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ILLINOIS - To comfortably raise a family of four in most states, including Illinois, in 2024, you'll need a six-figure income.
A new study from GOBankingRates calculated the annual living expenses for a family of four in all 50 states, using data from the 2023 Consumer Expenditure Survey and the Bureau of Labor Statistics.
"Living wage" is defined as the income required to cover 50% for necessities, 30% for discretionary spending, and 20% for savings, or the 50-30-20 rule.
The study determined the "living wage" for a family of four in each state and ranked them from least to most expensive.
The least expensive state for a family of four was West Virginia, where a salary of $82,338 is needed. This includes $5,731 annually for groceries, $13,454 for housing, and $7,465 for healthcare.
Where does Illinois rank?
Illinois ranked 26th, with a salary of $100,332 needed for a family of four to live comfortably. This includes $7,872 annually for groceries, $18,479 for housing, and $7,758 for healthcare.
Hawaii was the most expensive state, requiring a salary of $258,918 for a family of four. This includes $28,290 for groceries, $66,412 for housing, and $9,540 for healthcare.
To see the full results of the study, follow this link.