Personal Finance

Mapped: The Income a Family Needs to Live Comfortably in Every U.S. State

Published

3 weeks ago

May 22, 2024

Bruno Venditti

Graphics/Design:

Miranda Smith

See this visualization first on the Voronoi app.

The Income a Family Needs to Live Comfortably in Every U.S. State

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Families in the top five most expensive U.S. states require an annual income exceeding $270,000 to live comfortably.

This visualization illustrates the income necessary for two working adults with two children to maintain a comfortable lifestyle in each state.

“Comfortable” is defined as the income needed to cover a 50/30/20 budget, with 50% allocated to necessities like housing and utilities, 30% to discretionary spending, and 20% to savings or investments.

The calculations for family income needed in each state were done by SmartAsset, using the cost of necessities sourced from the MIT Living Wage Calculator, last updated on Feb. 14, 2024.

Massachusetts Tops the List

Massachusetts is the most expensive state to live comfortably in, requiring a total family income of about $301,184. Hawaii ($294,611) comes in second, followed by Connecticut ($279,885).

Housing is one main reason Massachusetts is an expensive state to live in, particularly in the Boston area. In addition, the state also has a high cost of living, including expenses such as healthcare and utilities.

Rank	State	Income for 2 working adults raising 2 children
1	Massachusetts	$301,184
2	Hawaii	$294,611
3	Connecticut	$279,885
4	New York	$278,970
5	California	$276,723
6	Colorado	$264,992
7	Washington	$257,421
8	Oregon	$257,338
9	New Jersey	$251,181
10	Rhode Island	$249,267
11	Vermont	$248,352
12	Minnesota	$244,774
13	New Hampshire	$244,109
14	Alaska	$242,611
15	Maryland	$239,450
16	Nevada	$237,286
17	Virginia	$235,206
18	Illinois	$231,962
19	Arizona	$230,630
20	Pennsylvania	$230,464
21	Maine	$229,549
22	Delaware	$228,966
23	Wisconsin	$225,056
24	Utah	$218,483
25	Michigan	$214,490
26	Nebraska	$213,075
27	Georgia	$212,826
28	Montana	$211,411
28	Iowa	$211,411
30	Idaho	$211,245
31	North Carolina	$209,331
31	Ohio	$209,331
33	Florida	$209,082
34	Indiana	$206,003
35	New Mexico	$203,923
36	Wyoming	$203,424
37	Missouri	$202,259
38	North Dakota	$202,176
39	Texas	$201,344
40	South Carolina	$200,762
41	Kansas	$196,768
42	Tennessee	$195,770
43	Oklahoma	$194,106
44	Alabama	$193,606
45	South Dakota	$192,608
46	Kentucky	$190,112
47	Louisiana	$189,613
48	West Virginia	$189,363
49	Arkansas	$180,794
50	Mississippi	$177,798

Meanwhile, Mississippi is the least expensive state for a family to live comfortably, requiring $177,798 per year. Arkansas ($180,794) comes in second, followed by West Virginia ($189,363). In common, all these states share low prices of housing.

Learn More About Cost of Living From Visual Capitalist

If you enjoyed this post, be sure to check out this graphic, which ranks the median down payment for a house by U.S. state.

Related Topics:cost of living healthcare income housing expenses utilities massachusets

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Wealth

Visualizing the Tax Burden of Every U.S. State

Tax burden measures the percent of an individual’s income that is paid towards taxes. See where it’s the highest by state in this graphic.

Published

1 month ago

May 8, 2024

Marcus Lu

Visualizing the Tax Burden of Every U.S. State

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

This map graphic visualizes the total tax burden in each U.S. state as of March 2024, based on figures compiled by WalletHub.

It’s important to understand that under this methodology, the tax burden measures the percent of an average person’s income that is paid towards state and local taxes. It considers property taxes, income taxes, and sales & excise tax.

Data and Methodology

The figures we used to create this graphic are listed in the table below.

State	Total Tax Burden
New York	12.0%
Hawaii	11.8%
Vermont	11.1%
Maine	10.7%
California	10.4%
Connecticut	10.1%
Minnesota	10.0%
Illinois	9.7%
New Jersey	9.5%
Rhode Island	9.4%
Utah	9.4%
Kansas	9.3%
Maryland	9.3%
Iowa	9.2%
Nebraska	9.2%
Ohio	8.9%
Indiana	8.9%
Arkansas	8.8%
Mississippi	8.8%
Massachusetts	8.6%
Virginia	8.5%
West Virginia	8.5%
Oregon	8.4%
Colorado	8.4%
Pennsylvania	8.4%
Wisconsin	8.3%
Louisiana	8.3%
Kentucky	8.3%
Washington	8.0%
New Mexico	8.0%
Michigan	8.0%
North Carolina	7.9%
Idaho	7.9%
Arizona	7.8%
Missouri	7.8%
Georgia	7.7%
Texas	7.6%
Alabama	7.5%
Montana	7.5%
South Carolina	7.5%
Nevada	7.4%
Oklahoma	7.0%
North Dakota	6.8%
South Dakota	6.4%
Delaware	6.4%
Tennessee	6.1%
Florida	6.1%
Wyoming	5.7%
New Hampshire	5.6%
Alaska	4.9%

From this data we can see that New York has the highest total tax burden. Residents in this state will pay, on average, 12% of their income to state and local governments.

Breaking this down into its three components, the average New Yorker pays 4.6% of their income on income taxes, 4.4% on property taxes, and 3% in sales & excise taxes.

At the other end of the spectrum, Alaska has the lowest tax burden of any state, equaling 4.9% of income. This is partly due to the fact that Alaskans do not pay state income tax.

Hate Paying Taxes?

In addition to Alaska, there are several other U.S. states that don’t charge income taxes. These are: Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming.

It’s also worth noting that New Hampshire does not have a regular income tax, but does charge a flat 4% on interest and dividend income according to the Tax Foundation.