#CostOfLiving #Hawaii #USStates #EconomicData #VisualCapitalist #ForbesAdvisor #HousingCosts #IncomeTaxes
The cost of living across the United States can vary dramatically, with certain states requiring a significantly higher budget to cover the essentials such as housing, healthcare, taxes, food, and transportation. Elementary needs that shape the quality of life show stark differences from one state to another. Visual Capitalist’s Kayla Zhu, utilizing data compiled by Forbes Advisor, reveals the top 10 states where the cost of living is at its peak for the year 2024. The evaluation of these costs incorporates a variety of sources including the C2ER, KFF, MIT Living Wage Calculator, and the U.S. Census Bureau, providing well-rounded insight into what residents can expect to spend on an annual basis to maintain an average lifestyle within these states.
At the forefront of this list is Hawaii, known for its breathtaking landscapes and temperate climate, yet it ranks as the most expensive state to live in the U.S. With an average living cost of $55,491 annually, Hawaii’s residents face financial pressures that go beyond the allure of its natural beauty. The state’s high living costs, primarily driven by housing and taxes, starkly contrast with its average annual salary of $61,420—the lowest among the top 10 states with the highest living costs. This leaves those residing in Hawaii with a meager annual disposable income. These economic pressures underscore the importance of considering cost of living as a key factor when deciding where to reside.
The expensive nature of coastal life in the United States casts a shadow over the dream of living close to the ocean. The report illustrates that all four West Coast states are among the top 10 most expensive places to live, along with Northeastern states such as New York, Massachusetts, and New Jersey. New York City, in particular, is highlighted as a consistently expensive place to dwell, reflecting the broader trend of high living costs in coastal regions. With approximately 40% of the U.S. population residing in these coastal areas, which represent less than 10% of the nation’s land mass, the allure of coastal living comes with a hefty price tag. This data prompts a discussion on the economic implications of living in high-demand, low-supply areas and the challenges residents face in managing the cost of living while seeking the coastal lifestyle.
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