GOBankingRates recently conducted a study to uncover how much money parents in each state would need to make annually to live comfortably and pay for their child’s tuition at a four-year institution.
Researchers used College Board data to uncover the average price of tuition and fees at public four-year institutions, and then factored in the cost of living in each state by identifying the dollar amounts required to cover necessities like a mortgage, groceries, utilities and more. Additionally, researchers calculated what parents would spend on splurges and savings using the 50-30-20 budgeting role, in which 50% of income covers necessities, 30% covers discretionary items and 20% is reserved for savings.
The study found the states in which parents must make the most money to live comfortably and pay for college are:
- Hawaii: $126,454.40;
- California: $106,770.82;
- Massachusetts: $96,573.07;
- Colorado: $91,700.33; and
- Connecticut: $91,140.89.
The states in which parents must make the least money to live comfortably and pay for college, according to the study, are:
- Indiana: $62,091.05;
- Arkansas: $62,596.15;
- Ohio: $62,931.10;
- Missouri: $63,618.01; and
- Kentucky: $64,110.64.
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