A new study is revealing just how much money it takes to live comfortably in the Hoosier State, and the answer varies significantly depending on whether you’re single or raising a family.

The analysis by SmartAsset, a financial technology company, calculates a “comfortable” budget as one that follows the 50/30/20 rule: 50% of income covers necessities like housing and food, 30% is for discretionary spending like hobbies and travel, and 20% is allocated for savings and investments.

For a single adult living in Indiana, the study found that an annual salary of $86,570 is needed to live comfortably. This figure places Indiana as the 40th most expensive state, or the 11th most affordable, for a single individual. The analysis suggests that this salary allows for covering basic needs while also having enough left over for entertainment, vacations, and building a financial safety net.

The financial picture changes dramatically for families. According to the study, a family of four (two adults and two children) would need to earn a combined $220,230 annually to live comfortably in Indiana. This higher cost of living for families ranks Indiana as the 29th most expensive state in the nation for this demographic. The significant jump in required income accounts for increased costs in housing, childcare, food, and healthcare.

When compared to local income data, the study highlights a potential financial squeeze for many area residents. The median family income in counties like Marion, Hamilton, and Johnson is approximately $103,000. This is less than half of the nearly $220,000 the study suggests is needed for a family of four to live without financial stress.

The study utilized data from the MIT Living Wage Calculator to determine the cost of basic necessities in its calculations. These findings show the need for ongoing conversations about affordability and wage growth both locally and across the country.