10 States with the Highest Cost of Living

10 States with the Highest Cost of Living

We all know that housing prices and the cost of living varies from state to state. Factors such as food, transportation, and energy costs can make the difference between paying a $300 A/C bill in Arizona and a $150 A/C bill in Rhode Island. Each year, the Bureau of Economic Analysis publishes data on “regional price parity,” which measures how much a certain amount of money can purchase in different places. A high price parity number means goods and services cost more for residents, and a price parity of above 100 means locals pay more for things than the national average. Here are the 10 states with the highest cost of living in descending order, according to their most recent analysis.

10.) New Hampshire

Regional Price Parity score: 105,

Median Household Income: $70,303

Actual Value of Salary: $66,955

Residents can expect to pay almost 5 percent more than the national average cost of living.

9.) Alaska

Regional price parity score: 105.6

Median household Income: $73,335

Actual Value of Salary: $69,465

Residents can expect to pay almost 6 percent more than the national average cost of living.

8.) Massachusetts

Regional Price Parity Score: 106.9

Median household income: $70,628

Actual Value of Salary: $66,069

Residents can expect to pay almost 7 percent more than the national average cost of living.

7.) Connecticut

Regional Price Parity Score: 108.7

Median household income: $71,346

Actual Value of Salary: $65,636

Residents can expect to pay almost 8.7  percent more than the national average cost of living.

6.) Maryland

Regional Price Parity Score: 109.6

Median household income: $75,847

Actual Value of Salary: $69,203

Residents can expect to pay almost 10 percent more than the national average cost of living.

5.) New Jersey

Regional Price Parity Score: 113.4

Median household income: $72,222

Actual Value of Salary: $63,688

Residents can expect to pay almost 13.4 percent more than the national average cost of living.

4.) California

Regional Price Parity Score: 113.4

Median household income: $64,500

Actual Value of Salary: $56,878

Residents can expect to pay almost 14 percent more than the national average cost of living.

3.) New York

Regional Price Parity Score: 115.3

Median household income: $60,850

Actual Value of Salary: $52,775

Residents can expect to pay almost 15 percent more than the national average cost of living.

2.) Washington D.C.

Regional Price Parity Score: 117

Median household income: $75,628

Actual Value of Salary: $64,639

Residents can expect to pay almost 17 percent more than the national average cost of living.

1.) Hawaii

Regional Price Parity Score: 118.8

Median household income: $73,486

Actual Value of Salary: $61,857

Residents can expect to pay almost 19 percent more than the national average cost of living.

Did your state or hometown make the list for 10 States with the Highest Cost of Living? Where do you think your state stacks up? If you’re looking for affordable living costs and want to sell or buy a home in Phoenix, please contact The Voss Team today!

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

thevossteam.com

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