Here’s the Living Wage a Millennial Needs To Live Comfortably in America
It’s increasingly difficult for millennials to enjoy a comfortable lifestyle if they’re pacing behind on their earnings. Across 23 U.S. states and the nation’s capital — nearly half of America — millennials need to earn six figures or more as their living wage.
Check Out: Here’s How Much the Definition of Middle Class Has Changed in Every State
Trending Now: 6 Unusual Ways to Make Extra Money That Actually Work
To determine the comfortable living wage for millennials in every state, GOBankingRates sourced each state’s total population, total households and household median income along with the average single family home value, mortgage cost and cost-of-living indexes.
With millennials defined as being born between 1981 through 1997, the average expenditure cost was calculated using the national average expenditure costs for residents born between those years. Together, the expenditure cost and mortgage costs are calculated for the average total cost of living. The total annual expenditure on necessities was then doubled to determine each state’s living wage for millennials.
With states ranked in order from highest to lowest income wage needed, see how much millennials need to earn to live a comfortable lifestyle in America.
Hawaii
Population total: 1,440,196
Household total: 483,906
Median household income: $94,814
Average single family home value (May 2024): $988,816
Average monthly mortgage cost: $5,891
Average monthly expenditure cost: $2,623
Average monthly cost of living total: $8,514
Average annual cost of living total: $102,172
Living wage needed to live comfortably: $204,344
For You: 6 Reasons the Poor Stay Poor and Middle Class Doesn’t Become Wealthy
Try This: Net Worth for Gen X — How To Tell If You’re Poor, Middle-Class, Upper Middle-Class or Rich
Trending Now: Boomers Hold Half of U.S. Wealth--So Why Are Thousands Living Without Homes?
California
Population total: 39,029,342
Household total: 13,315,822
Median household income: $91,905
Average single family home value (May 2024): $806,577
Average monthly mortgage cost: $4,805
Average monthly expenditure cost: $2,365
Average monthly cost of living total: $7,170
Average annual cost of living total: $86,042
Living wage needed to live comfortably: $172,083
Explore More: What the Upper Middle Class Make in Different US Cities
Washington, D.C.
Population total: 671,803
Household total: 315,785
Median household income: $101,722
Average single family home value (May 2024): $732,551
Average monthly mortgage cost: $4,364
Average monthly expenditure cost: $2,051
Average monthly cost of living total: $6,415
Average annual cost of living total: $76,985
Living wage needed to live comfortably: $153,970
Massachusetts
Population total: 6,981,974
Household total: 2,740,995
Median household income: $96,505
Average single family home value (May 2024): $652,386
Average monthly mortgage cost: $3,887
Average monthly expenditure cost: $2,264
Average monthly cost of living total: $6,151
Average annual cost of living total: $73,813
Living wage needed to live comfortably: $147,626
Washington
Population total: 7,785,786
Household total: 2,979,272
Median household income: $90,325
Average single family home value (May 2024): $614,767
Average monthly mortgage cost: $3,663
Average monthly expenditure cost: $2,138
Average monthly cost of living total: $5,801
Average annual cost of living total: $69,608
Living wage needed to live comfortably: $139,215
New Jersey
Population total: 9,261,699
Household total: 3,438,162
Median household income: $97,126
Average single family home value (May 2024): $545,028
Average monthly mortgage cost: $3,247
Average monthly expenditure cost: $1,974
Average monthly cost of living total: $5,221
Average annual cost of living total: $62,647
Living wage needed to live comfortably: $125,293
Read Next: Here’s What the US Minimum Wage Was the Year You Were Born
Colorado
Population total: 5,839,926
Household total: 2,278,044
Median household income: $87,598
Average single family home value (May 2024): $565,548
Average monthly mortgage cost: $3,369
Average monthly expenditure cost: $1,839
Average monthly cost of living total: $5,209
Average annual cost of living total: $62,502
Living wage needed to live comfortably: $125,005
Oregon
Population total: 4,240,137
Household total: 1,680,800
Median household income: $76,632
Average single family home value (May 2024): $512,563
Average monthly mortgage cost: $3,054
Average monthly expenditure cost: $2,071
Average monthly cost of living total: $5,125
Average annual cost of living total: $61,498
Living wage needed to live comfortably: $122,996
Utah
Population total: 3,380,800
Household total: 1,062,819
Median household income: $86,833
Average single family home value (May 2024): $533,112
Average monthly mortgage cost: $3,176
Average monthly expenditure cost: $1,826
Average monthly cost of living total: $5,002
Average annual cost of living total: $60,029
Living wage needed to live comfortably: $120,057
New Hampshire
Population total: 1,395,231
Household total: 545,116
Median household income: $90,845
Average single family home value (May 2024): $501,203
Average monthly mortgage cost: $2,986
Average monthly expenditure cost: $2,008
Average monthly cost of living total: $4,994
Average annual cost of living total: $59,924
Living wage needed to live comfortably: $119,847
Be Aware: 7 Popular Clothing Brands the Middle Class Can’t Afford Anymore
Rhode Island
Population total: 1,093,734
Household total: 432,219
Median household income: $81,370
Average single family home value (May 2024): $476,239
Average monthly mortgage cost: $2,837
Average monthly expenditure cost: $2,071
Average monthly cost of living total: $4,908
Average annual cost of living total: $58,901
Living wage needed to live comfortably: $117,802
Alaska
Population total: 733,583
Household total: 264,376
Median household income: $86,370
Average single family home value (May 2024): $377,079
Average monthly mortgage cost: $2,246
Average monthly expenditure cost: $2,500
Average monthly cost of living total: $4,746
Average annual cost of living total: $56,955
Living wage needed to live comfortably: $113,909
Nevada
Population total: 3,177,772
Household total: 1,163,671
Median household income: $71,646
Average single family home value (May 2024): $457,004
Average monthly mortgage cost: $2,723
Average monthly expenditure cost: $2,007
Average monthly cost of living total: $4,730
Average annual cost of living total: $56,758
Living wage needed to live comfortably: $113,516
Montana
Population total: 1,122,867
Household total: 443,917
Median household income: $66,341
Average single family home value (May 2024): $468,751
Average monthly mortgage cost: $2,793
Average monthly expenditure cost: $1,907
Average monthly cost of living total: $4,700
Average annual cost of living total: $56,395
Living wage needed to live comfortably: $112,790
Discover More: 50 Safest and Most Affordable US Cities To Live In
Connecticut
Population total: 3,626,205
Household total: 1,409,807
Median household income: $90,213
Average single family home value (May 2024): $433,999
Average monthly mortgage cost: $2,586
Average monthly expenditure cost: $2,102
Average monthly cost of living total: $4,688
Average annual cost of living total: $56,256
Living wage needed to live comfortably: $112,511
New York
Population total: 19,677,151
Household total: 7,604,523
Median household income: $81,386
Average single family home value (May 2024): $447,263
Average monthly mortgage cost: $2,665
Average monthly expenditure cost: $2,002
Average monthly cost of living total: $4,667
Average annual cost of living total: $56,003
Living wage needed to live comfortably: $112,006
Idaho
Population total: 1,939,033
Household total: 675,323
Median household income: $70,214
Average single family home value (May 2024): $459,463
Average monthly mortgage cost: $2,737
Average monthly expenditure cost: $1,886
Average monthly cost of living total: $4,623
Average annual cost of living total: $55,481
Living wage needed to live comfortably: $110,963
Arizona
Population total: 7,359,197
Household total: 2,739,136
Median household income: $72,581
Average single family home value (May 2024): $445,624
Average monthly mortgage cost: $2,655
Average monthly expenditure cost: $1,917
Average monthly cost of living total: $4,572
Average annual cost of living total: $54,863
Living wage needed to live comfortably: $109,725
Maryland
Population total: 6,164,660
Household total: 2,318,124
Median household income: $98,461
Average single family home value (May 2024): $433,613
Average monthly mortgage cost: $2,583
Average monthly expenditure cost: $1,987
Average monthly cost of living total: $4,570
Average annual cost of living total: $54,839
Living wage needed to live comfortably: $109,679
Maine
Population total: 1,385,340
Household total: 580,172
Median household income: $68,251
Average single family home value (May 2024): $400,822
Average monthly mortgage cost: $2,388
Average monthly expenditure cost: $2,058
Average monthly cost of living total: $4,446
Average annual cost of living total: $53,350
Living wage needed to live comfortably: $106,701
Florida
Population total: 22,244,823
Household total: 8,353,441
Median household income: $67,917
Average single family home value (May 2024): $418,256
Average monthly mortgage cost: $2,492
Average monthly expenditure cost: $1,942
Average monthly cost of living total: $4,434
Average annual cost of living total: $53,207
Living wage needed to live comfortably: $106,413
Vermont
Population total: 647,064
Household total: 265,858
Median household income: $74,014
Average single family home value (May 2024): $397,507
Average monthly mortgage cost: $2,368
Average monthly expenditure cost: $2,013
Average monthly cost of living total: $4,381
Average annual cost of living total: $52,571
Living wage needed to live comfortably: $105,142
Discover More: I’m a Financial Advisor — Here’s Why My Rich Clients Identify With the Middle Class
Virginia
Population total: 8,683,619
Household total: 3,289,776
Median household income: $87,249
Average single family home value (May 2024): $400,272
Average monthly mortgage cost: $2,385
Average monthly expenditure cost: $1,861
Average monthly cost of living total: $4,246
Average annual cost of living total: $50,949
Living wage needed to live comfortably: $101,898
Delaware
Population total: 1,018,396
Household total: 389,000
Median household income: $79,325
Average single family home value (May 2024): $387,069
Average monthly mortgage cost: $2,306
Average monthly expenditure cost: $1,922
Average monthly cost of living total: $4,228
Average annual cost of living total: $50,733
Living wage needed to live comfortably: $101,465
Minnesota
Population total: 5,717,184
Household total: 2,256,126
Median household income: $84,313
Average single family home value (May 2024): $344,891
Average monthly mortgage cost: $2,055
Average monthly expenditure cost: $1,877
Average monthly cost of living total: $3,931
Average annual cost of living total: $47,177
Living wage needed to live comfortably: $94,354
North Carolina
Population total: 10,698,973
Household total: 4,105,232
Median household income: $66,186
Average single family home value (May 2024): $337,125
Average monthly mortgage cost: $2,008
Average monthly expenditure cost: $1,875
Average monthly cost of living total: $3,883
Average annual cost of living total: $46,598
Living wage needed to live comfortably: $93,195
Learn More: Net Worth for US Families — How To Tell If You’re Poor, Middle Class, Upper Middle Class or Rich
Wyoming
Population total: 581,381
Household total: 234,156
Median household income: $72,495
Average single family home value (May 2024): $346,709
Average monthly mortgage cost: $2,066
Average monthly expenditure cost: $1,792
Average monthly cost of living total: $3,858
Average annual cost of living total: $46,290
Living wage needed to live comfortably: $92,581
Georgia
Population total: 10,912,876
Household total: 3,946,490
Median household income: $71,355
Average single family home value (May 2024): $335,654
Average monthly mortgage cost: $2,000
Average monthly expenditure cost: $1,839
Average monthly cost of living total: $3,839
Average annual cost of living total: $46,064
Living wage needed to live comfortably: $92,128
Wisconsin
Population total: 5,892,539
Household total: 2,425,488
Median household income: $72,458
Average single family home value (May 2024): $307,613
Average monthly mortgage cost: $1,833
Average monthly expenditure cost: $1,863
Average monthly cost of living total: $3,695
Average annual cost of living total: $44,342
Living wage needed to live comfortably: $88,684
South Dakota
Population total: 909,824
Household total: 351,182
Median household income: $69,457
Average single family home value (May 2024): $307,049
Average monthly mortgage cost: $1,829
Average monthly expenditure cost: $1,845
Average monthly cost of living total: $3,675
Average annual cost of living total: $44,095
Living wage needed to live comfortably: $88,191
Check Out: Toilet Paper to Discontinued Items — 7 Ways Shrinkflation Has Come to Costco
Tennessee
Population total: 7,051,339
Household total: 2,713,635
Median household income: $64,035
Average single family home value (May 2024): $324,633
Average monthly mortgage cost: $1,934
Average monthly expenditure cost: $1,730
Average monthly cost of living total: $3,664
Average annual cost of living total: $43,969
Living wage needed to live comfortably: $87,938
South Carolina
Population total: 5,282,634
Household total: 2,023,085
Median household income: $63,623
Average single family home value (May 2024): $299,709
Average monthly mortgage cost: $1,786
Average monthly expenditure cost: $1,874
Average monthly cost of living total: $3,659
Average annual cost of living total: $43,914
Living wage needed to live comfortably: $87,827
Texas
Population total: 30,029,572
Household total: 10,490,553
Median household income: $73,035
Average single family home value (May 2024): $307,688
Average monthly mortgage cost: $1,833
Average monthly expenditure cost: $1,823
Average monthly cost of living total: $3,656
Average annual cost of living total: $43,872
Living wage needed to live comfortably: $87,743
New Mexico
Population total: 2,113,344
Household total: 812,852
Median household income: $58,722
Average single family home value (May 2024): $304,456
Average monthly mortgage cost: $1,814
Average monthly expenditure cost: $1,778
Average monthly cost of living total: $3,592
Average annual cost of living total: $43,100
Living wage needed to live comfortably: $86,201
Trending Now: How I Went From Middle Class to Upper Middle Class
Pennsylvania
Population total: 12,972,008
Household total: 5,193,727
Median household income: $73,170
Average single family home value (May 2024): $270,479
Average monthly mortgage cost: $1,611
Average monthly expenditure cost: $1,900
Average monthly cost of living total: $3,511
Average annual cost of living total: $42,134
Living wage needed to live comfortably: $84,268
Illinois
Population total: 12,582,032
Household total: 4,968,761
Median household income: $78,433
Average single family home value (May 2024): $270,566
Average monthly mortgage cost: $1,612
Average monthly expenditure cost: $1,854
Average monthly cost of living total: $3,466
Average annual cost of living total: $41,593
Living wage needed to live comfortably: $83,185
Nebraska
Population total: 1,967,923
Household total: 776,379
Median household income: $71,722
Average single family home value (May 2024): $265,128
Average monthly mortgage cost: $1,580
Average monthly expenditure cost: $1,833
Average monthly cost of living total: $3,412
Average annual cost of living total: $40,949
Living wage needed to live comfortably: $81,898
North Dakota
Population total: 779,261
Household total: 320,038
Median household income: $73,959
Average single family home value (May 2024): $264,597
Average monthly mortgage cost: $1,576
Average monthly expenditure cost: $1,828
Average monthly cost of living total: $3,405
Average annual cost of living total: $40,857
Living wage needed to live comfortably: $81,714
Learn More: These Are America’s Wealthiest Suburbs
Michigan
Population total: 10,034,118
Household total: 4,009,253
Median household income: $68,505
Average single family home value (May 2024): $246,095
Average monthly mortgage cost: $1,466
Average monthly expenditure cost: $1,828
Average monthly cost of living total: $3,294
Average annual cost of living total: $39,530
Living wage needed to live comfortably: $79,060
Indiana
Population total: 6,833,037
Household total: 2,653,596
Median household income: $67,173
Average single family home value (May 2024): $244,828
Average monthly mortgage cost: $1,459
Average monthly expenditure cost: $1,799
Average monthly cost of living total: $3,258
Average annual cost of living total: $39,095
Living wage needed to live comfortably: $78,189
Ohio
Population total: 11,756,058
Household total: 4,789,408
Median household income: $66,990
Average single family home value (May 2024): $234,069
Average monthly mortgage cost: $1,394
Average monthly expenditure cost: $1,848
Average monthly cost of living total: $3,243
Average annual cost of living total: $38,913
Living wage needed to live comfortably: $77,827
Missouri
Population total: 6,177,957
Household total: 2,458,324
Median household income: $65,920
Average single family home value (May 2024): $249,566
Average monthly mortgage cost: $1,487
Average monthly expenditure cost: $1,728
Average monthly cost of living total: $3,215
Average annual cost of living total: $38,579
Living wage needed to live comfortably: $77,157
For You: How Much Does the Average Middle-Class Person Have in Savings?
Iowa
Population total: 3,200,517
Household total: 1,290,139
Median household income: $70,571
Average single family home value (May 2024): $225,470
Average monthly mortgage cost: $1,343
Average monthly expenditure cost: $1,816
Average monthly cost of living total: $3,159
Average annual cost of living total: $37,910
Living wage needed to live comfortably: $75,821
Kansas
Population total: 2,937,150
Household total: 1,148,635
Median household income: $69,747
Average single family home value (May 2024): $230,617
Average monthly mortgage cost: $1,374
Average monthly expenditure cost: $1,764
Average monthly cost of living total: $3,138
Average annual cost of living total: $37,653
Living wage needed to live comfortably: $75,306
Alabama
Population total: 5,074,296
Household total: 1,933,150
Median household income: $59,609
Average single family home value (May 2024): $227,856
Average monthly mortgage cost: $1,357
Average monthly expenditure cost: $1,777
Average monthly cost of living total: $3,134
Average annual cost of living total: $37,608
Living wage needed to live comfortably: $75,217
Kentucky
Population total: 4,512,310
Household total: 1,769,102
Median household income: $60,183
Average single family home value (May 2024): $207,575
Average monthly mortgage cost: $1,237
Average monthly expenditure cost: $1,837
Average monthly cost of living total: $3,073
Average annual cost of living total: $36,882
Living wage needed to live comfortably: $73,763
Find Out: Here’s the Salary Needed to Actually Take Home $100K in Every State
Oklahoma
Population total: 4,019,800
Household total: 1,522,711
Median household income: $61,364
Average single family home value (May 2024): $208,367
Average monthly mortgage cost: $1,241
Average monthly expenditure cost: $1,769
Average monthly cost of living total: $3,011
Average annual cost of living total: $36,127
Living wage needed to live comfortably: $72,254
Louisiana
Population total: 4,590,241
Household total: 1,765,264
Median household income: $57,852
Average single family home value (May 2024): $203,003
Average monthly mortgage cost: $1,209
Average monthly expenditure cost: $1,750
Average monthly cost of living total: $2,959
Average annual cost of living total: $35,507
Living wage needed to live comfortably: $71,014
Arkansas
Population total: 3,045,637
Household total: 1,171,694
Median household income: $56,335
Average single family home value (May 2024): $207,999
Average monthly mortgage cost: $1,239
Average monthly expenditure cost: $1,717
Average monthly cost of living total: $2,956
Average annual cost of living total: $35,469
Living wage needed to live comfortably: $70,937
Mississippi
Population total: 2,940,057
Household total: 1,121,269
Median household income: $52,985
Average single family home value (May 2024): $179,684
Average monthly mortgage cost: $1,070
Average monthly expenditure cost: $1,772
Average monthly cost of living total: $2,842
Average annual cost of living total: $34,106
Living wage needed to live comfortably: $68,212
Consider This: Here’s the Income Needed To Be in the Top 1% in All 50 States
West Virginia
Population total: 1,775,156
Household total: 716,040
Median household income: $55,217
Average single family home value (May 2024): $167,919
Average monthly mortgage cost: $1,000
Average monthly expenditure cost: $1,822
Average monthly cost of living total: $2,822
Average annual cost of living total: $33,865
Living wage needed to live comfortably: $67,731
Methodology: For this study, GOBankingRates analyzed each state to find the comfortable living wage for millennials. Millennials for this study are defined as being born between 1981 and 1997. For each state, a number of factors were found including: total population, total households, household median income all sourced from the U.S. Census American Community Survey. The average single family home value from May 2024 was sourced from Zillow Home Value Index, and by assuming a 10% down payment and using the national 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. The cost-of-living indexes were sourced from Sperling’s BestPlaces, and by using the national average expenditure costs for residents born between 1981 and 1997, the average expenditure cost can be calculated. The expenditure cost and mortgage costs can be used to calculate the average total cost of living. Using the 50-30-20 budget rule, which allocates 50% of income for necessities, the study doubled the total annual expenditure on necessities in order to determine the living wage for millennials in each state. All data was collected on and is up to date as of Jul. 15, 2024.
More From GOBankingRates
5 Low-Risk Accounts Financially Savvy People Trust for Reliable Returns (And How You Can Use Them)
6 Subtly Genius Moves All Wealthy People Make With Their Money
This Free Money Move Could Nearly Double Your Lifetime Investment Returns
This article originally appeared on GOBankingRates.com: Here’s the Living Wage a Millennial Needs To Live Comfortably in America