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

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