Experts at Go Banking Rates conducted an analysis based on various indicators and federal data to determine what the ideal salary is for a person to live a peaceful life in each U.S. state. The results showed that Texas residents needed an annual income of $50,497, which is significantly lower than states like New York or California, which require an additional $30,000.
The study is based on data from the 2021 Consumer Expenditure Survey for Singles, the most recent data available from the Bureau of Labor Statistics. To calculate the ideal salary for each state, a person’s annual basic needs expenses are taken into account. Furthermore, researchers say living comfortably is not limited to covering basic expenses but also includes being able to save and afford certain luxuries.
Here are the required annual income amounts in select states:
New York: $73,226
New Jersey: $64,463
It is worth noting that these calculations correspond to a single resident, so for a household the total costs increase. Furthermore, the analysis takes into account that, according to the criteria established by the researchers, living a comfortable life means not only covering basic expenses, but also having funds for savings and additional comforts.
Texas: Home to America’s Most Affordable Cities
A recent report from Niche ranked two Texas cities among the top five places to live in the United States, based on its “Best Places to Live in America 2023” study. The study considered a variety of data, including the national census, the housing market and the quality of public schools across the country.
The number one city is Brownsville, located in Cameron County. The city is most notable for its quiet suburban atmosphere, parks, family-friendly environment, and excellent public schools. Rent in Brownsville is lower than the national average, with rent around $794 compared to the national average of $1,163. Additionally, the real estate market offers the possibility to purchase a home for less than half the U.S. average, costing approximately $95,700.
In third place is Wichita Falls, with a population of 102,563. Like Brownsville, it offers a warm, family-friendly environment with high-quality schools. However, Wichita Falls also attracts young professionals. Rental prices in the city are around $869 and property purchase prices are around $109,000, making it a more affordable option than most cities in the United States.