How Much Money Single People Need To Make To Survive In New York
There is no surprise that the cost of everything has gone up. How much money would you need to make to survive living in New York State?
Let's be honest, New York State is probably one of the most expensive states in the country. Between taxes, and everything else, your paychecks get stretched. You looked at the necessities- rent/mortgage, insurance, food and transportation. Everything adds up.
GOBankingRates recently did a breakdown of how much you’d need to make as a single person to live on your own in each state based on a 50/30/20 budget where 50% of your monthly income is going toward rent, 30% is for non-discretionary spending and 20% goes toward savings and investments.
GOBankingRates surveyed annual living expenses for a single person in each of the 50 states. The researchers used the 2021 Consumer Expenditure Survey data (the latest available) for a single person from the Bureau of Labor Statistics to calculate the annual cost of necessities based on data from the Missouri Economic Research and Information Center’s 2023 Q1 Cost of Living Data Series.
With the cost of necessities in hand, researchers doubled the total annual cost of necessities to determine a living wage that also factors in discretionary spending and savings.
How Did New York State Rank?
Massachusetts, California, New York and Alaska round out the top five most expensive states for a single person. New York was the 47th state on the list of . They found the income required for New York was $73,226. You can check out the full list here.
Author’s Note: GoBankingRates says nothing about if this is the number BEFORE or AFTER taxes are taken out. Taxes were not a factor in the estimated monthly budget.