Pennsylvania families need nearly $248,000 in annual income to live comfortably, according to a new report from SmartAsset.<\/p>\n
Using data from the MIT Living Wage Calculator, the organization compiled basic cost-of-living estimates for a single person and a family with two adults and two children.<\/p>\n
\u201cComfortable living\u201d is defined by the 50\/30\/20 budget principle, which allocates half of a worker\u2019s taxable income to \u201cneeds,\u201d 30% to \u201cwants,\u201d and 20% to savings.<\/p>\n
A single adult needs $97,011 in 2025, while a family with two parents and two children needs $247,936. This figure is up 1.8% year-over-year and ranks the commonwealth 26th among states for cost of living.<\/p>\n
Federal data show the median income for single workers in the commonwealth is $39,373. The median income for a four-person household is $100,262.<\/p>\n
According to the SmartAsset report, Hawaii, Massachusetts, California, New York and New Jersey round out the top five with incomes ranging between $113,000 and $129,000, respectively, for single earners. For families, the bracket is $295,000 to $314,000.<\/p>\n
The analysis is just the latest in a pile of data pointing to increasing affordability pressures in Pennsylvania, where younger workers are fleeing for better economic opportunities. The issue could be further compounded by the \u201csilver tsunami\u201d washing ashore, which will leave more seniors in need of advanced care than the state can provide.<\/p>\n
Legislation to address the issue has come in the form of teacher stipends, more support for vocational training programs and eased small business regulations. Individual tax burdens \u2013 including property, income and sales taxes \u2014 however, are more regressive than 35 other states, limiting economic growth, according to an analysis from the Tax Foundation.<\/p>\n","protected":false},"excerpt":{"rendered":"Pennsylvania families need nearly $248,000 in annual income to live comfortably, according to a new report from SmartAsset.…\n","protected":false},"author":2,"featured_media":272799,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[28,30,29],"class_list":["post-272798","post","type-post","status-publish","format-standard","has-post-thumbnail","category-pennsylvania","tag-pennsylvania","tag-pennsylvania-headlines","tag-pennsylvania-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/272798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/comments?post=272798"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/272798\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media\/272799"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media?parent=272798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/categories?post=272798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/tags?post=272798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}