FROM CALIFORNIA TO NEW YORK: THE COST OF LIVING ACROSS AMERICA
From GoBankingRates.com, May, 2017
From coast to coast, here's a breakdown of the most and least expensive states to call home.
Thinking it's time for a change of pace — and place? If you're considering moving to the state you've always loved, you should know that radically different incomes are required to maintain the same standard of living in different parts of the country.
This cost-of-living comparison measures each state against the average cost of living in the United States as a whole. Based on 2016 data provided by the Missouri Economic Research and Information Center, GOBankingRates examined six critical living expenses: housing, groceries, utilities, transportation, healthcare and miscellaneous expenses. Together, they form each state's overall cost of living index.
The best states to live in aren't always the cheapest ones. Read on to find out which states are far pricier than others….
Hawaii is the most expensive state to live in America by a long shot. Residents of the islands pay an astronomical 67.4 percent more than the national average. There are very few saving graces, with housing costs topping the national average by 130.3 percent. Utilities cost 106.5 percent more than average, and groceries cost 55 percent more. With high grocery prices, residents should explore creative ways to save on groceries.
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YOU’LL NEED THIS MUCH MONEY TO LIVE COMFORTABLY IN THE 50 BIGGEST CITIES IN AMERICA
Using the 50-30-20 budgeting rule, find out if you're making enough money to live comfortably in your city ― or if the cost of living is too high….
- 50 percent for necessities: $37,849
- 30 percent for discretionary spending: $22,709
- 20 percent for savings: $15,140
- Income needed to live comfortably: $75,698
Hawaii has a notoriously high cost of living, which contributes to it being the state where you're most likely to live paycheck to paycheck. It's also one of the worst states for retirees.
However, Honolulu residents almost earn the ideal level of income. Honolulu's median household income of $74,460 is only $1,238 less than the income needed to live comfortably.
read … 50 Cities