How Much Money Do You Need To Make To Live Good In Michigan?
It costs a lot to survive in any state these days but just how much does it cost to live well in the state of Michigan?
Inflation Is At An All-Time High
Here is a little history lesson on inflation, since 1914 inflation has averaged 3.30% every year, until 2023 when it peaked at just over 9%.
Unfortunately, gasoline is a big part of the problem because with it being so expensive, all of our goods are affected by the high cost that gets passed down to the consumers.
Groceries are through the roof along with every household product. All goods and services are higher than they have ever been and because of the greed that most businesses have, these costs will never come down again making it harder for Michiganders to make ends meet.
Michigan is One of the Most Expensive States to Live In
On top of high inflation, Michigan is the 15th most expensive state to live in. Michiganders also have the highest vehicle insurance rates in the nation and that money takes away from consumers' ability to feed and clothe their families.
How Much Money Do You Need to Make To Live Good in Michigan?
I always wonder who comes up with these numbers because it always seems they are out of touch with what we Michiganders have to spend each week in order to survive. For those who have a lot of kids, it has to be tougher and tougher each day to decide what is necessary and what will have to wait.
According to GoBankingRates.com, you need to make $50,049 a year live well in the state of Michigan. This information was gathered by a survey from the Bureau of Labor Statistics based on the cost of necessities, discretionary speding, and savings.
I don't know about you, but that 50K seems a bit low but if it makes you feel any better, you need to make $112,411 a year to living in America's most expensive state of Hawaii. If you are looking to re-locate to the most affordable state in the union that would be Mississippi where you need a yearly salary of $45,906 to live good.