If you have the freedom to choose where to live and are not limited to a specific location, it helps to know how much money it takes to live well in the states with the lowest costs of living.
GO Banking Rates determined this by analyzing annual living expenses in states across the country, based on data from the Bureau of Labor Statistics’ Survey of Consumer Spending.
The study also included calculation of the annual cost of basic necessities and was based on the 50-30-20 budget rule, which distributes 50% in necessities, 30% in optional/luxury expenses and 20% in savings .
The states where you could live comfortably with little money are:
1.Alabama
–Salary to live comfortably: $56,646 dollars.
–Median income in this state: $54,943 dollars.
2.Mississippi
– Salary to live comfortably: $56,677 dollars.
– Median income in this state: $49,111.
3.oklahoma
– Salary to live comfortably: $57,546 dollars.
– Median income in this state: $56,956.
4.Arkansas
– Salary to live comfortably: $58,347 dollars.
– Median income in this state: $52,123 dollars.
5.ohio
– Salary to live comfortably: $58,416 dollars.
– Median income in this state: $61,938.
6.Iowa
– Salary to live comfortably: $58,719 dollars.
– Median income in this state: $65,429.
7. Georgia
– Salary to live comfortably: $59,025 dollars.
– Median income in this state: $65,030.
8.kansas
– Salary to live comfortably: $59,314 dollars.
– Median income in this state: $64,521.
9.Kentucky
–Comfortable salary: $59,134 dollars.
–Median income: $55,454 dollars.
10.Tennessee
– Salary to live comfortably: $60,138 dollars.
– Median income in this state: $58,516 dollars.
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