Income Family of 4 Needs to Live Comfortably in Illinois

A new study revealed what income a family with two working adults needs to be comfortable. How much you need to cover all necessities, and discretionary spending, including savings and investments.

The Most Expensive Places to Live

I've fantasized about living in San Francisco. After one visit, I was mesmerized. The reality behind my fantasy was that this beautiful city was at the time the most expensive place to live in the US.

Not much has changed since that first visit to San Francisco nearly 20 years ago. San Francisco is still a very expensive place to call home. According to a new study from SmartAsset, it would take an average income totaling $276,723 for a family of four with two working adults to live comfortably in California.

While the study mostly focused on states, not cities, SmartAsset did find the 3 cities where the double income would need to be over $300,000 to live comfortably.

San Francisco is still the most expensive city to live in, $339,123 is the income needed for a comfortable life.

The most expensive state in which to live comfortably is Massachusetts. The comfortable life income needed is $301,184 annually.

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What is the Definition of Living Comfortably

For the study, living comfortably means covering a 50/30/20 budget.

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What is a 50/30/20 Budget

50% of your income used to cover all necessities

30% of your income used to cover discretionary spending

20% of your income used for savings and investments

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Income Family of 4 Needs to Live Comfortably in Illinois

According to SmartAsset, a family of four with two working adults needs to bring in $231,962 to live comfortably in Illinois

Around Illinois, the income needed is:

Iowa - $211,411

Indiana - $206,003

Wisconsin - $225,056

MORE: 5 Most Expensive Places to Live In Illinois

To see the income needed across the US, according to SmartAsset, click HERE. When it comes to living comfortably, the lowest income requirement for that life is in Mississippi, at $177,798.

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