Here’s how much money a family of four now needs to earn each year to live comfortably in New York

A family of four living in New York state now needs a staggering $276,973 per year to live comfortably, a new study has found.

SmartAsset conducted the study amid ongoing inflation, looking at each state’s costs for housing and groceries and defining “comfort” as being able to live by the “50/30/20 budget rule.”

“This rule suggests allocating 50% of your income to necessities, 30% to discretionary spending, and 20% to long-term goals like retirement savings or paying off debt,” the study’s authors explained.