Ever wondered where your dollar stretches the least in the U.S.?
States vary significantly when it comes to cost of living, which takes into account expected expenses for essentials like housing, food, and transportation.
In this graphic, Visual Capitalist’s Kayla Zhu maps out the top 10 U.S. states with the highest annual cost of living in 2024. The cost of living figures are based on data calculated by Forbes Advisor.
Calculating Cost of Living
To calculate the cost of living in each state, Forbes Advisor calculated annual expenses for housing, healthcare, taxes, food, and transportation.
Their data sources include C2ER, KFF, MIT Living Wage Calculator, and the U.S. Census Bureau. You can read more about their methodology here.
Hawaii is the State with the Highest Cost of Living
The sunny state of Hawaii is the most expensive state to live in, with an average annual cost of living of $55,491.
Despite having the highest cost of living ($55,491), Hawaii also has the lowest annual average salary ($61,420) among these 10 states.
This leaves residents with an annual disposable income of $5,929–the lowest out of all 50 states.
Some factors that contribute to Hawaii’s high cost of living are its high housing costs due to housing shortages and high income taxes.
Coastal Life Isn’t Cheap
Life on either coast isn’t cheap, either.
All four West Coast states make the top 10 list, while Northeastern states like New York, Massachusetts, and New Jersey also make an appearance. New York City is consistently ranked as one of the most expensive cities in the world to live in.
About 40% of the U.S. population lives on the coast, but the coast only accounts for less than 10% of the country’s land mass.