The Salary That You Need to Make in Maine to ‘Get By’ Is Upsetting

They say money can’t buy happiness, but let's agree to disagree.

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Living in 2023 isn't cheap, and that holds true even in our Pine Tree State. The cost of living has soared, turning homes that once cost $100,000 into properties fetching triple or quadruple that amount. Unfortunately, the housing market is just one piece of the puzzle.

Beyond housing, there are other expenses to contend with, such as food, gas, and healthcare. Maine ranks among the top 10 states paying the most in healthcare costs per year, averaging $11,505 according to a Forbes ADVISOR study.

High prices on essential items can take a significant toll on your wallet. To navigate this financial challenge, you might have to postpone that vacation that you’ve been wanting to take. It's an added inconvenience, especially considering Maine's reputation as 'Vacationland.' Instead, we often find ourselves watching tourists come, enjoy our state, and leave while we stay put.

GOBankingRates recently unveiled a list showcasing 'The Living Wage a Single Person Needs in All 50 States,' and the results are somewhat disheartening.

Due to the considerable increase in the cost of goods, the living wage required for a single person has surged across the nation. GOBankingRates surveyed annual living expenses for a single person in each state, utilizing the 2021 Consumer Expenditure Survey data and the 2023 Q1 Cost of Living Data Series from the Missouri Economic Research and Information Center.

In Maine, the study reveals that a single person needs to earn just over $60,000—specifically, $60,862—to maintain a decent standard of living. While this figure ranks 38th in the nation for required income, it stands as the second most affordable in New England. For comparison, Rhode Island is ranked 36th with an income requirement of $59,936. Are there any takers for a move to The Ocean State with me?

Mississippi boasts the lowest required income to get by at $45,906, while Hawaii tops the list with a staggering $112,411.

For a comprehensive look at Maine's standing against the other 49 states, you can refer to the full article on GOBankingRates, here, or just keep scrolling!