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
Texas man on probation allegedly chases ICE vehicle, damages it after enforcement raid

Texas man on probation reportedly pursues and damages ICE vehicle following enforcement raid

Authorities reported that a man, who was released on bond for a…
Florida woman Caroline Shaw arrested near Mar-a-Lago security checkpoint after saying she had an 'urgent message' for President Trump

Florida Woman Arrested Near Mar-a-Lago for Claiming She Had an ‘Urgent Message’ for Trump

A woman was taken into custody after she attempted to access Mar-a-Lago,…
World's oldest domesticated dog breed has cohabited with humans for 1,000 years, new study shows — but their population is plummeting

Ancient Dog Breed, Living Alongside Humans for a Millennium, Faces Rapid Decline, New Research Reveals

It gives new meaning to dog years. For nearly 10,000 years, people…
New interim Chicago Public Schools CEO Dr. Macquline King speaks in first 2 weeks on the job on $736 million CPS budget shortfall

Chicago Public Schools’ New Interim CEO Dr. Macquline King Addresses $736 Million Budget Deficit in Her First Two Weeks

CHICAGO (WLS) — Dr. Macquline King, with a history as a former…
Admiral Kuznetsov aircraft carrier in the English Channel.

Russia’s Sole Ailing Aircraft Carrier, Once Struggling Through the Channel, Set to Be Retired

VLADIMIR Putin’s only rustbucket aircraft carrier that struggled through the Channel is…
Aryna Sabalenka recalls testy Wimbledon exchange with Amanda Anisimova

Aryna Sabalenka Reflects on Tense Wimbledon Moment with Amanda Anisimova

Aryna Sabalenka is expanding on her perspective following a tense moment Thursday…
Protesters and federal agents clash during raid at Southern California farm

Clash Erupts Between Protesters and Federal Agents During Southern California Farm Raid

A clash broke out on Thursday involving protesters and federal agents conducting…
Helicopter dropping cash from the sky.

Chaotic Scene Unfolds as Deceased Man’s Life Savings are Released from Helicopter, Leading to Frenzied Cash Grab

THIS is the moment a dead man’s life savings are dropped from…
Two soldiers carrying rifles walk across a metal bridge.

Travis Decker’s Missing Days Numbered as Experts Warn Fugitive Dad’s Options to Remain Hidden Are Dwindling

According to experts, Travis Decker, who is accused of child murder, would…
President Trump speaking to the press.

Why Donald Trump Won’t Speak at UK Parliament During State Visit, Unlike Macron

DONALD Trump won’t address parliament on his state visit to the UK…
Who was Thomas Crooks? One year later, motive and missed warnings haunt Trump rally shooting

Who Was Thomas Crooks? One Year On, Motive and Overlooked Alerts Still Linger in the Trump Rally Shooting

As we approach the anniversary of the attempt on President Donald Trump’s…
Sex therapist of 45 years reveals why people cheat

45-Year Veteran Sex Therapist Explains Why People Cheat

People often believe cheating is solely caused by lust, a need for…