A recent study reveals that in 15 U.S. states, single earners must exceed $100,000 a year to maintain a comfortable lifestyle. The findings, rooted in the 50/30/20 financial rule, indicate that many living alone, known as SINKs (single income, no kids), struggle with increasing housing costs. The analysis from SmartAsset and Realtor.com highlights that even with a comfortable salary, median-priced homes remain out of reach for single earners in 22 states. Interestingly, the South emerges as affordable for single homebuyers, with eight of the ten states allowing comfortable living on $80,000 to $87,000 annually.
"The housing market has gotten increasingly expensive and increasingly difficult to afford on just one income," says Hannah Jones, senior economic research analyst at Realtor.com.
"Single home shoppers may have to compromise on the type or size of home, or the location, to achieve homeownership on just one income," Jones adds.
"Since 1940, the share of one-person households has more than tripled, accounting for almost a third of all occupied households today."
"In all 10 of these states, a single person can live comfortably earning between $80,000 and $87,000 per year-that's enough to pay the bills, splurge now and then, and still plan for the future."
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