You must make this much money to raise a family in NC in 2023, new report shows
Raising a family can be much more expensive in some states than others, even in North Carolina.
With high inflation, the increase in the cost of goods and services has had a huge impact on families financially across the country in the last few years. A new report is shedding light on where it costs the most and least to live in the U.S.
GoBankingRates, a personal finance site, outlined the living wage needed for a family of four to live in different states across the country.
While the cost of living can vary by city depending on the area, North Carolina is one of the pricier states for families.
North Carolina living wage for families
The report says a family of four needs to have $84,957 to live comfortably in North Carolina. But according to GoBankingRates, that’s still cheaper than the cost of living for a single person. In comparison, you need to make $53,531 to live alone in the state.
“Lending credence to the theory that ‘two people can live cheaper than one,’ (and having four people under one roof can also save money), our data showed that it’s nowhere near four times more costly for four people to live than one,” the report says. “The data used to calculate a ‘living wage’ allows 50% for necessities, which includes housing, 30% for discretionary/luxury spending and 20% for savings.”
Here’s which states are the most affordable and expensive for families in the U.S., and how North Carolina compares:
Cheapest states to live in
Mississippi: $73,381
Oklahoma: $74,253
Alabama: $75,724
Kansas: $75,924
Arkansas: $76,456
West Virginia: $76,905
Missouri: $77,197
Kentucky: $77,842
Iowa: $78,025
Georgia: $78,448
Most expensive states to live in
Hawaii: $182,900
Massachusetts: $142,341
California: $130,239
New York: $118,127
Alaska: $113,079
Maryland: $110,244
Oregon: $106,779
Vermont: $106,692
Washington: $105,080
New Jersey: $104,770
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