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BOSTON (WBZ NewsRadio) — A new study found that Massachusetts is the most expensive state to live comfortably in based on a 50/30/20 budget.
SmartAsset, a financial technology company that provides consumer-focused financial information and advice, published the findings on April 10.
Their data is based on the 50/30/20 budget rule, which recommends around 50% of a person’s budget go toward basic needs like food and housing, with 30% for wants and 20% for savings.
SmartAsset used this budget structure to calculate how expensive it is to live in all 50 states.
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In Massachusetts, a single adult needs to make at least $116,022 annually, or $55.78 an hour, to cover basics, wants, and savings.
A family of four, defined as two working adults raising two children, would need at least $301,184 a year to live comfortably in the Commonwealth.
Hawaii, Connecticut, New York, and California were ranked behind Massachusetts as the next most expensive states to raise a family of four in.
For single adults in Connecticut, however, it was slightly less expensive in comparison — they were ranked 11th in the nation.
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Vermont was the 17th most expensive state for single adults and 11th for a family of four. Maine was ranked 23rd and 21st, respectively, and New Hampshire was ranked 13th for both single adults and a family of four.
On the other end of the spectrum, SmartAsset said Mississippi is the least expensive state for two working adults to raise two children. A family would need at least $177,798 to live comfortably.
West Virginia is the least expensive state for single adults to live comfortably in, with the minimum income being $78,790.
WBZ NewsRadio's Shari Small (@ShariSmallNews) reports.
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