This is how much money you need to make to be happy living in New York, survey finds
NEW YORK - If you want to know how much money you need to make to be happy living in New York, the simple answer is "a lot."
A survey from Purdue University and GoBankingRates found that you need a minimum annual salary of $155,610 to be happy in New York, citing the Empire State's "empire-sized costs of living."
The authors say, "With the average New York resident shelling out $50,610 more than the national average. And with an unemployment rate of 4.6%, times are tough for a lot of New Yorkers right now."
"Globally, we find that satiation occurs at $95,000 for life evaluation and $60,000 to $75,000 for emotional well-being," said the study’s authors in the journal. The study also noted that the ideal income for "life satisfaction" in North America is $105,000.
"It’s important to keep in mind, though, that ‘happiness’ is subjective. The cost to live comfortably can vary from person to person," GOBankingRates noted.
Which state requires a higher salary than New York in order to be happy? Only Hawaii. In Hawaii, you need to be making over $202,965 in order to be happy, the survey found.
Among the states with the lowest salary needed to be happy were Mississippi, Kansas, Oklahoma and Alabama, though with the rising costs due to inflation, every state requires over $87,000 annual salary in order to live happily.
GOBankingRates said it determined the cost-of-living-adjusted minimum salary needed to be happy based on income satiation levels identified by Purdue University researchers. It also factored in each city’s cost of living index, unemployment rate, as well as property and violent crime rates.