These Are the Most Expensive American States to Live In

"The cost of living in the United States is dramatically different across the many states. While some states are home to affordable housing, lower taxes, and modest everyday expenses, others demand a far higher price for shelter, access to jobs, amenities, and lifestyle factors. In these high-cost states, residents often struggle in the face of rising housing prices, high utility bills, and even extravagant costs for essentials like food, transportation, and healthcare."

"What drives these expenses doesn't come down to just one factor. A combination of factors contributes to cost. These include population density, economic opportunity, geography, and local policies. Areas that tend to have the highest costs include coastal locations, major metropolitan hubs, and states with limited housing. This article breaks down the most expensive American states to live in and explains why living in these places comes at such a premium."

"To identify the most expensive states to live in, 24/7 Wall St. reviewed data from the Composite Cost of Living Index published by the Missouri Economic Research and Information Center . States and the District of Columbia are ranked based on their cost-of-living index in 2023 from the least to most expensive state to live in. The index is relative to the national average of 100, so lower values are cheaper and higher values are more expensive."

State living costs differ markedly across the United States, with some states offering affordable housing and lower everyday expenses while others carry much higher costs for shelter, utilities, food, transportation, and healthcare. Major contributors to higher costs include population density, economic opportunity, geographic location, and local policy choices; coastal areas, major metro hubs, and states with limited housing stock tend to be most expensive. Rankings use the Missouri Economic Research and Information Center Composite Cost of Living Index (2023) relative to a national average of 100. Housing is cheapest in the 27 least expensive states and the costliest category in the 10 most expensive places, ranging from 28% to 213% above the national average. Supplemental median household income and poverty data come from the Census Bureau's 2022 American Community Survey.

Read at 24/7 Wall St.