What is the Minimum Income Needed to Live in Colorado?
"Cost of living"-- that's a very generic statement when it comes to how much money one needs to make. However, now there's a number that quantifies what a family needs to make to live in Colorado. Career Website Zippia has come up with a map to depict the minimum income needed in each state to support two adults and one child. To determine this information, Zippia used a Living Wage Calculator provided by MIT. When you look at many of the states, it's not surprising. However, where do you think Colorado comes in when compared to the rest of the nation?
While the top 5 highest states were the Washington D.C., Hawaii, Massachusetts, Connecticut and New York. Colorado came in as the twelfth most expensive state to live, requiring a minimum income of $53,792 a year to support two adults and one child. Now this is an estimate for the entire state. MIT's Wage Calculator actually allows its user to break it down even further.
I took a look at their numbers for Larimer County, where they broke it down in much more detail. For example, according to their calculations, a living wage for a single person in Larimer would be $22,443 a year, while 2 adults (one working) with 1 child would be $45,344. For 2 adults (both working) and 2 children, they estimate the living wage to be $65,312.
What you shouldn't forget is that these are considered the "minimums" when it comes getting by in Colorado and other states... and so you know, the states that have the lowest minimum income needed to live were Idaho, South Dakota, West Virgina, Arkansas and Kentucky.