A family of 4 must make this much money to live in SC in 2023, new report shows

It’s gotten more expensive for families of four to live in South Carolina, a new report shows.

Personal finance site GoBankingRates recently released a study detailing the amount of money a family of four needs to earn to have a living wage in each state. The cost of goods has risen significantly in the past year, meaning the living wage needed for a single person has also increased.

The latest consumer price index for August shows that prices on the “all items index” increased 3.7% over the last 12 months.

SC living wage

So how much does it cost for a family of four to live in South Carolina and just get by covering all their expenses?

According to the report, the annual living wage for a family of four is $84,062 in South Carolina.

U.S. Census data shows that the median household income is $58,234 in South Carolina.

The Palmetto State ranks 27th among states that require the highest living wages for families of four, the report shows. North Carolina is slightly more expensive at $84,957 for a family of four. Hawaii was the most expensive at $182,900 for a family of four.

The states with the lowest living wages were mostly in the South and Midwest, where housing tends to be more affordable. Mississippi had the lowest living wage at $73,381.

Methodology

A family of four is defined as a married couple with two children, ages 6 to 17 years old. Using Bureau of Labor Statistics data, a living wage is defined as the minimum income a family of four would need to follow the 50/30/20 budget. With such a budget, 50% of your budget is spent on necessities, such as housing and utilities, 30% is used on discretionary spending and 20% is left for savings or investments.

10 states with highest living wages needed for family of four

1. Hawaii: $182,900
2. Massachusetts: $142,341
3. California: $130,239
4. New York: $118,127
5. Alaska: $113,079
6. Maryland: $110,244
7. Oregon: $106,779
8. Vermont: $106,692
9. Washington: $105,080
10. New Jersey: $104,770

Patrick McCreless

The State

803-771-8353

Patrick McCreless is the Southeast service journalism editor for McClatchy, who leads and edits a team of six reporters in South Carolina, Georgia and Mississippi. The team writes about trending news of the day and topics that help readers in their daily lives and better informs them about their communities. He attended Jacksonville State University in Alabama and grew up in Tuscaloosa, AL.