A recent study reveals that singles in Maryland need an annual income of $108,867 to live comfortably. The survey defines living comfortably as being able to afford hobbies, vacations, retirement savings, education funds, and occasional emergencies, in addition to necessities such as housing, groceries, transportation, and medical expenses. Maryland ranks as the seventh-highest state for the salary needed for a single adult to live comfortably.
For a family of four, consisting of two adults and two children, the required annual income jumps to $259,168. JP Krahel, an accounting professor at Loyola University Maryland, was not surprised by the findings. He cited Maryland’s high costs and rising property values as significant factors contributing to the high cost of living.
Maryland’s high cost of living
“The increase in property values has a lifting effect on the prices of everything else,” Krahel said. The professor expressed concern about the continued rise in costs, especially given other economic challenges such as tariffs and general economic uncertainty.
“I would not be surprised if we are having this conversation again a year from now, and the cost of living has once again seen a fairly significant jump,” Krahel noted. The study used the 50/30/20 budget rule, which allocates 50% of income to necessities, 30% to discretionary spending, and 20% to long-term goals. Krahel advised that investing in oneself is key to managing rising costs.
“The best thing to do is to think long-term and make investments now that will pay off, like higher education,” he said. “A long-term perspective is sometimes hard to come by, but visualizing a more comfortable financial future and starting to outline steps to get there can be very powerful.”
Hawaii tops the list as the most expensive state for singles, requiring an annual salary of $124,467 to live comfortably, followed by Massachusetts, California, New York, and Washington.
