Here’s How Much Money You Need to Make for a Family of 4 to Live Comfortably in Massachusetts

Massachusetts is a beautiful state. Massachusetts residents get to enjoy culture, nature, history, music, fine dining options, the four seasons and the list goes on and on. If you want the experience of big city life Massachusetts has that with areas like Boston and Worcester. If you are looking for something a little more quaint and quiet with still plenty of things to do Massachusetts has that with areas like the Berkshires. Simply put, Massachusetts has something for everyone.

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Make No Bones About It Massachusetts is an Expensive Place to Live

One thing to keep in mind is that not everyone may be able to afford to live in Massachusetts at least not comfortably. According to an article by cnbc.com, the most expensive state to raise a family of four is Massachusetts. The article notes that to live comfortably in Massachusetts, a family of two working adults and two kids would need to earn $301,184 annually. That's a lot of dough and I can say with full certainty that my family is not living comfortably by those standards.

We Know It's Not Cheap to Live in Massachusetts but How is "Comfortable" Defined? 

The article defined "comfortable" with the following statement.

Comfortable is defined as income needed to cover a 50/30/20 budget for a family of four. The budget allocates 50% of your earnings for necessities such as housing and utility costs, 30% for discretionary spending and 20% for savings or investments.

 

Other States That Follow Massachusetts for the High Cost of Living

(2) Hawaii: $294,611
(3) Connecticut: $279,885
(4) New York: $278,970
(5) California: $276,723

You can get more details and check out the entire list by going here.