8.17.21 – Greater Baton Rouge Business Report
A Louisiana resident needs an annual salary of about $29,250 before taxes to get by without outside help and stay above the poverty line, according to a new cost of living calculator from MIT.
As CNBC reports, the calculator takes into account a number of factors, including the cost of food, health care, housing, transportation and other necessities such as personal care, clothing and housekeeping supplies. It also considers each state’s minimum wage and looks at annual changes in consumer spending patterns.
The living wage in Louisiana is nearly the same as neighboring Texas ($29,134) but higher than Mississippi’s ($27,936) and Arkansas’ ($27,652), according to the calculator.
South Dakota has the lowest living wage at $26,225, while Washington, D.C., has the highest at $41,850. See the full story.