A recently released report by SmartAsset tackled the topic of how much income is needed to “live comfortably” in states across the U.S., and after analyzing the data, Coloradans ranked 6th in the nation in need of income. It turns out that there is something.
This analysis was done on the basis that in order to “live comfortably” you need to be able to follow the 50-30-20 budget rule. This basically means that a person spends 50% of his income on basic needs and 30% on wants. 20% goes toward savings and debt repayments.
Massachusetts ended up at the top of the list, with a single working adult needing a salary of $116,022 to live comfortably. But Colorado wasn't far behind, being one of 11 states that required a six-figure salary.
In Colorado, a single working adult would need a salary of $103,293, or $49.66 per hour, to live comfortably. For a family with two working adults raising two children, that number jumps to a total income of $264,992. Keep in mind that Colorado's minimum wage is currently $14.42.
Meanwhile, West Virginia was found to be the least expensive state for a “comfortable” life, with a single working professional who wants to follow the 50-30-20 rule need a salary of $78,790, or The hourly wage was $37.88.
If these numbers are indeed accurate, it means that most Americans cannot afford to “live comfortably” while following the 50-30-20 rule, and the national median worker income in 2022 will be It will cost about $40,000. , that number is a little higher, but not by much – $47,346.
In other words, most Coloradans earn far less than they need to live comfortably, forcing many to spend less on “wants,” savings, and debt. is.
Read the full SmartAsset report here.
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