The income needed to ‘live comfortably’ in Missouri

JOPLIN, Mo. (KSNF) — The consumer-based financial website, SmartAsset calculated the amount of income needed for a single adult to live the “comfortable life” in each U.S. state.

While the salary you want to “live comfortably” could be higher than what you bring home, living in a state with a lower cost of living may help to stretch your paycheck.

Throughout most of the Midwest, the amount of income needed to live comfortably is considerably less than what is needed to live in much of the Northeast.

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MISSOURI

In Missouri — one of the least expensive states to live — a single adult needs to make at least $84,000 a year to live with less worry, financially speaking.

• Hourly wage needed for a single working adult: $40.40
• Salary needed for a single working adult: $84,032
• Rank of income needed for a family: 37
• Salary needed across two working adults raising two children: $202,259

ARKANSAS

However, working adults in Arkansas can live comfortably on approximately $79,000 annually, which is the lowest in the nation (after West Virginia).

• Hourly wage needed for a single working adult: $38.20
• Salary needed for a single working adult: $79,456
• Rank of income needed for a family: 49
• Salary needed across two working adults raising two children: $180,794

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OKLAHOMA

Neighboring Oklahoma has the third lowest income requirement for a comfortable lifestyle — roughly $80,000 a year is the magic number.

• Hourly wage needed for a single working adult: $38.66
• Salary needed for a single working adult: $80,413
• Rank of income needed for a family: 48
• Salary needed across two working adults raising two children: $194,106

“Comfortable” was defined as the annual income required to cover a 50/30/20 budget rule, which recommends spending approximately 50% of your income on basic needs like food and housing, 30% on wants, and putting away the remainder toward savings or paying off debt. 

HERE, you’ll find a complete list of states and how they rank according to the income amount needed to live comfortably in the U.S.