Massachusetts #1 Most Expensive State to raise a family in the country. If you live here in Massachusetts, this will come as no surprise to you. The cost of living here is pretty astronomical. Everything from gas to grocery prices to rent and mortgage rates is well above the country’s average. So the results of this survey really shouldn’t shock anyone. SmartAsset did a study and released its results on how much it would take for a family to live “comfortably” in America. It’s not something to be proud of. Massachusetts #1 Most Expensive State is not it. Here’s what they found.
Massachusetts #1 Most Expensive State – What does living “comfortably” mean?
For the sake of this survey, living “comfortably” means income needed to fuel a 50/30/20 budget for a family of four. 50 being what it costs for necessities like rent or mortgage and utilities. 30% would be for discretionary spending and 20 % would be for savings and investments. SmartAssets determined the formula for each state using the MIT Living Wage calculator.
Least expensive state to raise a family?
It wouldn’t make sense to mention the most expensive states to raise a family without mentioning the least expensive. Mississippi is the least-expensive state to raise a family, requiring only $177,798 per year in annual income. This is quite the difference from the most expensive states. In general, rural states are a lot less expensive to live than states with larger cities.
So what does all of this mean for Massachusetts?
It means what you think it means. Massachusetts #1 Most Expensive State in the country. This means a much higher cost of living, although this means higher salaries but it is all relative. But if you live here, you know all too well that it is NOT cheap and can be a struggle. We are definitely not alone as there are other states in the top 5 that are pretty expensive too. Let’s take a look at the most expensive states in America. Again, tell us something we don’t know. Massachusetts #1 Most Expensive State in the country.
