Sat. May 4th, 2024

This is how much singles need to live comfortably in California

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It’s not exactly breaking news that California is among the most expensive states in the nation when it comes to home prices, rent, gasoline, utilities, and, well, most things.

Now, a new survey outlines how much someone needs to earn as a “living wage” to live comfortably in California and the other 49 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.

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).

State-by-state rankings for required living wage (lowest to highest)

RANK STATE INCOME REQUIRED
1 Mississippi $45,906
2 Oklahoma $46,024
3 Alabama $46,577
4 Arkansas $47,111
5 Kentucky $47,318
6 Kansas $47,379
7 West Virginia $47,732
8 Missouri $47,771
9 Iowa $48,518
12 Tennessee $48,774
11 Nebraska $49,009
10 Georgia $49,051
13 Illinois $49,372
14 Wyoming $49,666
15 Indiana $49,855
17 Michigan $50,049
16 Louisiana $50,087
18 Ohio $50,157
19 Texas $50,497
20 New Mexico $51,214
21 Minnesota $51,668
22 South Dakota $52,095
23 South Carolina $52,222
24 North Dakota $52,807
25 Wisconsin $53,122
26 North Carolina $53,531
27 Pennsylvania $53,838
28 Utah $55,293
29 Delaware $56,571
31 Montana $57,056
30 Florida $57,064
32 Virginia $57,293
34 Nevada $58,580
33 Idaho $58,634
35 Colorado $59,218
36 Rhode Island $59,936
37 Arizona $60,026
38 Maine $60,862
39 New Hampshire $62,935
40 Connecticut $63,078
41 New Jersey $64,463
42 Washington $65,640
43 Oregon $65,763
44 Vermont $65,923
45 Maryland $67,915
46 Alaska $71,570
47 New York $73,226
48 California $80,013
49 Massachusetts $87,909
50 Hawaii $112,411
gobankingrates.com

To keep up with inflation, California has raised the minimum wage every few years. It is currently $15.50 per hour, although some cities and counties are higher.

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