Want to Be Happy in New York? This Is How Much Money You Need to Make

We all know the phrase "money can't buy happiness" is a big, fat lie. In fact, having too much money sounds like a problem a lot of us would like to have right now.

Mo Money Less Problems

No offense to Biggie, but times have changed since "Mo Money Mo Problems" came out in 1997. Inflation is through the roof, salary growth has stalled, and the cost of living is reaching record-breaking levels.

The money people would use to treat themselves is now being redirected to cover basic life necessities like groceries and utility bills. GoBankingRates found nearly 80% of Americans are so squeezed for cash, they're cutting back on traditional activities that reduced stress and felt like a reward - like dining out or taking a vacation.

Here in New York, a recent study found that money problems has destroyed the mental well-being of 8.5 million residents.

Read More: Massive Amount of New Yorkers Reaching "Stress Tipping Point"

The study found nearly 3 in 4 New Yorkers are reaching a mental state where the burden of their financial responsibilities surpass their ability to effectively cope.

It's no secret New York is one of the most expensive states to live in, which is why so many residents are feeling less secure with their finances. Raising salaries could be seen as one solution to meet the rising cost of living - and several studies agree.

The Cost of Emotional Wellness

Purdue University recently found that the ideal average income that would give Americans the most happiness is about $105,000. That salary would help people meet their financial obligations while still giving them enough to put aside and spend on things they want instead of need.

That monetary amount was determined by how much it would satisfy the emotional well-being of Americans by reducing the number of times they worry over their ability to afford things. Psychologists found Americans are mentally better off the less they think about how they're going to pay for basic necessities like food, electricity, and housing.

Of course, $105,000 looks a lot different in New York than Alabama or Kentucky, which have a lower cost of living than the Empire State.

So how much money does a person living in New York have to make in order to thrive?

The Price Tag on Happiness

Go Banking Rates took Purdue's research and combined other data from psychologists, economists, and the average American to determine the minimum salary one needs to make in order to be truly happy in their home state.

Using Purdue's baseline of $105,000, the research determined the true amount of money residents per each state needs to be at ease. The state that required the lowest amount of money was West Virginia. Residents there would need to make $89,460 to thrive in their state, which is a lot less than New Yorkers would need to feel the same.

According to the study, New Yorkers would need to earn $132,825 at minimum to feel at ease.

"The Empire State comes with some empire-sized costs of living, with the average New York resident shelling out over $27,000 above the national average to be happy," the study declared.

The lowest possible amount of money a person can possibly make before their emotional and mental well being suffers is $75,900.

Keep that in mind when it's time to go in for your annual salary review or hunt for new job opportunities.

Do you agree New Yorkers need to make over $130k to be truly happy? Sound off in the comments below.

Get our free mobile app