COLUMBUS, Ohio (WCMH) — A new survey is outlining how much someone needs to earn as a “living wage” to live comfortable in all 50 U.S. states, as the cost of home prices, rent, gasoline, utilities, and, well, most things is going up.
Personal finance website GoBankingRates.com looked at data from the U.S. Bureau of Labor Statistics to determine how much single people, not couples or families, pay in necessities each year. Then, those amounts were doubled to factor in discretionary spending and savings.
The ranking lists Ohio 18th and found single people are required to have an income of $50,157 to live comfortably in the Buckeye State. According to Ohio Realtors, the average sales price for a home across Ohio in July reached $287,695, a 5.4% increase from the $272,833 mark posted in 2022.
“The Ohio housing market continues to face the challenges of a higher mortgage interest rate environment combined with historic low inventory levels of homes for sale,” said Ohio Realtors President Ralph Mantica.
States that require the highest living wage for individuals are Hawaii ($112,411) followed by Massachusetts ($87,909) and then California ($80,013). According to the California Association of Realtors, the median price of a single-family home in California was $832,340 in August. Hawaii has a median home price of $713,000 and Massachusetts is $640,000.
“That’s not surprising when you realize that median home values are also highest in Hawaii, California and Massachusetts,” the study’s authors noted.
If you want to live cheaply, head to Mississippi ($45,906), Oklahoma ($46,024) and Alabama ($46,577).