US Cost of Living: From $80K in West Virginia to $124K in Hawaii

A new SmartAsset study reveals the stark reality of the cost of living in the United States. The study shows that a single person needs vastly different incomes to live comfortably in different states. In West Virginia, the most affordable state, a single adult needs $80,829 annually. However, in Hawaii, the most expensive state, the required income jumps to over $124,000. This significant disparity highlights the challenges faced by Americans with average salaries, as the median annual wage in 2024 was just below $62,000. "Americans earning a regular salary may have trouble living comfortably in all 50 states," states the CNBC video summarizing the study. The study also reveals that even in relatively affordable states like South Dakota ($82,160) and Kentucky ($83,574), the income needed is still considerably higher than the national median. This data underscores the importance of understanding regional cost-of-living variations when planning finances and career paths. The 50/30/20 budget method is mentioned as a helpful tool for managing finances in the face of these economic realities.