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
Homes in Crete burning in a wildfire at night.

Huge Blaze Engulfs Popular Greek Tourist Destination Crete, Forcing 1,500 to Flee Hotels and Homes

RAGING wildfires have spread across a Greek holiday hotspot with 1,500 people…
SEE IT: Small plane flips over in South Carolina backyard after pilot's deliberate maneuver

Watch This: Small Plane Flips in South Carolina Backyard Due to Pilot’s Intentional Move

Home surveillance footage captured the startling moment a single-engine Cessna 150 flipped…
Bill Ackman urges Andrew Cuomo to drop out of NYC mayoral race, begrudgingly endorses Eric Adams

Bill Ackman Calls on Andrew Cuomo to Exit NYC Mayoral Run, Reluctantly Backs Eric Adams

Billionaire hedge fund mogul Bill Ackman has called on a “subdued” former…
Why it would be tough for Mets, others to acquire Brewers veteran

Why Acquiring Brewers Veteran Might Be Challenging for the Mets and Others

The Mets are in need of an additional starting pitcher, along with…
Sean 'Diddy' Combs denied bail after mixed verdict in sex trafficking trial; virtual hearing set for Tuesday

Sean ‘Diddy’ Combs denied bail following mixed verdict in sex trafficking case; online court session scheduled for Tuesday

SUNSET PARK, Brooklyn — On Wednesday, outside the federal courthouse, Sean “Diddy”…
University of Illinois Chicago releases report on faulty Analytical Forensic Testing Laboratory blood tests in marijuana DUI cases

University of Illinois Chicago Publishes Report on Inaccurate Blood Test Results in Marijuana DUI Cases

CHICAGO (WLS) — The University of Illinois Chicago has issued an internal…
Plane landing in strong winds at Madeira Airport.

Terrifying Landing at Notorious Holiday Airport: Plane Packed with Brits Bounces in Strong Winds

THIS is the tense moment when a crowded holiday plane is rocked…
Sabu has died: WWE star was 60

Cause of Death for ‘Star Wars’ Actor Kenneth Colley Disclosed

Colley may most notably be known as Admiral Piett in the original…
Oasis’ Manchester homecoming has locals fearing fan behavior — and they want a dress code

Locals Concerned Over Fan Conduct During Oasis’ Manchester Return, Suggest Dress Code

Concerned residents are calling for a ‘dress code’ and a ‘buffer zone’…
Rep. Eugene Vindman is 'furious' about US pause on weapons to Ukraine

Rep. Eugene Vindman ‘outraged’ by U.S. decision to halt arms to Ukraine

Democratic Rep. Eugene Vindman said he is “furious” that the Pentagon has…
Iran nuclear program set back 2 years after US strikes: Pentagon

U.S. Strikes Delay Iran’s Nuclear Program by 2 Years: Pentagon Reports

The “bunker busting” bombs released on Iranian nuclear sites by U.S. forces…
Woman arrested for murder in connection to man found dead at Jacksonville apartment complex

Woman Arrested for Murder in Death of Man at Jacksonville Apartment Complex

Journee McGrew, 21, faces charges of second-degree murder and tampering with evidence,…