The short answer to the question of how much money you must earn to live happily in New York is “a lot.”
According to a Purdue University and GoBankingRates study, New York’s “empire-sized costs of living” require a minimum annual salary of $155,610 to be happy there.
The writers claim, “With the average New York resident shelling out $50,610 more than the national average. And with an unemployment rate of 4.6%, times are tough for a lot of New Yorkers right now.”
The study’s authors wrote in the journal, “Globally, we find that satiation occurs at $95,000 for life evaluation and $60,000 to $75,000 for emotional well-being.” The ideal income for “life satisfaction” in North America, according to the study, is $105,000.
“It’s important to keep in mind, though, that ‘happiness’ is subjective. The cost to live comfortably can vary from person to person,” GOBankingRates added.
Which state has a higher standard of living than New York? Hawaii alone. According to the survey, in Hawaii you need to earn at least $202,965 per year to be happy.
Mississippi, Kansas, Oklahoma, and Alabama had the lowest salaries required to be happy, but due to inflation-driven price increases, every state now needs a salary of at least $87,000 per year to be comfortable.
According to GOBankingRates, it calculated the cost-of-living adjusted minimum wage required to be happy based on levels of income satiation discovered by Purdue University researchers. Additionally, it took into account the unemployment rate, violent and property crime rates, and the cost of living index for each city.