How Much You Have to Make to Live Comfortably in Indiana

You may or may not be surprised by how much money individuals and families in Indiana need to bring home to "live comfortably".

It's not a secret that the cost of living is high, and going up. Inflation has caused so many things to be more expensive than they have ever been in the past. It's hard for many Hoosiers to live comfortably on their salaries. By the time you pay your rent/mortgage, car payment, electric bill, buy groceries, fill up your gas tank, and pay any other bills you might have, it can make it a little difficult to live comfortably.

Recently, a SmartAsset study found out how much money individuals and families need to bring in to live comfortably in each state. The study defines "living comfortably" as:

This means being able to afford hobbies, vacations, retirement savings, education funds, and the occasional emergency – in addition to necessities like housing, groceries, transportation, and medical expenses.

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In order to calculate how much individuals and families need to make to live comfortably, SmartAsset said they used the 50-30-20 budget rule in its methodology, as well as MIT Living Wage Calculator data to gather the basic cost of living for an individual with no children and for two working adults with two children. For those not familiar with the 50-30-20 budget rule, SmartAsset says:

This rule suggests allocating 50% of your income to necessities, 30% to discretionary spending, and 20% to long-term goals like retirement savings or paying off debt.

So, what are the numbers exactly for individuals and families in Indiana? Let's break it down.

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How Much Money Do Individuals Need to Make to Live Comfortably in Indiana?

Indiana ranks 40th out of all 50 states for the highest salary needed to live comfortably for individuals. The study found that the salary needed for an individual in Indiana to live comfortably is $86,570. That's quite a bit of money, and I know for a fact that the majority of single Hoosiers don't make that much on their salary.

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How Much Money Do Families Need to Make to Live Comfortably in Indiana?

Families of four in Indiana need to make a lot more than that to live comfortably in the Hoosier State. The SmartAsset study found that the annual salary needed for a family of four to live comfortably in Indiana is $220,230. That total makes Indiana the 29th most expensive state to live comfortably in for families in the United States. Here's the scary part. The annual salary needed for a family of four in Indiana to live comfortably last year (2024) was $206,003. That is a nearly $15,000 increase in one year!