Quality living on a sub-$60,000 annual income is achievable in certain U.S locales like Mississippi and Kansas, according to Gerald Storch of Storch Advisors. He supports frugal living and savings as fundamental, especially amidst market instability and inflation.
Storch suggests that people earning below $60K can enjoy a comfortable lifestyle in these regions, steering away from the image of Americans surviving on minimum wages. He emphasizes the importance of wise money decisions and savings, implying that lower income doesn’t equate to poor living standards.
A higher income doesn’t always mean a better lifestyle. Storch insists that proper financial literacy and money management are more reflective of a person’s ability to achieve a quality lifestyle, irrespective of their location or income.
Housing costs in states like Massachusetts, California, and New York require an annual income above $100,000, heavily contrasting the reported average U.S. income of around $59,384. High living costs limit savings and demand sacrifices. Future projections signal a steady rise in living costs.
These financial burdens impact lower earners more severely. Policies towards affordable housing can secure a comfortable lifestyle for all. The relationship between living costs and savings isn’t straightforward and is influenced by multiple factors such as location, income, and economic conditions.
Data from Zippia revealed that 18% of Americans make above $100,000 yearly. Living comfortably in high-cost states is likely challenging for the average American. Economical living wage thresholds are found in Oklahoma, Alabama, Arkansas, Kansas, Kentucky, West Virginia, Missouri, Iowa, and Georgia.
The wealth disparity and income inequality issues continue to widen the gap due to high-paying jobs in costly coastal cities. Therefore, policies addressing the rising cost of living and equal income distribution are necessary.
Certain states like Mississippi, Oklahoma, Alabama, Greenbay, and others provide manageable living standards for average earners. These states offer affordable housing, reasonable grocery costs, and moderate utility bills. States like Tennessee, Indiana, and Kansas also have low living costs, making them attractive for budget-conscious individuals or families.
Even with regional economic variations, cost-effective states consistently provide a good quality of life. Hence, it’s not always imperative to have a high income for a decent lifestyle. Ideally, it’s all about choosing a state that suits both your financial capability and lifestyle preferences.
Roles in education, social work, public relations, web development, and more fall below the average income mark. Professionals like doctors, lawyers, and marketing managers earning substantially more can accrue significant savings by living in less costly states. However, personal lifestyle choices and aspirations largely influence the decision to live in high or low living expense regions.
