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Lets start by defining the western United States, with help from the U.S. Census Bureau.
Theres also thecost of livingvs.
the cost of livingcomfortably, for which there are numerous variables.
To establish the comfortably threshold, we then took each states cost-of-living figure and doubled it.
you might find our full methodology at the end of the story.
Not surprisingly, the cost of living varies widely from western state to western state.
Set up shop in Hawaii, and your annual cost of living comfortably will be around $220,000.
Weve also includedcosts to live comfortably for 15 and 20 years.
The average single-family home value was sourced from the Zillow Home Value Index.
Using the average mortgage and expenditure costs, the total monthly and annual cost of living was calculated.
These costs were doubled to determine numbers for living comfortably and figured for 15-, 20- and 30-year periods.
An inflation rate of 2.53% was used (sourced from USInflationCalculator.com).
An expected annual rate of return of 10.52% was used (sourced from Vanguards How America Saves).
All data was collected and is up to date as of September 16th, 2024.
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