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The Cost of Living Comfortably in the PIA Western Alliance

Posted By Gary Wolcott, Tuesday, July 28, 2020


They call it a living wage. It’s the amount of money needed to sustain our existence by covering expenses, contributing to savings and still having a little bit of fun money. The living wage — according to GoBankingRates— is getting harder to come by.

A lot of us are living paycheck to paycheck.

GoBankingRates based its calculations on Bureau of Labor Statistics statistics and the budgeting rule 50/30/20. The 50 necessities like housing, the 30 is discretionary expenses and the 20 is put into savings. Those percentages make up the living wage.

The nation’s median living wage is $67,690.

What constitutes the living wage varies from state to state. Hawaii is the highest at $136,437. The lowest cost of living wage is in Mississippi. It is $58,321. Other states with high costs are New York and California.

Weekly Industry News went through the GoBankingRates figures for the nine PIA Western Alliance states. Here’s what it costs you to live — via a living wage — in your state.

Oregon
    * The living wage in Oregon is $93,285
    * Median household income in 2018: $63,426
    * Median price of homes currently listed: $379,000

Washington
    * The living wage in Washington is $77,207
    * Median household income in 2018: $74,073
    * Median price of homes currently listed: $415,000

Montana
    * The living wage in Montana is $70,719
    * Median household income in 2018: $55,328
   * Median price of homes currently listed: $324,500

Alaska
    * The living wage in Alaska is $91,996
    * Median household income in 2018: $74,346
    * Median price of homes currently listed: $284,900

California
    * The living wage in California is $99,971
    * Median household income in 2018: $75,277
    * Median price of homes currently listed: $535,000

Idaho
    * The living wage in Idaho is $66,486
    * Median household income in 2018: $55,583
    * Median price of homes currently listed: $334,115

Arizona
    * The living wage in Alaska is $91,996
    * Median household income in 2018: $74,346
    * Median price of homes currently listed: $284,900

Nevada
   * The living wage in Nevada is $75,902
    * Median household income in 2018: $58,646
    * Median price of homes currently listed: $320,922

New Mexico
    * The living wage in New Mexico is $63,629
    * Median household income in 2018: $47,169
    * Median price of homes currently listed: $235,000

Source link: MSN Money

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