FAYETTEVILLE, Ark. (KNWA/KFTA) — Arkansas is among the top 10 states where it’s least expensive for a single adult to “live comfortably,” according to a new report.
Personal finance site SmartAsset used MIT Living Wage Calculator data to gather the basic cost of living for an individual with no children and for two working adults with two children.
The report found that Arkansas had the second-lowest income needed to “live comfortably” for a single working adult.
SmartAsset defines “comfortable” 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.
The report said the income needed for a single adult in Arkansas to “live comfortably” is $83,242, up 2.7% year over year. The income needed for a family of four to “live comfortably” is $195,437, SmartAsset said.
On the other side of the rankings, Hawaii was the most expensive for a single adult to “live comfortably,” with a needed salary of $129,002.
The top 10 states with the lowest incomes needed for a single adult to “live comfortably” were:
- West Virginia
- Arkansas
- Kentucky
- Louisiana
- South Dakota
- North Dakota
- Mississippi
- Oklahoma
- Ohio
- Alabama
2 Comments
jubilationtcornpone@sh.itjust.works · 3 pts · 8d
Arkansas ranks second least expensive and it is still ridiculously expensive to live here.
0ndead@infosec.pub · 2 pts · 8d
Yeah, but then you’d have to live in Arkansas