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Top States and Cities Where Families Can Thrive Financially on an Average Salary
States and Cities Where Income Falls Short of Covering Basic Living Expenses
As families across the U.S. struggle with rising living costs and inflation finding a state where their income can stretch further is becoming increasingly important, according to Forbes. Forbes Advisor’s recent analysis provides insight into where families can live comfortably on an average salary.
READ ALSO: Alaska is the Worst State to Retire In
(PHOTO: SmartAsset)
Top 5 Best States for Families to Live on an Average Salary
Connecticut is the top state for families financially. Here, a typical two-earner household makes $144,146 a year which is 66.37% more than needed for basic expenses. Despite high housing costs the substantial median income ensures families can comfortably cover their needs.
New Hampshire offers a good quality of life with an average income of $135,599 for dual-income households surpassing the basic expense threshold by 63.76%. The lack of state income tax is a bonus for families.
Maryland provides a comfortable living environment despite its expenses. With an average income of $145,993 families exceed their necessary expenses by 62.94%. The state’s strong transit network also benefits those commuting to Washington D.C.
New Jersey has high income levels that help families manage the state’s high costs. Average earnings are $144,559 which is 59.55% more than the required income for basic living. However, childcare and housing costs remain steep.
Virginia rounds out the top five with an average income of $135,708, 56% above the necessary amount for living expenses. Although housing costs are lower than in neighboring Maryland families still enjoy financial stability.
Top 5 Worst States for Families to Live on an Average Salary
Hawaii is the toughest state for families financially. With an average income of $125,841 families only earn 26.05% more than the minimum required to cover living costs. High housing expenses make it hard for families to save making Hawaii one of the worst states for financial comfort.
Nevada also poses challenges with a high cost of living. The average income of $105,161 leaves families with only a 26.56% surplus after meeting basic expenses. The high income needed adds to the financial strain placing Nevada among the worst states for managing on an average salary.
Florida is known for its high population density and moderate living costs. Average earnings of $104,935 provide only a 26.88% margin above the necessary income limiting families’ discretionary spending. This makes Florida one of the worst states for financial flexibility.
Idaho offers affordable childcare and low taxes but low wages make it less ideal for families. With an average income of $98,606 families only have a 26.98% surplus over the required $77,652 for basic needs. This positions Idaho as one of the worst states for financial comfort.
West Virginia is another challenging state for families. The average dual-income household makes $99,629 which is just 28.33% more than needed for basic expenses leaving little room for extra savings or unexpected costs. West Virginia is therefore one of the worst states for managing finances effectively.
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