(Image courtesy of Getty Images/Brian Bahr)
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The average household in the United States spends $61,334 a year on expenses, according to the World Population Review.
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A new study by GoBankingRates surveyed annual living expenses for a family of four across the U.S. with data from the 2023 Consumer Expenditure Survey.
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Texas finished 33rd on the list with $95,763 needed.
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The average household in the United States spends $61,334 a year on expenses, according to the World Population Review.
-
A new study by GoBankingRates surveyed annual living expenses for a family of four across the U.S. with data from the 2023 Consumer Expenditure Survey.
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Texas finished 33rd on the list with $95,763 needed.
Some states are more affected than others by the ongoing increase in the cost of living in the United States.
How much does it cost?
According to a recent GOBankingRates poll, if you’re raising a family of four in Texas in 2024, you’ll need $95,763 to be financially comfortable.
You will require a minimum of $100,000 in 26 U.S. states.
In order to determine the rankings, GOBankingRates used data from the 2023 Consumer Expenditure Survey to examine annual living expenses for a family of four in the United States, as well as data from the Bureau of Labor Statistics for a married couple with children. A “living wage” is the amount of money needed to pay for 30% of discretionary expenses, 20% for savings, and 50% for essentials. The study calculated the “living wage” for a family of four in each state by doubling the total annual expenditure on necessities using the 50-30-20 budget guideline.
With a staggering living wage of $259,918, Hawaii demanded the most amount of money, followed by Massachusetts ($199,671) and California ($188,269). Alaska completes the top five with a living wage of $136,990, while New York comes in at number four with $155,738.
In contrast, West Virginia ($82,338) has the lowest living wage of any state.
When compared to Louisiana ($95,480) and New Mexico ($96,130), Texas was more affordable.
The Lone Star State’s annual housing costs $17,843, groceries cost $7,601, and medical care costs $7,319, according to the report.
How Much a Family of Four Needs in Each State
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This article’s data is sourced from GOBankingRates.com.
This article’s data is sourced from GOBankingRates.com.
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