Money can’t literally buy happiness. But it can buy safety, security and experiences that make life more joyful and less stressful.
Americans say it would take a lot of money — upwards of $230,000 a year — to feel secure, and even more — $483,000 — to feel rich, according to a recent Bankrate survey. But new data shows they may find happiness earning far less.
A salary of $94,696, on average, would make Americans happy, according to a new survey of over 1,200 people from Moneyzine.com.
Earning a salary smaller than six figures isn’t enough for everyone, though, especially in states with higher costs of living. In 17 states, the average salary needed to feel happy is over $100,000.
Residents in two of the most expensive states to live — New York and Hawaii — name the highest salaries needed to be happy, saying it would take at least $200,000 a year on average.
The ideal salary in New York of $288,543 is more than five times its median income of $52,478. Hawaii’s $200,978 dream income is four times larger than its $48,568 median salary, according to Bureau of Labor Statistics data.
Hawaii has the highest cost of living in the country, according to the Missouri Economic Research and Information Center, which tracks housing, grocery, transportation and other costs by state to compare what it takes to live in different parts of the U.S. New York ranks as the fifth most expensive state.
With the cost for just the basics so high, it’s not too surprising to see residents in those areas say they need higher salaries to be happy.
In contrast, residents could be happy on a salary of as little as $42,000 in New Hampshire, the state with the smallest income necessary for happiness, Moneyzine.com found.
Here are the 17 states where Americans say they would need salaries over $100,000 to feel happy, as well as the median annual income in each.
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