See how much single adults in IL must earn to live comfortably in 2024, analysis says

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Matt DiSanto
4 min read
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Living comfortably is becoming a more significant challenge across the U.S. as the prices of consumer goods continue to rise.

So, how much do you need to make each year to lead a comfortable life? That question was the subject of a recent analysis from financial technology company SmartAsset, which reviewed some basic costs of living for single working adults across the U.S.

SmartAsset’s analysis largely centered on the Massachusetts Institute of Technology’s Living Wage Calculator and the 50/30/20 rule, which recommends spending roughly 50% of a person’s income on basic needs like food and utilities while spending 30% on “wants” and desires and the rest on savings or paying off debt. In the end, the analysis produced estimates of hourly wages that would allow single adults and two-parent, two-child families to live comfortably in the U.S. It also created rankings for all 50 states.

Here’s what you need to know about the findings for Illinois, Missouri and beyond.

How expensive is it to live comfortably in the metro-east?

Throughout the Land of Lincoln, a single working adult must earn at least $95,098 per year — or $45.72 per hour — to cover basic needs, fund common desires and properly sustain savings, according to SmartAsset’s analysis. Overall, that figure ranks Illinois 18th in the country between Vermont ($95,763 per year) and Delaware ($94,141 per year).

SmartAsset’s report suggests the average family with two working adult raising a pair of children in Illinois must make at least $231,962 per year to live comfortably. That ranks Illinois 18th in the country, too, between Virginia ($235,206 per year) and Arizona ($230,630 per year).

Life appears cheaper in Missouri, where a single working adult must make at least $84,032 per year — or $40.40 per hour — to live comfortably, placing it as the 37th most expensive state between Wisconsin ($84,115 per year) and Alabama ($83,824 per year).

Families in the Show Me State with two adults and two children must make at least $202,259 per year to lead a comfortable life. That also places Missouri 37th in the country between Wyoming ($203,424 per year) and North Dakota ($202,176).

Locally, single working adults with no children must make at least $20.85 per hour to support themselves with a living wage in St. Clair County, according to the MIT Living Wage Calculator. Two adults supporting two children should make at least $38.74 to support the family with a living wage, the online tool suggests.

Overall, the costs of necessities have grown more expensive over the past year across the U.S.

According to the U.S. Bureau of Labor Statistics’ Consumer Price Index, the cost of all items rose 3.5% over the last 12 months. Overall food prices were up 2.2% over the year, while shelter (up 5.7%) and gasoline (up 1.3%) also saw increases. No measured category grew more expensive on average over the past year than transportation services, which is up roughly 10.7% over the past 12 months.

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How does the rest of the US compare?

No state is estimated to have a higher cost of living than Massachusetts, where a single adult must earn at least $116,022 a year (or $55.78 per hour) to live comfortably, SmartAsset’s analysis says. Hawaii ($113,693 per year) and California ($113,651) followed closely behind as the second- and third-most expensive states for single working adults.

West Virginia requires a $78,790 salary to allow a single working adult to meet all basics, wants and needs and is estimated as the cheapest state in the country, SmartAsset suggests. Arkansas ($79,456) and Oklahoma ($80,413) round out the cheapest states on that front.

Mississippi is the cheapest state for a two-parent, two-child family to live comfortably ($177,798), while Massachusetts ($301,184) again claimed the most expensive state in this category.

You can read SmartAsset’s full study by visiting smartasset.com/data-studies/state-salary-living-comfortably-2024. Visit livingwage.mit.edu/ to explore living wage statistics for states, counties and metropolitan areas.

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