to discretionary spending, and 20% to savings."

I would guess that with inflation, less than a quarter of American families are sending 20% to savings.

 

[Mcrider55]

My wife and I have no debt, live in a magnificent home on 5 acres in rural Arkansas. Everything we have is paid for and do it on a far less than the $79K the chart shows..
The key is no debt and living in a very low tax state.

 

[farmerjohn]

My wife and I have no debt, live in a magnificent home on 5 acres in rural Arkansas. Everything we have is paid for and do it on a far less than the $79K the chart shows..
The key is no debt and living in a very low tax state.

Hey Fellers, like wise ,we live in decent housing and have no debt and get by on a lot less than that. The low tax rate is a big help and our present governor is planning another state income tax cut as well as a property tax reduction this year. I have friends who live in the east who's property tax on a 2500sqft house and a small lot are more than we pay on 3 sections of land here in Arkansas. We have it good compared to a lot of states.... John

 

[tnt50]

AZ and NM sounds high. I know of many making it on far less. Maybe if you were starting today from scratch and needed to buy a home it might be that high? I know some young couples here that can’t buy a home and have expressed that they don’t know if they ever will be able to.

From southern Wisconsin, I don’t know anyone single, under 35 who owns a house. And not many couples. Too many people start renting apartments and get trapped I'm afraid. It’s scary, and sad to see!

 

[Webster]

Hey Fellers, looking at the news this morning and saw this..... wondering how accurate it is. Arkansas is pretty close.....if you read the fine print and see that it is figured for a single adult...View attachment 1563654
John

Way off topic.

 

[jds holler]

And of course, there is a huge differential in every state depending if you're urban vs rural, or many other factors.

We're here in Oregon, which is listed as $101K, and we're retired and comfortable on less than $40K. -- and we'd make do at $20K.

We're in the sane side of the state though, and pretty much have hillbilly mentality. I pity the folks who don't know how to live small. jd

 

[tmwinds]

Way off topic.

Not if you don’t have enough money for ammo.

 

[cmysix]

My wife and I have no debt, live in a magnificent home on 5 acres in rural Arkansas. Everything we have is paid for and do it on a far less than the $79K the chart shows..
The key is no debt and living in a very low tax state.

it does say for a "single working person"

 

[Mcrider55]

it does say for a "single working person"

If TWO people can live on far less than that.....

 

[jxb]

@jds holler totally agree, once the house is paid for we could live on $30k /year and still have plenty for other one-off expenses.

How many people do we know who are working 2 or 3 jobs just to get by, this is mostly due to housing costs.

Housing is by far the most costly thing folks pay for monthly. Buying a home and paying it off before retirement removes that expense making it far easier to bridge any gap during retirement.

 

[Alex Wheeler]

Well I guess I cant afford to live comfortably in about 1/2 the country. I think people spend too much if those are real numbers.

 

[M-61]

savings."

I would guess that with inflation, less than a quarter of American families are sending 20% to savings

If that is a guess I’ll guess it’s crazy high.
Meaning it’s way less than 25% sending 20% to savings.
It’s a guess on my part, coupled with a low concern, but just look at what the average credit card debt is. Something is way off with that last paragraph.

 

[jxb]

I would argue that 25% is more like 5%

 

[M-61]

I think people spend too much if those are real numbers.

Yeah. I am paying $4.95 for a loaf of white bread.

 

[jxb]

Well I guess I cant afford to live comfortably in about 1/2 the country. I think people spend too much if those are real numbers.

What's truly sad is based on that info at least 50% of those living in the USA cannot live here comfortably.

and I wouldn't be surprised if the numbers are higher.

 

[jds holler]

What's truly sad is based on that info at least 50% of those living in the USA cannot live here comfortably.

and I wouldn't be surprised if the numbers are higher.

I think what's truly sad is that a good share of that 50% would be broke and in debt even if they had three times their current income.

We've got a member of the family who frequently needs assistance to make the rent payment, or the power bill, or any one of several financial disasters.

It's odd that they never call for help with the cigarettes, Dutch Bros, or Door Dash which I know they get plenty of. jd

 

[K22]

91K for PA! That's hard to fathom. I don't know any local retirees my age at that level. I guess it depends on one's view of living "comfortably".

 

[7887mm08]

Yeah NY your #3!