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
Tethered drones extinguishing a high-rise fire.

Exciting Scene as Drones Battle Massive Skyscraper Fire During Intense Training Drill

THIS is the shocking moment a fire rips through a skyscraper –…
Police cars at a crime scene near a pink clothing and shoe donation bin.

Tragic Incident: Woman Dies After Becoming Trapped in Clothing Donation Bin, Found Partially Protruding

A WOMAN tragically suffocated after becoming trapped in a donation bin, with…
Tropical Storm Barry forms off Mexico's eastern coast

Tropical Storm Barry Develops Near Mexico’s Eastern Shore

A tropical storm warning is in effect for the southeast coast of…
JSO: Man shot while fleeing block party on Jacksonville's Eastside

Jacksonville Sheriff’s Office: Man Passes Away at Hospital After Losing Consciousness in Police Vehicle

The Jacksonville Sheriff’s Office identified the man involved as 38-year-old Charles Samuel…
Iran’s nuclear capabilities crushed, but regime’s desire for the bomb may persist

Iran’s Nuclear Power Diminished, Yet Quest for Weapon Continues

Last week, President Donald Trump announced that the U.S. had bombed Iran’s…
More than 50 injured after shirtless man unleashes bear spray during Pride gathering in Washington Square Park, causing stampede

Over 50 People Hurt in Chaos as Man with Bear Spray Disrupts Pride Event in Washington Square Park

Over 50 individuals sustained injuries during a Pride event at Washington Square…
Audio released of moment Idaho firefighters ambushed while responding to blaze: 'Emergency situation'

Audio Unveils Tense Moment Idaho Firefighters Attacked During Emergency Response

Audio from the scene in Kootenai County, Idaho, where firefighters responding to…
Family rescues diamondback terrapins from storm drains

Family Saves Diamondback Terrapins Trapped in Storm Drains

VENTNOR, New Jersey — Since childhood, Evelyn Kidd has been using a…
Cause of death revealed for hiker influencer found dead in Arizona desert

Autopsy Report: How the Influencer Hiker Lost Her Life in the Arizona Desert

The cause of death has been revealed for a social media influencer…
CBO says tax piece of GOP megabill could violate Senate Byrd Rule

The Congressional Budget Office Indicates GOP’s Major Tax Bill May Breach Senate Byrd Rule

The CBO anticipates that the tax component of President Trump’s highly-promoted legislation…
Wind turbine blade crashes into traffic on busy Northeast interstate

Wind Turbine Blade Collides with Traffic on Bustling Northeast Interstate

One person is reported injured after a wind turbine blade broke loose…
Ryland Headley guilty: Man, 92, convicted of murder of Louisa Dunne in Bristol in UK's longest-running cold case

92-Year-Old Ryland Headley Convicted of Louisa Dunne’s Murder in UK’s Oldest Cold Case

A 92-year-old man has been found guilty of the rape and murder…