How much does it REALLY take to feel financially comfortable? Study reveals the income needed for single workers in each state

A single worker needs to earn a six-figure salary to live comfortably in 11 of the most expensive states in the US, stark new figures reveal. 

Analysis by SmartAsset defined 'comfortable' as being able to live by the 50/30/20 budget rule. 

This allocates 50 percent of earnings for necessities such as housing, food and utilities, 30 percent for discretionary spending and 20 percent for savings, investments and paying off debt. 

Massachusetts is the most expensive state for a single worker, according to the findings, as residents have to earn $116,022 to be able to live comfortably on their own. 

The study lays bare the effect stubborn inflation and soaring interest rates are having on household budgets - making living alone in some states unaffordable for many Americans. 

In the top four most expensive states - which also includes Hawaii, California and New York - a single worker needs to earn more than $111,000 in order to have a comfortable life. 

This is almost double what most single earners typically make in a year. 

According to Labor Bureau data cited by CNBC, the US median income for a single full-time worker is around $60,000. 

The national median for living comfortably alone is $89,461, which means that a balanced 50/30/20 budget is out of reach for Americans living in 25 states, according to the SmartAsset data.

To calculate the income needed for each state, the study used data from the MIT Living Wage Calculator, taking in the cost of necessities including housing, food, transportation and income taxes. 

While the study revealed single workers need to earn a six-figure salary to live comfortably in the 11 most expensive states in the US, it found West Virginia is the state which requires the lowest income. 

A single adult needs a salary of $78,790 to live comfortably in the state, it found - or an estimated $37.88 per hour pre-tax. 

The second cheapest state was Arkansas, where a salary of $79,456 is required. 

A combination of inflation, increased interest rates and the restarting of student loan payments in October for some, has put pressure on household finances. 

Interest rates remain at a 23-year high between 5.25 and 5.5 percent, and a hotter-than-expected inflation report last week has poured cold water on hopes for a rate cut in the coming months. 

Speaking this week in Washington DC, Federal Reserve Chairman Jerome Powell said it will take 'longer than expected' to get inflation down to the central bank's 2 percent target -  signaling that it will also likely take longer to decrease rates.

Living alone also comes with added costs which can be more than double what you would spend if you lived with someone else - otherwise known as the 'singles tax'. 

Americans renting a home alone are paying a premium of $7,110 a year, according to analysis by Zillow released earlier this year. 

The SmartAsset analysis also looked into how much two working adults raising two children would need to live comfortably in each state. 

Again, Massachusetts is the most expensive state, with a huge $301,184 income needed. 

While California ranks as the third most expensive for a single adult to live comfortably - at $113,652 - it only ranks as the fifth most expensive for two working adults raising two children. 

The total family income needed is at least $276,724, according to the data.

Connecticut, meanwhile, is the third most expensive for raising a family comfortably - but only ranks as number 11 on the list of the most expensive states for single adults.

Single adults need a salary of $100,380 to live comfortably, while a family of four needs $279,884.

Mississippi, meanwhile, ranks as the least expensive state for raising kids.

According to SmartAsset, a family of two adults and two children in Mississippi would need about $177,798 to cover their basic needs, wants and savings goals.