Special Report

This Is the Income a Family Needs to Cover Normal Living Expenses in Nevada

We all require a certain amount of money each month to pay for normal living expenses, and in recent months, that amount has gotten much higher. Whether at the pump or the grocery store, Americans are being hit with a severe case of sticker shock.

The consumer price index rose an annual 8.5% in March, the highest increase since December 1981. Gas prices accounted for more than half of the rise in costs, but the cost of groceries skyrocketed 10% from the previous year, too.

According to the Family Budget Calculator published by the nonprofit think tank Economic Policy, an average family of four can expect its living expenditures in 2022 to total $86,718. This model assumes a family of two adults and two children – aged four and eight – and a modest yet adequate standard of living. Cost estimates include expenses related to housing, food, child care, transportation, health care, taxes, and other necessities.

In Nevada, the estimated cost of living for a family of four stands at $81,680 for 2022, lower than the national average and the 25th lowest among states. Of all living expense categories, child care has the highest annual cost in Nevada, averaging $17,051 per year for a family of four – or 20.9% of the family’s estimated annual expenses.

The average cost of living for a family of four in the state highlights the financial hardship many Nevada families face. According to the five-year estimates from the U.S. Census Bureau’s American Community Survey, there are about 720,200 families living in the state, and an estimated 23.2% of them earn less than $40,000 per year.

 

Rank State Avg. living expenses for family of 4 in 2022 ($) Most expensive cost of living category Est. cost of most expensive category, 2022 ($) Families earning less than $40,000 annually (%)
1 New York 112,751 Child Care 31,874 21.8
2 Hawaii 111,092 Housing 23,335 15.4
3 Massachusetts 109,184 Child Care 26,377 16.1
4 California 101,407 Housing 23,734 20.4
5 New Jersey 97,717 Child Care 20,144 16.6
6 Connecticut 95,550 Child Care 18,113 16.4
7 Alaska 94,945 Child Care 22,447 16.3
8 Vermont 94,517 Health Care 19,240 19.1
9 Oregon 92,861 Child Care 19,026 20.7
10 Washington 92,387 Child Care 18,876 16.4
11 Colorado 92,197 Child Care 19,418 16.3
12 Wyoming 91,802 Health Care 21,337 18.8
13 Virginia 91,515 Child Care 17,347 17.5
14 Maryland 89,052 Housing 17,840 14.6
15 Delaware 87,980 Health Care 17,175 19.1
16 Minnesota 87,246 Child Care 20,635 15.6
17 Illinois 86,153 Child Care 18,131 20.1
18 West Virginia 85,913 Health Care 24,483 30.6
19 Arizona 84,889 Child Care 17,391 23.8
20 Nebraska 84,527 Child Care 18,934 18.9
21 Rhode Island 84,019 Child Care 18,589 19.4
22 New Hampshire 83,859 Child Care 15,612 13.8
23 Pennsylvania 83,813 Child Care 19,039 20.7
24 Maine 83,440 Health Care 15,101 21.5
25 Florida 82,998 Housing 15,232 25.6
26 Nevada 81,680 Child Care 17,051 23.2
27 Montana 81,516 Child Care 17,025 22.6
28 Utah 80,653 Child Care 16,111 16.2
29 North Dakota 80,475 Child Care 20,541 17.5
30 Wisconsin 79,856 Child Care 17,092 19.3
31 Indiana 79,612 Child Care 18,107 22.8
32 Kansas 79,124 Health Care 16,767 20.5
33 Alabama 79,057 Health Care 17,245 28.4
34 South Dakota 78,824 Health Care 19,489 20.5
35 North Carolina 78,686 Health Care 15,361 25.8
36 Oklahoma 78,408 Health Care 16,062 27.2
37 Idaho 78,273 Transportation 15,147 22.7
38 Georgia 78,192 Health Care 15,341 25.1
39 Michigan 78,057 Child Care 17,276 22.9
40 Louisiana 76,581 Health Care 17,522 31.1
41 Texas 76,087 Transportation 13,907 24.4
42 Missouri 75,570 Health Care 16,101 23.6
43 Kentucky 74,849 Health Care 14,951 28.8
44 Tennessee 74,197 Health Care 14,990 26.6
45 Iowa 73,867 Transportation 14,656 19.5
46 Ohio 73,570 Child Care 14,489 23.3
47 New Mexico 72,948 Child Care 14,800 31.2
48 South Carolina 72,542 Health Care 14,677 26.7
49 Arkansas 70,474 Health Care 14,413 30.5
50 Mississippi 70,116 Health Care 17,460 33.3

 

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