According to a new study conducted by SmartAsset, Georgia ranks in the top 20 ‘most expensive’ states in the U.S. for singles. Here’s what we know!
Where does Georgia rank in the list of most expensive states for singles in the U.S.?
Right now Georgia ranks just below Vermont in the list of most expensive states for singles. It currently ranks at #17 out of 50.
And here are the top 5 most expensive states for singles…
- Hawai’i
- Massachusetts
- California
- New York
- Washington
How much do you have to make to live comfortably in Georgia?
According to the study, singles living in Georgia need to make at least $99,590 to live comfortably. A family of four needs to make $210,829 to live comfortably.
Here’s what SmartAsset has to say about the cost of living in general:
As cost of living increases seem to permanently make their way to important budget items, individuals and families increasingly need more income to support a comfortable lifestyle over the long-term. This means being able to afford hobbies, vacations, retirement savings, education funds, and the occasional emergency – in addition to necessities like housing, groceries, transportation and medical expenses. One way to estimate how much income is needed for these collective expenses is the 50/30/20 budget rule. This rule suggests allocating 50% of your income to necessities, 30% to discretionary spending, and 20% to long-term goals like retirement savings or paying off debt.
Given this definition, an individual in any given U.S. state needs about $5,844 more earnings than last year to have a comfortable, sustainable budget, while working families of four need an additional $9,360. With this in mind, SmartAsset examined the salary needed to live comfortably in each state – the pre-tax income needed for necessities, long-term savings and a little extra breathing room – and how it’s changed each year.
So we understand… being single in the state of Georgia ain’t easy… for a lot of reasons!