This Is How Much You Need To Make To Live Comfortably in New York State

While many people wouldn’t complain if they made a lot of money, most would be happy just to be able to live comfortably.

However, the definition of comfort may differ from person to person and can vary depending on the location. What about New York? How much does a person need to make to live comfortably in this state? The Salary Needed to Live Comfortably Study conducted by SmartAsset has the answer!

Determining the Salary Needed

The study utilized the 50/30/20 budget rule, which suggests that 50% of an individual's salary should cover their basic needs, 30% can be allocated towards wants, and the remaining 20% should be dedicated to savings or paying off debt. By applying this rule to local costs of necessities and taxes in 99 U.S. cities, researchers determined the pre-tax salary required to live comfortably.

According to the study, to cover necessities, a single person would need an estimated $70,000 in wages. However, to achieve sustainable comfort, a single person would require an hourly wage of $66.62, equivalent to an annual salary of $138,570.

Get our free mobile app

Regional Disparities

New York State presents a diverse range of urban, suburban, and rural areas, each with its own unique cost of living. While urban centers like New York City, Buffalo, and Albany demand relatively high salaries to live comfortably, suburban and rural areas may offer a more moderate cost of living. Thus, the study highlights the importance of considering regional disparities when evaluating the overall cost of living in New York State.

Housing Expenses

Housing costs significantly impact the overall cost of living in New York State. While metropolitan areas like New York City may command exorbitant rents or property prices, rural and suburban areas may offer more affordable housing options. Understanding these regional differences in housing expenses is crucial for individuals or families considering a move within the state.

Transportation and Other Expenses

In addition to housing, transportation costs and general expenses for goods and services also play a role in determining the overall cost of living. Commuting costs, healthcare expenses, and the price of consumer goods can vary by location, influencing the salary needed to live comfortably in different parts of New York State.

Family Budgeting

The study also sheds light on the income required for families to achieve a comfortable standard of living in New York State. Factors such as childcare, education, and healthcare expenses are critical considerations for families when evaluating the cost of living in their respective areas.