Most Expensive States to Live In 2023 - Wisevoter (2024)

FAQs

What state has the highest cost of living in 2023? ›

States With Highest Cost of Living

Hawaii is the state with the highest cost of living in the US, with a cost of living index of 184. This is due to its isolated location and the high demand for housing, food, and energy.

1. Hawaii. Hawaii is truly a paradise, but it is also the most expensive state in America to live in. The cost of living in Hawaii overall is 86% higher than the national average, and the cost of housing in Hawaii is a jaw-dropping 207% above the national average.

Conversely, Hawaii tops the list of the most expensive states with an average house price of $636,400. As the only state not geographically based in North America, it's unsurprising that the cost of moving is significantly higher, from flights to shipping costs.

New York. Not surprisingly, New York state comes in at No. 5 on our list with an index of 136.8. The big factor in this equation is housing, which is the fifth most costly in the country.

Mississippi. Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.

Is it expensive to live in Florida? Though the state has long had a reputation for being an inexpensive place to live, housing costs are high. Rents and sale prices are both well above national averages. However, the overall cost of living in the state is about on par with the national average.

Hawaii and California are the LEAST affordable places to live in the U.S as incomes fail to keep up with soaring property prices.

Where is the most unaffordable place to live? ›

The least affordable was Miami, where the median-priced home costs $598,000 and would require a monthly payment of $3,183 to cover mortgage and taxes — more than 85 percent of the local median household income of $44,581 (or $3,715 a month). Los Angeles and New York followed — no surprise given their steep home prices.

To no major surprise, Los Angeles was found to be the least affordable. Two other California cities – Bakersfield and Modesto – found themselves among the top 10 least affordable cities in the U.S. Three Texas cities made the list as well.

But Massachusetts and Minnesota, the economists posit, have the best balance across components of a living standard metric, also known as a welfare measure. The study found the two states with the lowest living standards are Alabama and Mississippi.

Regarding affordability, the report indicates that Connecticut, Massachusetts, and New Jersey are the most affordable states with Arizona, Nevada, and Florida being the least affordable.

Based on migration data from the U.S. Census Bureau, Americans are moving to Austin, Texas; Raleigh, North Carolina; Orlando, Florida; Dallas, Texas; and Phoenix, Arizona. The most moved-to cities are based on percentage increases in population since 2010.

Wondering where not to travel in 2023? Here are the most dangerous tourist destinations in 2023: Afghanistan, Syria, Ukraine, Mali and Iraq. Afghanistan has been identified as potentially the most dangerous country in the world to visit in 2023 according to recently published Risk Map 2023.

Key points. Inflation seems to be slowing, and some things could start to get cheaper in 2023. The cost of real estate, rental, cars, and gas could fall, at least a little. Don't get too excited about potential price drops, as there's still a lot of uncertainty about the economy.

Is Texas the cheapest state to live in? ›

No.

The Lone Star State is the eighth cheapest state to live in, according to Austin-based Student Loan Hero. But despite its low cost of living, Texas still has high property and sales tax rates.

The three cheapest states to move to in terms of housing costs are: West Virginia, with an average price of $123,000; Mississippi, with an average price of $125,000; and Arkansas, with an average house price of 133,600. You can view the 10 cheapest states to move to below.

Which City Is More Affordable: Los Angeles or New York City? Both NYC and LA are among the most expensive cities in both the U.S. and the world. However, the average cost of living in LA is also 24-27% lower than that of NYC.

While both states have a high cost of living, California is generally cheaper than Hawaii, particularly in terms of housing costs.

The other reasons that people leave the state after moving here are varied: “A nearly 14,000-member Facebook group for people moving out of Florida has cited severe weather, low wages, crowded beaches, changing politics, and steep housing prices as reasons people left.”

The bottom line is Florida is a far less expensive state to live in than California because it has less expensive homes, lower sales tax on things you buy, and lower income taxes on money you earn.

Cost of living

Georgia has an overall score of 93.4, about 10% less than Florida's 102.8. This means that, on average, living in Georgia is slightly more affordable than living in Florida.

Considering all the amenities that Florida has to offer, you might be surprised at just how affordable it is. Although the cost of living varies depending on where you live in the state, Florida is much more affordable than many other states. In fact, the cost of living in Florida is about 12% cheaper than Connecticut.

What is the least affordable housing market in 2023? ›

Hong Kong is the least affordable market, with a median multiple of 18.8. Sydney was the second least affordable at 13.3, Vancouver at 12.0, Honolulu at 11.8, San Jose at 11.5, Los Angeles 11.3, Auckland 10.7, Melbourne at 9.9, Toronto at 9.5 and San Diego at 9.4.

All the cities on this graphic are classified as severely unaffordable⁠—and, for the 12th year in a row, Hong Kong takes the top spot as the world's most unaffordable housing market, with a score of 23.2.

1. Manhattan, New York. No place beats the center of the Big Apple when it comes to being the most expensive housing market in the U.S.

🇺🇸 U.S. Singapore and New York City tied for the first rank amongst the world's most expensive cities in 2022, pushing Israel's Tel Aviv from the first place in 2021 to the third place in 2022. Both these cities had high inflation and a strong currency. Surprisingly, this is the Big Apple's first time atop the ranking.

According to a numbers crunched by real estate brokerage RentHop, NYC is currently the least affordable city in the U.S. to live alone -- a median studio will set one back $3,016 or 43.86% of the average monthly household income in the city.

Think the cost of living is going up in Florida? It definitely is. In fact, US News & World Report designated Miami as America as the second least affordable place to live only behind Los Angeles.

The latest edition of the Best States rankings project finds a new No. 1 and a strong showing from the West and Midwest in the top 10. Utah has taken the No.

California, the largest economy in the United States, has a GDP of $3.5 trillion and a GDP per capita of $89,540. The state's economy is diverse, with significant contributions from industries such as entertainment, technology, agriculture, and manufacturing.

The most liberal state in the country is Massachusetts, where the equally progressive city of Boston is located. Next is Hawaii, followed by Rhode Island, California, New York, Vermont, Maryland, New Jersey, Connecticut, and Oregon.

Indiana is the cheapest northern state to live in, closely followed by neighboring Iowa. Groceries are among the cheapest in the nation here. However, transportation is only marginally below the national average. In the Hoosier state, median house prices are $206,422.

Is North Carolina a red state? ›

In the three presidential elections since 2008, Indiana and North Carolina went back to supporting Republicans. Virginia has continued voting for the Democratic presidential nominees (as well as increasingly electing Democrats at the state level), leading to its being reclassified as a blue state in recent years.

Hawaii is the most expensive state to live in, with a cost of living index of 184. Massachusetts is ranked second, with a cost of living index of 149.7, followed by California at 137.6, and New York at 134.5.

The average price of the most expensive neighborhoods in every U.S. state is $5,249,542, but America's most expensive neighborhood—Manalapan, Fla.,—far surpasses that at a whopping average house price of $39,761,000.

6. Maryland. In Maryland, all cost-of-living expenses are higher than the national average except for healthcare, which is 5.6% lower.

Each year, the Social Security Administration applies a COLA to payments made to those receiving Social Security and Supplemental Security income (SSI). For 2023, the COLA increase is 8.7%, which is significantly larger than the COLAs in recent years.

While the 2022 COLA adjustment was 5.9%, government inflation data showed costs grew at a faster pace for much of last year. Now, the 8.7% COLA for 2023 is outpacing current inflation, with a 5.8% increase over the past 12 months for the consumer price index for urban wage earners and clerical workers, or CPI-W.

Prices are currently coming down in some markets, and the national median price was ever-so-slightly lower in February 2023 than it was in 2022, but experts do not expect dramatic drops. In many areas where prices are falling, the declines have not significantly improved affordability.

The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2023, your maximum benefit would be $3,627. However, if you retire at age 62 in 2023, your maximum benefit would be $2,572. If you retire at age 70 in 2023, your maximum benefit would be $4,555.

To acquire the full amount, you need to maximize your working life and begin collecting your check until age 70. Another way to maximize your check is by asking for a raise every two or three years. Moving companies throughout your career is another way to prove your worth, and generate more money.

What changes are coming to Social Security in 2023? ›

Social Security recipients will get an 8.7% raise for 2023, compared with the 5.9% increase that beneficiaries received in 2022. Maximum earnings subject to the Social Security tax also went up, from $147,000 to $160,200.

Average Social Security retirement benefits in 2023

Average payments for all retirees enrolled in the Social Security program increased to approximately $1,827, according to the Social Security Administration (SSA).

The maximum Social Security benefit in 2023 is $3,627 at full retirement age. It's $4,555 per month if retiring at age 70 and $2,572 if retiring at age 62. A person's benefit amount depends on earnings, full retirement age and when they take benefits.

Will I get COLA for 2023. Why sS website is not reflecting this? Hi. Yes, your Social Security retirement benefit rate will be credited with the 2023 cost of living (COLA) increase regardless of when you start collecting your benefits.

The annual inflation rate in the US is expected to remain steady at 5% in April 2023, the lowest since May 2021, but still much above the 2.1% average reported from 2000 to 2020. On a monthly basis, the CPI is projected to increase by 0.4%, significantly higher than the 0.1% rise observed in March.

Compared to last year's annual rate, the inflation rate in 2023 is now 4.93% ¹. If this number holds, $100 today would be equivalent to $104.93 next year.

A recent report from SmartAsset found that you'll need to earn an average $68,499 post-taxes to live comfortably in America's 25 biggest metro areas. That's a 20% increase from a year ago, when you needed just $57,013 after taxes.

Food prices are expected to grow more slowly in 2023 than in 2022 but still at above historical-average rates. In 2023, all food prices are predicted to increase 6.2 percent, with a prediction interval of 4.9 to 7.5 percent.