A new reality is setting in for high-income earners in California and several other states, where the definition of financial success is being redefined. With sky-high costs of living and rising housing prices, a six-figure income is no longer a guarantee of a comfortable lifestyle. In fact, many residents in these states are finding that they need to earn significantly more to keep up with the escalating expenses, from housing and food to transportation and healthcare. As the cost of living continues to outpace wage growth, Americans are being forced to rethink what it means to be financially secure.
A six-figure income used to mean you'd made it — but those days are long gone for Californians and residents of several other states across the country.
