This Is the Most Expensive State to Live In

The cost to live in America is rising fast and is about to rise faster. Inflation has hit multidecade highs. Recent increases in oil prices, which have reached above $110 a barrel, will push gasoline prices to as much as $4 a gallon. Research shows that wages, which have risen in the United States during the past year, have not kept up with the cost of living.

In an oversimplification, the cost of living can be divided into two parts. The first is essential costs, such as housing, food and transportation. The second is discretionary spending, which is on things people may not need in everyday life but bought with the money not spent on essentials. Additionally, some people put money into savings.

While consumers across the country are paying more for goods and services now than they were a year ago, exactly how much they are paying depends largely on where they live. Some states have a far higher cost of living than others.

Using data from the Composite Cost of Living Index published by the Missouri Economic Research and Information Center, 24/7 Wall St. identified the cost of living in every state. States are ranked on their cost of living relative to the national average to find the highest. It is important to note that this index reflects the annual average cost of living in 2021 and does not account for recent price increases due to inflation.
[nativounit]
Incomes tend to reflect differences in cost of living at the state level. In each of the 10 states with the lowest cost of living, the median household income is below the $65,712 national median, according to the U.S. Census Bureau’s American Community Survey.

The most expensive state to live in is Hawaii. Here are the details:

• Average cost of living in 2021: 93.3% more than the national average
• Most expensive category: Housing (215.0% more than average)
• Least expensive category: Health care (15.3% more than average)
• Median household income: $83,102 (fourth highest)

Click here to see all the most expensive states to live in.
[wallst_email_signup]