The dream of living comfortably as a single adult in Georgia is becoming increasingly costly, as detailed in a report by SmartAsset, with singles needing an average yearly salary of $99,590 to maintain a sustainable lifestyle. This places the Peach State 17th among the most expensive states for single adults. Yet, for those with families, Georgia is positioned at 33rd, requiring a household income of about $210,829 to keep up with expenses, savings, and occasional indulgences.
SmartAsset's calculations were based on the 50/30/20 budgeting rule: 50% for necessities such as housing and food, 30% for discretionary spending, and 20% for savings or paying off debt. In comparison to other states, Hawaii demands the highest income for singles to live comfortably at over $124,000 while West Virginia offers the most affordability, with singles there needing about $80,829, according to Fox 5 Atlanta.
Nonetheless, the financial strain is broadly felt across the United States. As SmartAsset reveals, the average income needed for a single American adult to live comfortably is $102,648, far above the national average salary of $59,228 as determined by a study of the Bureau of Labor Statistics in June 2024. This significant gap is more pronounced for women, who earn about a fifth less than their male counterparts, with women earning a median wage of $53,092 per year and men $63,804.
Fortune reports varied thresholds for financial happiness across income levels. A study by University of Pennsylvania professor Matthew Killingsworth indicates that happiness increases with income, potentially without ceiling. However, it's not the cheapest state, Mississippi claims that title for family affordability—requiring $186,618 for a family of four's comfortable living.
Recent data have challenged the previous belief that happiness plateaus after hitting a $75,000 income, as claimed by Nobel Prize-winning economists Daniel Kahneman and Angus Deaton in 2010. Instead, subsequent studies have found that happiness may rise linearly with income, particularly for those in the middle and higher brackets of emotional well-being.
