Here's how much money a family of four now needs to earn each year to live comfortably in New York
Share this @internewscast.com

A family of four living in New York state now needs a staggering $276,973 per year to live comfortably, a new study has found.

Amidst persistent inflation, SmartAsset performed a study analyzing the cost of housing and groceries in each state, defining “comfort” through the lens of the “50/30/20 budget rule.”

This budgeting guideline advises that individuals should allocate 50% of their income to essentials, 30% to personal spending, and 20% towards long-term objectives like retiring savings or debt repayment, according to the authors of the study.

With the average household income in New York currently around $126,000, most families are managing on about half of what would be deemed necessary for comfort as per SmartAsset’s criteria.


Happy multiethnic family laughing on a couch.
SmartAsset conducted the study amid the rising cost of living, looking at each state’s costs for housing and groceries and defining “comfort” as being able to live by the “50/30/20 budget rule.” Rido – stock.adobe.com

While New York is certainly pricey for families, it’s the cheapest in the tri-state area, according to the study.

In neighboring New Jersey, a family of four now needs $282,713 to live comfortably.

SmartAsset says the Garden State is one of the areas where costs are rising most rapidly. Just a year ago, a family of four needed $251,181 to live comfortably there, meaning overall costs have surged a whopping 12.55% in the past year alone.

Meanwhile, Connecticut was the costliest in the tri-state area, with a family of four now needing an annual income of $290,368 to be comfortable.


Aerial view of a suburban neighborhood in Rochester, NY.
Aerial view of a suburban neighborhood in Rochester, NY. bilanol – stock.adobe.com

The priciest state for a family of four in the US is currently Massachusetts, per the study, where $313,747 is needed to live by the 50/30/20 budget rule.

Meanwhile, the state with the lowest household income needed for a family of four is Mississippi, where $186,618 is required to live in relative comfort.

Share this @internewscast.com
You May Also Like
Islanders sign KHL star Maxim Shabanov in free agency swing

Islanders Acquire KHL standout Maxim Shabanov in Free Agency Move

The Islanders had more moves to make in free agency. On Wednesday,…
Rep. Angie Nixon on new ICE facility at Camp Blanding

Congresswoman Angie Nixon Discusses New ICE Facility at Camp Blanding

Gov. Ron DeSantis announces that construction of a new ICE detention facility…
Pete Crow-Armstrong, Javier Baez both make All-Star Game

Pete Crow-Armstrong and Javier Baez Selected for All-Star Game

First, they were traded for each other. Now, they’ll be on opposite…
Kennedy Expressway construction: Chicago traffic expected to be impacted by new I-90/94 lane, ramp closures July 7 and 8: IDOT

Kennedy Expressway Roadwork: Chicago Traffic Faces Disruptions from I-90/94 Lane and Ramp Closures on July 7 and 8, Says IDOT

CHICAGO (WLS) — There will be new shifting traffic patterns on the…
Bryan Kohberger at a court hearing.

Bryan Kohberger’s Chilling Break-In: A Detailed Account of the Idaho Student Murders

BRYAN Kohberger disclosed the details of his heinous act of killing four…
For New Yorkers Looking to Flee, a Cautionary Warning: Florida Is Not the Paradise You May Envision

Panic Ensues as DoD Stops Sharing Satellite Weather Data: A Controversial Move Spurs Outrage Among Progressives

The decision isn’t due to financial constraints. It appears the Navy is…
Diddy Combs convicted under Mann Act law. Here's what that means

Understanding Diddy Combs’ Conviction Under the Mann Act Law

The law has been invoked in significant convictions, impacting individuals like R&B…
Fruit salad with blueberries, kiwi, banana, and strawberries.

The FDA Issues Urgent Recall on Tainted Fruit Due to Severe Health Risks, Including Miscarriage and Death

HUNDREDS of boxes of a popular fruit are being recalled after it’s…
Immigration news: Judge blocks order barring asylum access at border, gives President Trump's administration 2 weeks to appeal

Judge Halts Order Restricting Asylum Access, Allows Two-Week Appeal Window for Trump Administration

WASHINGTON — On Wednesday, a federal judge ruled that President Donald Trump’s…
Belgium's Prince Emmanuel revealed to have secret career as DJ Vyntrix

Belgium’s Prince Emmanuel Unveiled as the Secretive DJ Vyntrix

The Fresh Prince of Bel-gium! Belgium’s Prince Emmanuel has quietly launched a…
Forsyth and Adams streets now open to 2-way traffic in Downtown Jacksonville

Two-Way Traffic Resumes on Forsyth and Adams Streets in Downtown Jacksonville

The orange barrels that lined Forsyth and Adams streets have been removed.…
Gunslinging rabbi hunts neo-Nazis in movie 'Guns & Moses'

Rabbi with a Gun Takes on Neo-Nazis in the Film ‘Guns & Moses’

These Hollywood Jews take “movie shoot” to a whole new level.  “Guns…