How Much Do You Need to Earn to Live “Comfortably” in Rhode Island?
Friday, March 12, 2021
A new report from Business Insider shows the cost of living across the country.
“Living paycheck to paycheck is an unfortunately common hallmark of American life. And that's more evident than ever now, amid the coronavirus pandemic,” writes Business Insider.
Today in RI, the number of unemployed residents — those residents classified as available for and actively seeking employment — was 39,100, down 3,700 from December.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTOver the year, the number of unemployed residents increased by 17,900.
The number of employed Rhode Island residents was 501,200, up 5,300 from December. Last January there were 540,800 employed Rhode Island residents.
Earlier last year, over 51 million people filed for unemployment in just a 17-week period. For context, the Great Recession eliminated 37 million jobs over 18 months.
Living "comfortable" is known as "having it all" — the ability to cover basic expenses, while still having "fun money" and contributing to savings — currently seems like an impossible feat for some.
The state with the lowest annual living wage is Mississippi, with $58,321. The state with the highest living wage is Hawaii, with $136,437.
Rhode Island's Numbers
The living wage in Rhode Island is $83,942.
Median household income in 2019: $71,169
Median price of homes currently listed:$331,458