This is the living wage needed for a family of four in Texas

By FOX Texas Digital
Published  December 20, 2024 2:10pm CST
FOX 4

The Brief

    • The average household in the United States spends $61,334 a year on expenses, according to the World Population Review.
    • A new study by GoBankingRates surveyed annual living expenses for a family of four across the U.S. with data from the 2023 Consumer Expenditure Survey.
    • Texas finished 33rd on the list with $95,763 needed. 

The cost of living continues to rise across the U.S. - and that rings true in some states more than others. 

Just how expensive is it? 

If you're raising a family of four in Texas in 2024, you will need $95,763 to be financially secure, according to a new survey by GOBankingRates.

In 26 U.S. states, you'll need a minimum of $100,000.

For the rankings, GOBankingRates surveyed annual living expenses for a family of four across the U.S. with data from the 2023 Consumer Expenditure Survey, and for a married couple with children from the Bureau of Labor Statistics. "Living wage" is defined as the income required to cover 50% necessities, 30% discretionary spending and 20% for savings. Using the 50-30-20 budget rule, the study doubled the total annual expenditure on necessities to determine the "living wage" for a family of four in each state. 

Hawaii required the most money with a whopping living wage of $259,918, followed by Massachusetts at $199,671 and California for $188,269. New York ranks #4 with a $155,738 living wage, and Alaska rounds out the top five with $136,990. 

By comparison, the most affordable state in terms of living wage is West Virginia ($82,338). 

Texas was on the cheaper side of things between both Louisiana ($95,480) and New Mexico ($96,130).

According to the study, the annual cost of housing in the Lone Star State is $17,843, groceries cost $7,601 and healthcare costs $7,319.

How Much a Family of Four Needs in Each State

  1. West Virginia $82,338 
  2. Mississippi $87,564 
  3. Alabama $87,607
  4. Kansas $87,944
  5. Arkansas $88,312 
  6. Oklahoma $90,659
  7. Iowa $91,667 
  8. Missouri $91,669 
  9. Tennessee $92,179 
  10. Kentucky $93,349 
  11. Indiana $93,544 
  12. Michigan $93,807 
  13. Nebraska $94,102 
  14. Georgia $94,682 
  15. North Dakota $94,752 
  16. Louisiana $95,480 
  17. Texas $95,763 
  18. New Mexico $96,130 
  19. Minnesota $96,640 
  20. Montana $96,870 
  21. South Carolina $98,082 
  22. Pennsylvania $98,427 
  23. Maryland $98,585 
  24. Ohio $99,453 
  25. South Dakota $100,000 
  26. Illinois $100,332 
  27. Wyoming $100,750 
  28. North Carolina $104,582 
  29. Delaware $107,042 
  30. Wisconsin $107,324 
  31. Idaho $107,412 
  32. Virginia $111,303 
  33. Florida $112,401 
  34. Colorado $112,828 
  35. Nevada $112,965 
  36. Rhode Island $123,298 
  37. New Hampshire $123,863 
  38. Connecticut $126,753 
  39. Utah $128,484 
  40. Washington $131,024 
  41. Arizona $131,102 
  42. Oregon $131,824 
  43. Vermont $131,996 
  44. New Jersey $134,990 
  45. Maine $135,943 
  46. Alaska $136,990 
  47. New York $155,738 
  48. California $188,269 
  49. Massachusetts $199,671 
  50. Hawaii $258,918

The Source

  • Information in this article comes from GOBankingRates.com