(KTLA) – It’s not exactly breaking news that life has gotten more expensive recently. Across the nation, the cost of home prices, rent, gasoline, utilities, and, well, most things has gone up.
Now, a new survey outlines how much someone needs to earn as a “living wage” to live comfortably in all 50 U.S. states.
The personal finance website GoBankingRates.com looked at data from the U.S. Bureau of Labor Statistics and research by the state of Missouri to determine how much single people, not couples or families, pay in necessities each year. Then, those amounts were doubled to factor in discretionary spending and savings.
Michiganders would need a minimum income of $50,049 to live comfortably. That income will be harder to stretch if you live in downtown Detroit, where Apartments.com says the average rent is $1,047 a month. However, those living in Marquette, for example, will get more bang for their buck, especially with the average rent being $910 a month.
States that require the highest living wage for individuals are Hawaii ($112,411) followed by Massachusetts ($87,909) and then California ($80,013).
“That’s not surprising when you realize that median home values are also highest in Hawaii, California and Massachusetts,” the study’s authors noted.
According to the California Association of Realtors, the median price of a single-family home in California was $832,340 in August. Condominiums and townhomes average $645,000. Median rent is $2,912 per month.
Hawaii has a median home price of $713,000 and Massachusetts is $640,000.
If you want to live cheaply, head to Mississippi ($45,906), Oklahoma ($46,024) and Alabama ($46,577).
As summer comes to a close and high prices and interest rates weigh on people’s willingness to spend, Americans are feeling less confident financially. The Conference Board, a business research group, said its consumer confidence index tumbled to 106.1 in August from a revised 114 in July.
Analysts were expecting a reading of 116.
The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. Both measures saw significant declines in August.
The Associated Press contributed to this report.