![]() New York is the second-most expensive state in the United States and home to New York City, the country's most expensive city. The median income in Hawaii is $118,223 a year for a family of four, significantly higher than the living wage of $107,702 a year. However, despite the high cost of living, Hawaii has the fourth-lowest poverty rate. Groceries also cost 50% more than the national average, as most goods have to be shipped to the island. In Honolulu, a two-bedroom costs $3,500 a month. The median cost of a two-bedroom apartment in Hawaii is $2,399. Only 29% of residents can afford to buy a home in the state, one of the lowest levels in the country. Housing costs three times the national average, with a typical single-family home averaging $730,511. ![]() Hawaii has the highest costs across all indexes, except healthcare. With a cost of living index of 193.3, the cost of living in Hawaii is almost twice the national average. Hawaii is the most expensive state to live in in the United States. While the most expensive states to live in may have the highest dollar cost, local wages may be adequate for a high quality of life despite a high cost of living. However, costs alone do not tell the whole story. When determining the most expensive states in the United States, a cost of living index is used to compare prices to the national average. The median household income in the United States is $67,521 a year. The average family of four in the United States requires $68,808 a year to cover their basic necessities like shelter, food, healthcare, and childcare. Utilities cost an average American family $370.16 each month. Groceries and eating out cost the average American household $7,317 a year or $609.75 a month. Annual healthcare costs are an average of $5,177 a year. The average American household spends another 16%, or $9,826, on transportation. The average cost of renting a two-bedroom apartment is $1,164 a month. The median price of a single-family dwelling in the United States is $273,992. Americans spend an average of $1,784 a month, nearly 35% of their income, on housing. The average American household spends $61,334 a year to cover their expenses. To better understand the relative cost of living in the most expensive states, it's helpful to have a better picture of the average costs in the nation. The higher the index, the less a dollar will stretch. Any index above 100 represents a cost of living higher than the national average. Expenses can be compared to this baseline to understand relative costs in different parts of the country. The index uses the average cost of living in the U.S. The cost of living index compares prices across states to better understand where they are the most expensive. Other factors that impact the cost of living include transportation costs, proximity to resources, childcare costs, and local taxes. Thus, areas where competition for housing is high will be the most expensive. Housing costs drive the cost of living expenses since this is where Americans spend the largest portion of their income.
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