You need to make this much money to live alone in NC in 2023, says new study
The cost of living varies across the country, but a new study is shedding light on how much is needed to live comfortably in each state.
GoBankingRates, a personal finance site, released a study outlining the living wage a single person needs to earn to reside in different parts of the U.S.
“Whether you’ve shopped for groceries, gas or even a car in the past year, you know that prices have risen significantly since 2022,” the report says. “Because the cost of goods has increased so much, the living wage needed for a single person has also risen across the country.”
For the study, researchers used data from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center to calculate the annual cost of necessities for a single person. That amount was then doubled to calculate a living wage that factors in discretionary spending and savings.
North Carolina: While living wages vary by city, and also at the county level depending on the area, an income of $53,531 is needed to live comfortably in North Carolina, the study says.
Here’s which states were among the top 10 on the list with the highest living wages across the country:
Hawaii: $112,411 income required
Massachusetts: $87,909 income required
California: $80,013 income required
New York: $73,226 income required
Alaska: $71,570 income required
Maryland: $67,915 income required
Vermont: $65,923 income required
Oregon: $65,763 income required
Washington: $65,640 income required
New Jersey: $64,463 income required
This story was originally published September 5, 2023 at 9:00 AM with the headline "You need to make this much money to live alone in NC in 2023, says new study."
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