Crazy Study Says To Live Comfortably in New Jersey You Need to Make $295K

Dateline New Jersey: If you want to make it in New Jersey, you and your spouse need to be pulling in almost $300,000 annually.

Does that sound crazy, or about right?

READ MORE: Top 10 Festivals and Events in South Jersey In September

READ MORE: Cape May Called a "Mermaid-Friendly" City

Get our free mobile app

Photo by Shane on Unsplash

To Live Comfortably in New Jersey, You Need to Start Bringing Home A Lot More Dough!

A new study, from VisualCapitalist.com, says if you want to live comfortably in New Jersey, a family of four needs income of $295,000!

Define comfortably!

OK, here's their definition: It's defined as the income needed to cover a 50/30/20 budget. 50% to necessities, 30% to discretionary spending, and 20% to savings.

New Jersey has one of the highest income needs, according to the study.

Massachusetts is the highest, at $329,555. New Jersey is ranked 5th. The state with the lowest income needed to live comfortably is Mississippi with $188,000.

If you go with these numbers, then there are probably a lot of people throughout the country not living "comfortably."

According to the Motley Fool, the average American family of four has an income of $178,000.

Photo by Tracy Jentzsch on Unsplash

What If You're Not Making $300K in New Jersey

There are opinions that numbers like these are exaggerated. That certainly could be true.

The bottom line is that most families aren't abiding by the 50/30/20 budget model - and most families just aren't putting away 20% in savings.

Certainly, everyone's idea of living comfortably isn't the same.

SOURCE: VisualCapitalist.com