What is a Livable Salary in Kansas?
Living in Kansas can be an affordable option for many people. Kansas is one of the least expensive states in the country, with an average cost of living index of 91.6, compared to the national average of 100. The median household income in Kansas is $61,093, according to the U.S. Census Bureau, which is slightly higher than the national median of $60,293. While the cost of living in Kansas is generally low, it is important to consider what a livable salary is for the state.
Factors That Determine a Livable Salary
The cost of living in a given area, such as Kansas, can vary greatly. Therefore, it is important to consider the specific factors that can influence one’s ability to live comfortably in an area. Some of the most important factors to consider when determining a livable salary include:
- Housing Costs – Housing costs vary greatly depending on the location in Kansas. Renters in Wichita, for example, can expect to pay an average of $800 per month for a one-bedroom apartment.
- Utilities – The cost of utilities in Kansas is slightly lower than the national average. According to the U.S. Energy Information Administration, the average cost for electricity in Kansas is 9.5 cents per kilowatt-hour, compared to the national average of 10.5 cents.
- Transportation – The cost of transportation in Kansas is relatively low compared to other states. According to the American Public Transportation Association, the state has one of the lowest average monthly transit fares in the country.
- Taxes – Kansas has some of the most competitive tax rates in the country. The state has no income tax, and a sales tax rate of 6.5%.
- Healthcare – The cost of healthcare in Kansas is slightly lower than the national average. According to the Kaiser Family Foundation, the average annual premium for employer-sponsored health insurance in Kansas is $5,619 per employee, compared to the national average of $6,015.
The Cost of Living in Kansas
The cost of living in Kansas is relatively low compared to other states. According to the Missouri Economic Research and Information Center, the cost of living index for Kansas is 91.6, compared to the national average of 100. This means that the cost of living in Kansas is 8.4% lower than the national average.
The cost of housing in Kansas is also relatively low. According to the U.S. Department of Housing and Urban Development, the median home value in Kansas is $144,000, compared to the national median of $216,200. Additionally, the median rent in the state is $810 per month, compared to the national median of $1,050.
What is a Livable Salary in Kansas?
Based on the cost of living in Kansas and the factors discussed above, it is possible to determine what a livable salary is for the state. According to the Missouri Economic Research and Information Center, a livable salary in Kansas is $47,000 per year. This amount is based on the cost of living in the state, including housing, utilities, transportation, taxes, and healthcare.
How to Earn a Livable Salary in Kansas
There are several ways to earn a livable salary in Kansas. One of the most common ways to do so is by finding a job in the state. According to the Bureau of Labor Statistics, the median wage for all occupations in Kansas is $17.00 per hour. This means that a full-time job with a 40-hour work week would earn an annual salary of $35,360.
Additionally, one can also increase their salary by pursuing higher education. According to the National Center for Education Statistics, there are more than 80 colleges and universities in Kansas. By earning a degree or certification, one can increase their earning potential, and potentially earn a livable salary in the state.
The Benefits of Earning a Livable Salary in Kansas
There are many benefits to earning a livable salary in Kansas. First, the cost of living in the state is relatively low, which means that one can live comfortably on a lower salary. Additionally, the low cost of housing means that one can find affordable housing in the state. Finally, the state’s tax rates are some of the most competitive in the country, which means that one can keep more of their earnings.
How to Save Money in Kansas
In addition to earning a livable salary, there are also several ways to save money in Kansas. Some of the most effective ways to do so include:
- Budgeting – Budgeting is one of the most effective ways to save money. By setting a budget and tracking your spending, you can ensure that you are not overspending.
- Shopping Around – Shopping around for the best prices can help you save money on everyday items. By comparing prices and taking advantage of deals, you can save money on groceries, clothing, and other items.
- Coupons and Discounts – Taking advantage of coupons and discounts can help you save money on everything from dining out to entertainment. Additionally, many stores offer loyalty rewards programs that can save you even more money.
- Utilizing Public Transportation – Utilizing public transportation can help save money on gas and car maintenance. The cost of public transportation in Kansas is relatively low, making it an affordable option for getting around.
How to Invest Money in Kansas
In addition to saving money, it is also important to invest money in Kansas. Investing can help one grow their wealth and create financial security. Some of the most common ways to invest money in Kansas include:
- Real Estate – Real estate is one of the most popular investments in Kansas. Investing in real estate can provide a steady stream of income, and can also increase in value over time.
- Stocks and Bonds – Investing in stocks and bonds can help one grow their wealth over time. By taking advantage of the stock market, one can potentially earn a significant return on their investments.
- Mutual Funds – Mutual funds are a type of investment that combines a variety of investments, such as stocks and bonds, into a single fund. Investing in mutual funds can help one diversify their investments and potentially earn a higher return.
- Retirement Accounts – Retirement accounts are a great way to invest for the future. Investing in a retirement account, such as a 401(k), can help one set aside money for retirement and benefit from potential tax advantages.
In conclusion, a livable salary in Kansas is $47,000 per year. This amount is based on the cost of living in the state, including housing, utilities, transportation, taxes, and healthcare. Earning a livable salary in Kansas can provide one with a comfortable lifestyle, and can also provide the opportunity to save and invest money for the future.