Top 10 Most Expensive States To Live In America Today
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Prices are rising for a wide array of goods and services as theU.S. confronts a level of inflation not seen in decades. Labor shortages, supply chain disruptions, and exploding demand as the pandemic wanes are all adding to pricing pressures. The situation is making it even harder to get by in America’s most expensive states, causing worries for consumers and companies alike.
Companies like to do business in states with a low cost of living, which can be attractive to workers and customers. CNBC’s annual America’s Top States for Business study considers cost of living as a factor in competitiveness, scoring states based on an index of prices for basic items. It is among our ten categories of competitiveness.
We score all 50 states based on an index of items from groceries to housing. Some states keep costs low and are appealing in a new era of pandemic-triggered migration. But not all.
The following are the ten states that were the most expensive to live in last year. We look at where prices have been heading in the volatile first half of this year versus one year ago, according to the U.S. Bureau of Labor Statistics. Also listed are average prices for selected items, based on the 2020 Average Cost of Living Index by the Council for Community and Economic Research, C2ER.
List of 10 most expensive states to live in the U.S
10. New Jersey
9. Rhode Island
8. Connecticut
7. Maryland
6. Alaska
5. Massachusetts
4. Oregon
3. California
2. New York
1. Hawaii
Detail information on top 10 most expensive states to live in the U.S
10. New Jersey
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| Photo: Getty Images |
New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware River and Pennsylvania; and on the southwest by Delaware Bay and the state of Delaware. New Jersey is the fourth-smallest state by area but the 11th-most populous, with 9,288,994 residents as of 2020 and an area of 8,722.58 square miles (22,591.4 km2), making it the most densely populated of the 50 U.S. states. New Jersey's state capital is Trenton, while the state's most populous city is Newark. All but one county in New Jersey (Warren County) lie within the combined statistical areas of New York City or Philadelphia; consequently, the state's largest metropolitan area falls within Greater New York.
2021 Cost of Living score: 15 out of 75 points (Top States Grade: F)
Consumer Price Index (June, New York-Newark-Jersey City): Up 4.1%
Average home price (Bergen County): $615,738
Half gallon of milk: $2.43
Monthly energy bill: $186.37
9. Rhode Island
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| Photo: Getty Images |
Rhode Island (/ˌroʊd -/ (About this soundlisten), like road),officially the State of Rhode Island, is a state in the New England region of the United States. It is the smallest U.S. state by area and the seventh-least populous (1,098,163 according to the 2020 census), but it is also the second-most densely populated behind New Jersey. The state takes its name from Rhode Island; however, most of the state is on the mainland. The state has land borders with Connecticut to the west, Massachusetts to the north and east, and the Atlantic Ocean to the south via Rhode Island Sound and Block Island Sound. It also shares a small maritime border with New York. Providence is the state capital and most populous city in Rhode Island.
This tiny state is known for its quirky state drink, coffee milk. Groceries like coffee milk cost 6.5% more in Rhode Island than the national average. Similar to Connecticut, well-priced homes can be found here: the median sale price is around $279,000, but the state’s average income of $57,220 is a little lower than their neighbor to the west.
2021 Cost of Living score: 14 out of 75 points (Top States Grade: F)
Consumer Price Index (June, Northeast Region): Up 4.6%
Average home price (Providence): $430,197
Half gallon of milk: $2.52
Monthly energy bill: $240.57
8. Connecticut
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| Photo: Getty Images |
Connecticut is the southernmost state in the New England region of the United States. As of the 2010 Census, it has the highest per-capita income, second-highest level of human development behind Massachusetts, and highest median household income in the United States. It is bordered by Rhode Island to the east, Massachusetts to the north, New York to the west, and the Long Island Sound to the south. Its capital is Hartford and its most populous city is Bridgeport. Historically the state is part of New England as well as the tri-state area with New York and New Jersey, which together make up metropolitan New York City. The state is named for the Connecticut River which approximately bisects the state. The word "Connecticut" is derived from various anglicized spellings of “Quononoquett (Conanicut),” a Mohegan-Pequot word for "long tidal river"
This state’s major industries are finance, insurance, and real estate. It may not sound exciting, but Connecticut is a safe and pleasant place to live, with the best access to healthcare in the country. It is also the most affordable state on this list when you factor in the high average salary ($62,350) with the relatively low cost of living. The typical house cost in Connecticut was $255,000 as of January 2020, which is only 8% higher than the national average.
2021 Cost of Living score: 12 out of 75 points (Top States Grade: F)
Consumer Price Index (June, Northeast Region): Up 4.6%
Average home price (Stamford): $615,372
Half gallon of milk: $2.65
Monthly energy bill: $261.22
7. Maryland
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| Photo: Getty Images |
Maryland is a state in the Mid-Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware and the Atlantic Ocean to its east. Baltimore is the largest city in the state and the capital is Annapolis. Among its occasional nicknames are Old Line State, the Free State, and the Chesapeake Bay State. It is named after the English Queen Henrietta Maria, known in England as Queen Mary, who was the wife of King Charles I.
From the Appalachian Mountains to the Chesapeake Bay and the United States Naval Academy, Maryland packs a lot into a small state. Depending where they live, Maryland residents can commute to Washington, D.C. to take advantage of the city’s higher salaries ($72,600 versus the Maryland average of $60,230) while benefiting from Maryland’s lower median home price of $279,000. Maryland has the highest homeownership rate of the most expensive states, at 67%.
2021 Cost of Living score: 11 out of 75 points (Top States Grade: F)
Consumer Price Index (June, Baltimore-Columbia-Towson): Up 4.5%
Average home price (Bethesda): $854,529
Half gallon of milk: $2.49
Monthly energy bill: $193.98
6. Alaska
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| Photo: Getty Images |
Alaska is a U.S. state in the Western United States, on the northwest extremity of the country's west coast. A semi-exclave of the U.S., it borders the Canadian province of British Columbia and territory of Yukon to the east and has a maritime border with Russia's Chukotka Autonomous Okrug to the west, just across the Bering Strait. To the north are the Chukchi and Beaufort seas of the Arctic Ocean, while the Pacific Ocean lies to the south and southwest.
2021 Cost of Living score: 9 out of 75 points (Top States Grade: F)
Consumer Price Index (June, Urban Alaska): Up 6.2%
Average home price (Juneau): $581,906
Half gallon of milk: $2.64
Monthly energy bill: $273.38
5. Massachusetts
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| Photo: Getty Images |
The Bay State boasts the highest per capita income in the US, at $65,680. This corresponds to the state’s status as the most educated, with 41% of adults having at least a bachelor’s degree. Boston, the state’s capital, is one of the country’s biggest college towns, and also had the fastest growing jobs market in 2019. Homes in Massachusetts sell for a median price of $429,000, and about two-thirds of residents own their homes.
2021 Cost of Living score: 8 out of 175 points (Top States Grade: F)
Consumer Price Index (June, New England Region): Up 4%
Average home price (Boston): $744,522
Half gallon of milk: $2.27
Monthly energy bill: $233.86
4. Oregon
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| Photo: Getty Images |
Oregon is a state in the Pacific Northwest region of the Western United States. The Columbia River delineates much of Oregon's northern boundary with Washington, while the Snake River delineates much of its eastern boundary with Idaho. The 42° north parallel delineates the southern boundary with California and Nevada.
2021 Cost of Living score: 6 out of 75 points (Top States Grade: F)
Consumer Price Index (June, West Region): Up 5.1%
Average home price (Portland): $623,494
Half gallon of milk: $2.12
Monthly energy bill: $143.85
3. California
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| Photo: Getty Images |
The Golden State is home to a number of the most expensive cities in the country, including San Francisco, San Jose, Oakland, San Diego, and Los Angeles. Home prices are higher near these cities, which bring the state median sale price up to $518,000. In addition, California has the highest state income tax rate, at 13.3%, on an average income of $61,290. Gasoline can also hit more than $4 per gallon, about a dollar more than the national average.
2021 Cost of Living score: 5 out of 75 points (Top States Grade: F)
Consumer Price Index (June, Los Angeles-Long Beach-Anaheim): Up 4%
Average home price (San Francisco): $1,362,163
Half gallon of milk: $2.83
Monthly energy bill: $267.84
2. New York
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| Photo: Getty Images |
Outsize costs for everything from childcare to housing put New York City, and especially Manhattan, among the most expensive places to live in the country. These high prices bring up the average for the state as a whole, but living outside the city is considerably more affordable. Median list prices for homes in New York state are around $429,000, a quarter lower than the going rate in New York City. The state’s average income is the second highest in the country, at $63,970.
2021 Cost of Living score: 3 out of 75 points (Top States Grade: F)
Consumer Price Index (June, New York-Newark-Jersey City): Up 4.1%
Average home price (Manhattan): $2,227,806
Half gallon of milk: $3.11
Monthly energy bill: $157.70
1. Hawaii
A trip to the supermarket in Honolulu is practically an exercise in high finance. Expect to pay more than $5 for a loaf of bread, or twice what it would cost in parts of Kansas. A five-pound sack of potatoes will cost you four times what it costs in Kokomo, Indiana. Home prices are through the roof, and so is basic maintenance, like getting your washing machine repaired. That will cost more than twice what it would in McAllen, Texas. There may be no more breathtaking a place than the Aloha State, but prices in Hawaii, America’s most expensive state, will take your breath away, too.
2021 Cost of Living score: 2 out of 75 points
Consumer Price Index (June, West Region): Up 5.1%
Average home price (Honolulu): $1,386,483
Half gallon of milk: $4.31
Monthly energy bill: $470.38
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