Special Report
The Income a Family Needs to Cover Normal Living Expenses in Every State
April 19, 2022 12:00 pm
Massachusetts
> Annual cost of living (family of 4): $109,184 (3rd highest)
> Annual housing costs (family of 4): $22,294 (3rd highest)
> Annual food costs (family of 4): $11,674 (2nd highest)
> Median family income: $106,526 (the highest)
> Families earning less than $10,000: 2.8% (21st lowest)
Michigan
> Annual cost of living (family of 4): $78,057 (12th lowest)
> Annual housing costs (family of 4): $11,467 (24th lowest)
> Annual food costs (family of 4): $9,058 (8th lowest)
> Median family income: $75,470 (21st lowest)
> Families earning less than $10,000: 3.6% (18th highest)
Minnesota
> Annual cost of living (family of 4): $87,246 (16th highest)
> Annual housing costs (family of 4): $13,486 (21st highest)
> Annual food costs (family of 4): $9,936 (19th highest)
> Median family income: $92,692 (9th highest)
> Families earning less than $10,000: 2.1% (2nd lowest)
Mississippi
> Annual cost of living (family of 4): $70,116 (the lowest)
> Annual housing costs (family of 4): $9,546 (3rd lowest)
> Annual food costs (family of 4): $9,350 (20th lowest)
> Median family income: $58,923 (the lowest)
> Families earning less than $10,000: 6% (the highest)
Missouri
> Annual cost of living (family of 4): $75,570 (9th lowest)
> Annual housing costs (family of 4): $10,344 (12th lowest)
> Annual food costs (family of 4): $9,104 (12th lowest)
> Median family income: $72,834 (15th lowest)
> Families earning less than $10,000: 3.3% (23rd highest)
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.