Mapped: The Income Needed to Live Comfortably in Every U.S. State

Published

5 hours ago

on

June 12, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

The Income Needed to Live Comfortably in Every U.S. State

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Individuals in the top 11 most expensive states in the U.S. need an annual income exceeding $100,000 to live comfortably.

This map shows how much income single adults need to live comfortably in each U.S. state. SmartAsset calculated the income needed using the cost of necessities sourced from the MIT Living Wage Calculator, last updated on Feb. 14, 2024.

In this case, “comfortable” was defined as the annual income required to cover a 50/30/20 budget, allocating 50% of earnings to necessities such as housing and utility costs, 30% to discretionary spending, and 20% to savings or investments.

Massachusetts Ranks First

Massachusetts is the most expensive state to live comfortably in. A single adult needs to make at least $116,022 annually or $55.78 per hour.

RankStateSalary needed for a single working adult 1Massachusetts$116,022 2Hawaii$113,693 3California$113,651 4New York$111,738 5Washington$106,496 6Colorado$103,293 7New Jersey$103,002 8Maryland$102,918 9Oregon$101,088 10Rhode Island$100,838 11Connecticut$100,381 12Virginia$99,965 13New Hampshire$98,093 14Arizona$97,344 15Georgia$96,886 16Alaska$96,762 17Vermont$95,763 18Illinois$95,098 19Delaware$94,141 20Utah$93,683 21Nevada$93,434 22Florida$93,309 23Maine$91,686 24Pennsylvania$91,312 25North Carolina$89,690 26Minnesota$89,232 27Idaho$88,733 28South Carolina$88,317 29Wyoming$87,651 30Texas$87,027 31Tennessee$86,403 32Indiana$85,030 33Montana$84,739 34Kansas$84,656 35Michigan$84,365 36Wisconsin$84,115 37Missouri$84,032 38Alabama$83,824 39Nebraska$83,699 40New Mexico$83,616 41Iowa$83,366 42Mississippi$82,742 43Louisiana$82,451 44South Dakota$81,453 45Ohio$80,704 45Kentucky$80,704 47North Dakota$80,538 48Oklahoma$80,413 49Arkansas$79,456 50West Virginia$78,790

West Virginia is the least expensive for a single adult, who only needs to make an estimated $37.88 per hour, or $78,790 annually.

To live comfortably on your own in the top five states, a person

Charted: America’s Shift to a Cashless Society

Published

2 hours ago

on

June 11, 2024 Graphics/Design:

See this visualization first on the Voronoi app.


Charted: America’s Shift to a Cashless Society

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

ℹ️ Your feedback inspired this visual! Join the conversation and suggest a topic by email at [email protected] to see your idea come to life.

A cashless society is one in which financial transactions are conducted primarily through digital means rather than physical cash, relying on technologies like credit cards and mobile payments.

While no country today has fully reached this concept, there are some (like China and South Korea) that have seen widespread adoption of mobile payment platforms and digital wallets.

To see whether the U.S. is also moving in this direction, we visualized data from the Federal Reserve’s latest Diary of Consumer Payment Choice.

Data and Methodology

This graphic shows the share of each payment method’s use for all purchases in the country.

These figures are based on the results of a nationally representative survey of U.S. consumers, which tracked purchases they made during an assigned three-day period (n= 4,453). The following table lists the data we used.

Year💵 Cash💳 Credit🏦 Debit🌐 Electronic
transfer❓ Other 201631%18%27%10%14% 201731%22%27%10%10% 201826%23%28%11%12% 201926%24%30%11%9% 202019%27%28%12%14% 202120%28%29%12%11% 202218%31%29%13%9%

The key takeaway here is that the use of cash has fallen from 31% in 2016, to just 18% in 2022.

Cash Use Fell During COVID-19 Pandemic

Cash usage in the U.S. fell during the COVID-19 pandemic due to several reasons:

Hygiene Concerns: Fear of virus transmission through physical cash led consumers and businesses to prefer contactless payment methods. Social Distancing: The shift towards online shopping and delivery services, which require digital payments, increased during lockdowns and social distancing measures. Banking Adjustments: Reduced access to ATMs and banking services during lockdowns made obtaining and using cash less convenient.

It’s interesting to note that based on the Federal Reserve’s data, cash usage was already trending downwards before the pandemic, suggesting that the pandemic merely accelerated a trend that was already happening.

Ranked: U.S. Cities with the Highest Rent in 2024

Published

18 seconds ago

on

June 11, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

Ranked: U.S. Cities with the Highest Rent in 2024

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Rental prices have surged in several American cities in recent years. Factors such as inflation, a limited housing inventory, a changing workforce, and barriers to homeownership have all contributed to the increase in rent costs.

This graphic shows the top 10 American cities with the highest rental costs as of May 2024, according to the Zumper National Rent Index. Prices are for 1-bedroom units.

NYC Prices: $4,200 for One-Bedroom

New York tops the list with an average monthly cost of $4,200 for a one-bedroom apartment. Not only is it expensive, but due to high demand, living in the Big Apple can be competitive.

While half of all renters in the U.S. spend more than 30% of their income on rent, residents in New York can spend more than 40% of their income renting a place.

RankingCityPrice in 2024Price in 2023YOY change 1New York, NY$4,200$3,78011.1% 2Jersey City, NJ$3,330$3,1814.7% 3San Francisco, CA$2,950$3,001-1.7% 4Boston, MA$2,830$2,7004.8% 5Miami, FL$2,770$2,900-4.5% 6San Jose, CA$2,570$2,630-2.3% 7Arlington, VA$2,380$2,2993.5% 8San Diego, CA$2,370$2,401-1.3% 9Washington, DC$2,300$2,371-3.0% 9Los Angeles, CA$2,300$2,421-5.0%

Across the Hudson River, Jersey City ranks second, with one-bedroom suites priced at $3,330.

On the West Coast, San Francisco leads with $2,950 for a one-bedroom unit. Four of the 10 most expensive cities to rent are in California.

According to a study by Harvard University, the pandemic has intensified the housing affordability crisis in the United States. While high-end market supply may offer some relief to middle and higher-income renters, lower-income households will continue to struggle due to high construction costs and market dynamics.

What are the most valuable housing markets in the United States? We ranked housing markets in this chart to find out.

Visualizing the 15 Most Valuable Bitcoin Addresses

Published

14 seconds ago

on

June 6, 2024 Article/Editing: Graphics/Design:

See this visualization first on the Voronoi app.

Visualizing the 15 Most Valuable Bitcoin Addresses

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

A Bitcoin address is a unique identifier consisting of 26 to 62 alphanumeric characters used to receive bitcoins.

These addresses serve as the destination for transactions on the Bitcoin network, ensuring that funds are sent to the correct recipient.

This graphic ranks the 15 most valuable Bitcoin addresses globally as of May 2024, based on BitInfoCharts’ Bitcoin Rich List.

How Bitcoin Works

Bitcoin is considered the world’s most valuable digital currency.

Unlike fiat currencies such as the U.S. dollar, which central banks back, a cryptocurrency like Bitcoin is supported by an underlying blockchain. This blockchain records every Bitcoin transaction in a public, decentralized, and distributed ledger.

Every time bitcoins are spent, a digital transaction record must be validated and added to the blockchain. Miners undertake this task, legitimizing and auditing Bitcoin transactions while earning bitcoins as a reward.

34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo

According to BitInfoCharts, the world’s top Bitcoin address dates back to October 2018, with a balance of 0.1 BTC (worth $660 at the time).

Since then, it has experienced several massive swings in value, reaching 180,000 BTC ($1.7B) in November 2019 and then falling to 1,370 BTC ($9.4M) in April 2020.

RankBalance (BTC)Value (USD)Address 1248,597$17.5B34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo 2180,010$12.7Bbc1qgdjqv0av3q56jvd82tkdjpy7gdp9ut8tlqmgrpmv24sq90ecnvqqjwvw97 3136,295$9.6Bbc1ql49ydapnjafl5t2cp9zqpjwe6pdgmxy98859v2 494,643$6.7Bbc1qazcm763858nkj2dj986etajv6wquslv8uxwczt 582,833$5.8B3M219KR5vEneNb47ewrPfWyb5jQ2DjxRP6 679,957$5.6B1FeexV6bAHb8ybZjqQMjJrcCrHGW9sb6uF 778,317$5.5Bbc1q8yj0herd4r4yxszw3nkfvt53433thk0f5qst4g 875,354$5.3Bbc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4 975,177$5.3B3E97AjYaCq9QYnfFMtBCYiCEsN956Rvpj2 1069,370$4.9Bbc1qa5wkgaew2dkv56kfvj49j0av5nml45x9ek9hz6 1168,200$4.8B3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb 1266,975$4.7B1Ay8vMC7R1UbyCCZRVULMV7iQpHSAbguJP 1359,300$4.2Bbc1qd4ysezhmypwty5dnw7c8nqy5h5nxg0xqsvaefd0qn5kq32vwnwqqgv4rzr 1453,880$3.8B1LdRcdxfbSnmCYYNdeYpUnztiYzVfBEQeC 1551,830$3.6B1AC4fMwgY8j9onSbXEWeH6Zan8QGMSdmtA

Beginning in late 2020, this address began accumulating bitcoins at a rapid pace, reaching 300,000 BTC ($10.3B) in July 2021.

Since January 2023, its BTC balance has remained constant at around 248,597 BTC.

If you enjoyed this post, check out Ranking the Largest Bitcoin ETFs in the U.S. In this graphic, we rank the top eight Bitcoin ETFs in the U.S. by their total assets under management.

Visualizing America’s Average Retirement Savings, by Age

Published

29 mins ago

on

May 14, 2024 Article/Editing:

See this visualization first on the Voronoi app.

Visualizing America’s Average Retirement Savings, by Age

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Painting a concerning picture, the median retirement savings for Americans stands at a mere $87,000, a figure far lower than what is needed for a comfortable nest egg.

This savings gap—the amount people have actually saved versus what they believe is needed for retirement—is significantly rising. In fact, a recent survey from Northwestern Mutual reveals that $1.46 million is the ideal savings target for retirement, up from $1.27 million last year.

This graphic shows the retirement savings that Americans currently hold, based on data from the Federal Reserve’s 2022 Survey of Consumer Finances.

Savings for Retirement Fall Short

Below, we show the average and median retirement savings in the U.S. by age group:

Age GroupAverage Retirement SavingsMedian Retirement Savings Under 35$49,130$18,880 35-44$141,520$45,000 45-54$313,220$115,000 55-64$537,560$185,000 65-74$609,230$200,000 All families$333,940$87,000

For people aged 35 and under, the median savings were $18,880, while this amount increased to $200,000 for those aged 65 to 74.

At current rates, this means that older generations are living on a mere $10,000 per year in retirement based on these savings alone. Given this shortfall, Americans will need to increasingly rely on Social Security benefits to make ends meet. In fact, it’s estimated that state and federal governments will need $1.4 trillion for public assistance costs by 2040.

One reason behind declining retirement savings is the steep drop in employment-sponsored pension plans over the last several decades. As of 2022, there was $37.8 trillion held in U.S. pension plans and Individual Retirement Accounts (IRAs). Of these, employment-sponsored plans comprised a substantial 70% share of these assets.

However, for many Americans without employer-sponsored plans, saving for retirement has become an increasingly uphill battle. In fact, a separate survey shows that just 58% of Americans aged 55 to 64 have retirement accounts, underscoring the growing challenges faced in preparing for retirement.

Among the most common retirement planning mistakes are

Visualizing the Copper Investment Opportunity in One Chart

Published

30 seconds ago

on

May 8, 2024 Graphics & Design Visualizing the Copper Investment Opportunity in One Chart

Copper is essential for clean energy applications such as solar panels, wind turbines, and electric vehicles (EVs), as well as for expanding electrical grids.

The surge in demand for the metal, driven by the growing adoption of these technologies, presents a unique investment opportunity for early investors in copper mining companies.

This chart by Sprott explores the growing gap between copper supply and demand until 2050, based on projections from BloombergNEF’s Transition Metals Outlook 2023.

Projected Copper Supply vs. Demand

Copper is naturally abundant on Earth, but extracting the metal at the pace necessary for an electrified economy could be a challenge. The timeline for bringing a copper mine from discovery to production is lengthy, averaging over 16 years.

Top producers like Chile and Peru are facing strikes and protests, along with declining ore grades. Russia, ranked seventh in copper production, faces an expected decline in production due to the ongoing war in Ukraine.

Meanwhile, the increasing adoption of carbon-free technology only highlights copper’s significance. 

High Demand for Transport and Electricity Grid

The demand for copper in the transport sector is projected to increase by 11.1 times by 2050, from 2022. EVs, for example, can contain more than a mile of copper wiring.

Additionally, the demand for copper needed to expand the global electricity grid is projected to increase by 4.8 times by 2050, from 2022.

By 2030, the copper supply gap is projected to approach 10 million metric tons, with both copper prices and copper mining stocks potentially set to benefit.

As the world embraces clean technologies, the search for and expansion of copper mines will be essential. Early investors who gain exposure to copper miners may benefit from the rapidly increasing demand.

Sprott offers convenient exchange-traded alternatives for investors seeking exposure to copper miners. 

You may also like

Visualizing the Tax Burden of Every U.S. State

Published

31 seconds ago

on

May 8, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

Visualizing the Tax Burden of Every U.S. State

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

This map graphic visualizes the total tax burden in each U.S. state as of March 2024, based on figures compiled by WalletHub.

It’s important to understand that under this methodology, the tax burden measures the percent of an average person’s income that is paid towards state and local taxes. It considers property taxes, income taxes, and sales & excise tax.

Data and Methodology

The figures we used to create this graphic are listed in the table below.

StateTotal Tax Burden New York12.0% Hawaii11.8% Vermont11.1% Maine10.7% California10.4% Connecticut10.1% Minnesota10.0% Illinois9.7% New Jersey9.5% Rhode Island9.4% Utah9.4% Kansas9.3% Maryland9.3% Iowa9.2% Nebraska9.2% Ohio8.9% Indiana8.9% Arkansas8.8% Mississippi8.8% Massachusetts8.6% Virginia8.5% West Virginia8.5% Oregon8.4% Colorado8.4% Pennsylvania8.4% Wisconsin8.3% Louisiana8.3% Kentucky8.3% Washington8.0% New Mexico8.0% Michigan8.0% North Carolina7.9% Idaho7.9% Arizona7.8% Missouri7.8% Georgia7.7% Texas7.6% Alabama7.5% Montana7.5% South Carolina7.5% Nevada7.4% Oklahoma7.0% North Dakota6.8% South Dakota6.4% Delaware6.4% Tennessee6.1% Florida6.1% Wyoming5.7% New Hampshire5.6% Alaska4.9%

From this data we can see that New York has the highest total tax burden. Residents in this state will pay, on average, 12% of their income to state and local governments.

Breaking this down into its three components, the average New Yorker pays 4.6% of their income on income taxes, 4.4% on property taxes, and 3% in sales & excise taxes.

At the other end of the spectrum, Alaska has the lowest tax burden of any state, equaling 4.9% of income. This

Charted: What Frustrates Americans About the Tax System

Published

7 seconds ago

on

May 7, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

What Frustrates Americans About the Tax System

This was originally posted on our Voronoi app. Download the app for free on Apple or Android and discover incredible data-driven charts from a variety of trusted sources.

In this visualization, we show Pew Research’s findings on what bothers Americans the most about the tax system.

This data was collected after surveying more than 5,000 American adults between the period of March 27-April 2, 2023.

The survey was weighted to be representative of the U.S. adult population. Visit Pew Research’s methodology page for more details.

Americans Want More Taxes for Some

Six in every 10 Americans feel that both corporations and the wealthy don’t pay their fair share in federal taxes.

Their sentiments are not entirely unfounded.

Very frustratedSomewhat frustratedNot much/
at all frustrated 🏦 Corporations
don’t pay a fair share61%22%15% 💼 Wealthy people
don’t pay a fair share60%22%17% 🤔 Complexity of
the tax system53%32%13% 💸 Amount of tax paid38%33%29% 🧑‍🤝‍🧑 Poor people don’t
pay a fair share13%21%64%
Note: No answer responses are not shown, thus percentages may not sum to 100.

A 2021 ProPublica investigation found some of the wealthiest Americans—also the wealthiest people in the world—did not pay a single penny in federal income taxes in some years.

A significant part of why this is possible is how taxes are collected depending on the source. Since much of the top 1% grow their wealth in equity and property, they are not subject to taxes until they make an actual transaction.

As this Brookings Institution article explains: most Americans make money through their wages, and wages are subject to heavier taxation than capital income. Thus, the tax share of America’s highest-income households is often lower than America’s middle-income households.

Finally, Pew Research noted that their findings were essentially unchanged since 2021.