Top 5 States with the Highest Cost of Living
Top 5 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 top 5 states with the highest cost of living in descending order, according to their most recent analysis.
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 make the list for top 5 states with the highest cost of living? If you’re looking for affordable living costs, fantastic amenities and 300+ days of sunshine, then Tucson is your go to place to relocate! If you’re looking for a home to rent in Tucson, want to buy a Tucson home or if you’re seeking property management services for your investment, please contact the Simply Property Management – Paielli Realty, Inc. team. We will help you with the entire property management and real estate process and be sure to make your experience a positive one every step of the way!
Greg Paielli
Simply Property Management – Paielli Realty, Inc.
https://tucsonpropertymgmt.com
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