As most of us already know, an equal salary can stretch much farther in one place than another. If you earn at least 70,000 a year you will earn a comfortable salary. At this level of income, you are said to have reached the point where you really don’t need money to thrive. However, in each state, that 70,000 needs to be adjusted to account for cost of living differences.
Previously we shared the cheapest states to live in the US. Now let’s look at the most expensive states. Do you live in an expensive state? How much does it cost to live, eat and go out in these more expensive places in the city? We’re going to take it a step further and answer the question: how much of an annual salary do you need in each of these states to live comfortably at that 70,000 level?
The median home value in the sunny state is around 425,000, and homes usually sell for an average price of 400,000. As a renter, expect an average rent of nearly 2.000 dollars, and home and rental prices in some California cities, like San Francisco are among the highest in the country.
New York is known for its higher cost of living, with average prices around $500,000. The real estate in the city is hot, with nationwide home values up 8 % over the past year. As a renter, you could easily pay more than 4 grand for a small home in New York and utilities in that apartment are about 155 dollars a month. You could pay over 400 if you and a guest go out to dinner and the theater one night.
To live comfortably in Hawaii you need a salary of over 120,000 lately. Dinner and a movie in Honolulu is about 65 dollars, which is a little steep. Your grocery bill may also be in this high-end range. Bread and eggs average over 4 dollars each. The median home value in Hawaii is 515,000 and the median list price is slightly higher at 520,000. If you decide to rent, expect to pay just under 2,000 a month. If you pay the average price, it costs around 300 dollars a month for utilities to keep running in a small Honolulu apartment.