Researchers used the 50-30-20 budget rule: to determine how much folks need to earn to live comfortably: 50 percent of your income for the necessities, 30 percent as discretionary income and 20 percent allocated to savings.
“America is a land of haves and have-nots, and plenty of people spend their days driving past swanky suburbs or palatial rural mansions wondering what it would take to have a similar lifestyle,” analysts wrote. “And, depending on where you live, the answer can vary greatly.”
» RELATED: Here's how to determine how much house you can afford
In Georgia, the most expensive ZIP code is 31561 in Sea Island, where a median home price goes for about $2.75 million, according to GOBankingRates. The state boasts one of the highest figures in the study.
To live comfortably in 31561, you’ll need a total income of $354,366.
How much it costs annually to live in 31561, based on the 50-30-20 budget rule:
- Total cost of necessities: $177,183
- Total cost of discretionary splurges: $106,310
- Total annual savings: $70,873
- Total income: $354,366
» RELATED: This is the salary you need to buy a home in Atlanta
Compare that to West Virginia, where residents of the state’s most expensive ZIP code, 26508, can live comfortable on a salary less than $80,000 a year. The median home price in West Virginia: $319,000.
And then there’s Sagaponack, New York, near Long Island, where median home prices are in excess of $7 million. You’ll need more than $850,000 per year to comfortably live within the 11962 ZIP code.
» RELATED: Should you rent or buy in Atlanta? Metro among top in US to own a home
According to Zillow's Home Value Index, the median home values in Sea Island's 31561 have gone up 4.6 percent over the past year — and analysts predict another 3.6 percent rise within the next year. The rate of 31561 homeowners failing to make their mortgage payment is at a low 0.0 percent, whereas Sea Island residents average 7.7 percent delinquent mortgages. The national rate is 1.6 percent.
Explore the full state-by-state analysis at GOBankingRates.com.