New report shows what it takes to live comfortably in New York and on Long Island
For a family of four, the income needed climbs to more than $323,000 in Nassau County and nearly $329,000 in Suffolk County.
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Long Island families need more than $323,000 a year in Nassau County and nearly $329,000 in Suffolk County to live comfortably, according to a new SmartAsset report.
What does it mean to live comfortably?
"It's not wealthy, but it's also earning more than you need to just get by."
That's how analysts at SmartAsset define comfortable living. The consumer financial website recently released a report detailing how much income is needed to live comfortably in New York, one of the country's most expensive states.
"New York State as a whole is, as most people probably are not surprised to hear, one of the most expensive states in the country to live," said Toby Nelson.
According to the report, a single New Yorker without children needs to earn more than $124,000 a year to live comfortably. For a family of four, that number rises to more than $291,000 annually.
"New York actually saw the number two increase among all states year over year," Nelson said.
The financial picture is even more challenging on Long Island. Nelson said a single adult needs an income of nearly $129,000 a year in Nassau County and more than $131,000 a year in Suffolk County to live comfortably.
For a family of four, the income needed climbs to more than $323,000 in Nassau County and nearly $329,000 in Suffolk County.
"At first glance it could be sticker shock, but it is not surprising to me at all," said Long Island Association Interim CEO Stacey Sikes.
Sikes said the findings reflect the affordability challenges facing residents across Nassau and Suffolk counties.
"From property taxes, income tax, sales tax, utility costs, housing costs, transportation, childcare, groceries, the list goes on and on," Sikes said.
She added that there is no single solution to the affordability crisis and that addressing it will require work from both the public and private sectors.
In the meantime, Nelson said residents should focus on strengthening their personal finances by maintaining an adequate emergency fund, saving for retirement and consulting a financial expert.
As for the simplest answer to the problem?
"Make more money, but that's not really a very satisfying answer for most people, and is easier said than done," Nelson said.
