What’s the Most Expensive State to Live In?
Everywhere you go these days, more and more people are talking about it: everything is so expensive. Grocery prices are rising, rent is crazy, and buying a house is just not possible for so many of us. Having only one job might not even be enough anymore either.
But what is the most expensive state to live in right now? Some of us might have it bad, but what about the states that are almost impossible to live in? From the beautiful state of Hawaii which seems like a dream, to New York where it’s all about skyscrapers and stock markets, let’s find out which is the most expensive state to live in. Be aware that this is the current data at the time of writing, and that living expenses change frequently.
6. Alaska
Alaska might be a shocking entry. Some of us might have even thought about moving up to the northwest state to escape some of the extreme prices. Unfortunately, Alaska is the sixth most expensive state to live in right now.
It’s rich in wilderness, wildlife, national parks, and native culture, and also has a high cost of living. The Cost of Living Index (the statistical measure used to compare other states, and includes everything you need to survive, from food, housing, healthcare, and transportation), or COLI, is 127.1.
Due to its remote nature, groceries are fairly expensive, and even housing is 26% higher than the national average. The average yearly cost of living is around $55,400, but it’s also one of the highest-paying states, with an average annual yearly wage of $69,800.
5. Oregon
Oregon comes close to the most expensive state to live in, with a COLI of 130.1. Oregon is known for its scenic views with beautiful lakes. canyons, and mountains. While utilities are fairly cheap, the housing cost is high.
It’s so high that its home affordability is one of the lowest in the country, meaning less than a quarter of its population can afford a new home. Even apartments are astronomical. The average income in Oregon is around $66,700 with the cost of living being around $49,000.
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4. Massachusetts
Massachusetts is not a popular state that comes up in conversation when you think of the most expensive states to live in, so why is it so pricey?
Not only does it have some of the best colleges, from Harvard to MIT, but it also has a rich history from the Boston Tea Party to the Salem Witch Trials. Oregon’s COLI is 136, with the average living cost being around $53,800.
Of course the closer you are to major cities, the higher the price is, but overall the grocery cost is about 19% more than the rest of the country, and their healthcare is just as high. Even with its high cost, it has one of the lowest poverty levels due to the average wage being relatively high at around $80,000.
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3. California
California is often mentioned when thinking about the most expensive states to live in. The COLI is 142.2, with not only housing being expensive, but also ownership, groceries, and healthcare.
California is often seen as a luxury state for some, and its average yearly living cost being $53,100 proves that assumption. California is known for its sparkling beaches, scenic views, Hollywood, and Disneyland. With how high the cost of living is, the average annual income isn’t as bad with around $70,000 for a family.
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2. New York
New York obviously comes in close to first place on the list of most expensive states to live in. Housing is astronomical in New York, with small apartments costing around $1,600 to even $5,000 depending on how close you are to the main cities.
The cost of living in New York each year is close to $50,000, with an average yearly income being around $75,000. New York is known for its skyscrapers, busy nightlife, business and luxury streets, and the stock market. If you’re looking for luxury and wealth, New York is often the place to go. It’s also one of the most well-known states around the world, bringing in a lot of tourism for New York City.
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1. Hawaii
Hawaii might not have been the state you’d think of when figuring out the most expensive state to live in. The state is known for its culture, beaches, shores, volcanos, tropical climate, cuisine, and amazing surfing. But with a COLI of 193, it holds the number one spot of the most expensive state to live in.
It’s frequently visited by tourists from around the world and is a prime location for families that want to get away from living in the States. But with an average cost of living being as high as $56,000, it’s a pricey decision. Thankfully, the average annual income is not horrible, sitting at $65,000.
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