Massachusetts tops list as most expensive state for families, requiring $301,184 annually for comfort.

Key points:

• Massachusetts is the most expensive state to raise a family of four, requiring an annual income of $301,184 for comfortable living.
• Hawaii, Connecticut, New York, and California follow closely behind in terms of required income.
• The cost of living calculations are based on a 50/30/20 budget allocation for necessities, discretionary spending, and savings.
• Mississippi is the least expensive state, with an annual income requirement of $177,798 for a family of four.

Potential implication:

• High costs of living in urban states like Massachusetts pose challenges for families, particularly in areas such as housing, child care, and medical expenses.
• Rural states may have lower costs, but they often come with lower wages, creating a trade-off between affordability and income opportunities.

Source:

www.nbcboston.com/news/business/money-report/the-income-a-family-of-4-needs-to-live-comfortably-in-every-u-s-state/3344837/