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How much income does a family with two children need to live comfortably in New York?

'15.05.2024'

ForumDaily New York

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The US economy is booming, but a family of 4 in New York still needs colossal amounts of money to live comfortably. Silive tells exactly how much.


So, how much does it really take to live comfortably in New York City with two working adults and two children in the family?

SmartAsset.com Research bases your comfort level on a 50/30/20 budget, where 50% of your income goes toward basic needs like food and shelter, 30% goes toward what you want, and the rest goes toward savings, needs, and repayments debt. Read more about New York being recognized as the worst American city to start a career in our article.

On the subject: Ranking of the best elementary and secondary schools in New York

SmartAsset.com reports that for New York City families of four who want to adhere to the 50/30/20 rule, the annual income of two working adults would need to be a combined total of about $278. According to a recent report from Henley & Partners in collaboration with New World Wealth, New York York recognized richest city in the world: Almost 360 thousand millionaires live there.

But how does this salary compare with real statistics?

New York City's median income in 2023 was just $74, or $870 an hour, according to Forbes. For example, let's assume that there are two working adults in the family who receive the same average salary. This family's total income would be $36.


This is a significant difference from the comfortable living income that SmartAsset.com believes New Yorkers should achieve.

You may be surprised to learn that this income figure for a comfortable life is not even the highest in the country. In fact, New York only ranks 4th.

The state with the highest income needed for a single person to live comfortably is Massachusetts. SmartAsset.com estimates the annual income of two working adults for a family of four here at $301.

On the other hand, Mississippi ranks last in the country. For a family of four with two working parents, the 50/30/20 annual income there is $177.

Five states where a family of 4 will need the highest income to live comfortably
  • 1. Massachusetts: $301;
  • 2. Hawaii: $294;
  • 3. Connecticut: $279;
  • 4. New York: $278;
  • 5. California: $276.
Five states where a family of 4 would need the lowest income to live comfortably
  • 1. Mississippi: $177;
  • 2. Arkansas: $180;
  • 3. West Virginia: $189;
  • 4. Louisiana: $189;
  • 5. Kentucky: $190.
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