Here’s How Much You Need To Be Happy In Michigan

Can money buy happiness? A new study suggests that it just might, at least to a certain point. According to a new study, there is an answer to that question, right down to the penny.

GoBankingRates crunched the numbers and did the math to come up with an amount that individuals in each state would need to make to be 'happy'. Yes, believe it or not, someone is laying it out there to let us know whether we're 'making the cut' so to speak in the way of finances.

"To estimate how much money you might need to be happy in every U.S. state, GOBankingRates factored in each state’s cost-of-living index and used $105,000 — which the Purdue study found was the ideal income for life satisfaction in North America — as the “benchmark.” The states were ranked from least to most amount of money needed to be happy. GOBankingRates also included unemployment rates for many states for informational purposes. The Purdue study also included figures for being content at the “life evaluation” and “emotional well-being” stages. Globally, those were determined to be $95,000 and $60,000 to $75,000, respectively."

 

How Much Money Do You Need to Be Happy in Michigan?

The magic number in the Great Lakes State in 2024 is a salary of $95,550. Which isn't the least, or the most amount across the country, but more the lower half. "The Great Lakes State has a lower cost of living than the rest of the United States by 9%. However, its unemployment rate is on the high side at 3.9% Still, emotional well-being can be had for as little as $54,600", GoBankingRates said. 

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For comparison, Hawaii topped the list with a happiness salary of $188,160, while West Virginia kept it simple with a happiness salary of just $89,460.

While $95,550 may seem like a lofty goal for some and not for other Michiganders, it serves as a useful benchmark for what’s needed to achieve a sense of financial stability and happiness in today’s economic climate. GoBankingRates is quick to note that “happiness” is subjective. The cost of living comfortably can vary from person to person.