It is a dream come true for someone to find a place to live where the expenses are lower than the income they earn. Some areas in the US are listed as the most expensive states to live in 2019, while other places are quite affordable and pocket-friendly.
The United States Department of Agriculture expected food prices to increase from 1.0% to 2.0% in 2018. However, other food categories like vegetables, pork fats and oils were set to experience a price decline. It is good to know the most expensive states to live in 2019, so that you can make sound financial decisions before you decide to live there.
The weight of inflation and cost of living
You are probably wondering why some states and countries are costly to live in. One factor that leads to that undesirable situation is inflation. Inflation is a rise in the cost of goods and services, making the buying power of a currency to decrease.
Most expensive states to live in the US 2018
The United States of America consists of 50 states. America's most popular state is California while Wyoming is the least popular in the country. Most unaffordable states in America have recorded the highest costs of living. Which are the most expensive states to live in 2018 according to CNBC?
The most attractive fact about Hawaii is the Aloha spirit, the sun and the enjoyable surfing experience. Yes, this is very alluring, but you have to pay a lot to enjoy your stay there. One of Hawaii's most crucial crop, sugar, costs twice as much in Honolulu as it priced in Florida.
Additionally, the cost of half a gallon of orange juice in 2018 was $5.56, which was twice as it was in Idaho. Energy was also a significant factor contributing to the high cost of living. The average price of electricity in Hawaii in 2018 was 33% higher than in Alaska. On top of that, housing was also expensive and the prices ended up increasing because of the inconsistency in the demand and supply of houses.
- Most expensive area: Honolulu
- Average home price: $1,044,462
- Energy bill (monthly): $432.62
- Visiting the doctor: $127.14
Trying to make ends meet in California is very hard. In a 2016 report by the McKinsey Global Institute, 50% of the households in California could not afford the cost of housing.
- Most expensive area: San Francisco-Redwood City-South San Francisco
- Average home price: $1,182,092
- Half a gallon of milk: $2.72
- Energy bill (monthly): $235.44
- Doctor visit: $142.61
Did you know that Massachusetts is one of the commonwealths together with Virginia, Pennsylvania and Kentucky? .
- Most costly area: Boston
- Average home price: $604,205
- Energy bill (monthly): $217.29
- Rib-eye steak: $12.14
- Visiting the doctor: $151.91
4. New York
Manhattan's high cost of living has made New York appear among the most expensive states in the US.
- Most expensive area: Manhattan
- Average home price: $1,739,037
- Milk gallon (half): $3.24
- Energy bill (monthly): $210.06
- Doctor's visit: $105.00
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Alaska is one of the most expensive states to live in the USA. In 2018, a loaf of bread in Juneau was $5.25, which was twice as it was in Florence.
- Most expensive area: Juneau
- Average home price: $509,408
- Energy bill (monthly): $262.85
- Rib-eye steak: $13.59
- Doctor's visit: $193.50
Portland is the largest city in the US state of Oregon. Oregon faces a crisis in house affordability, especially in cities. Oregon has some rural areas that are affordable.
- Most expensive area: Portland
- Average home price: $507,368
- Milk gallon (half): $2.06
- Rib-eye steak: $12.94
- Energy bill per month: $145.24
- Visiting the doctor: $107.61
This state has a rich history in the Revolutionary War. Housing charges in the DC suburbs are among the highest in the country. For you to rent an apartment, you will pay twice the cost as it is in Minneapolis. The state introduced "SmartBuy" that enables borrowers to go for a mortgage plan and pay student loans at the same time..
- Half a gallon of milk: $2.32
- Rib-eye steak: $13.62
- Energy bill per month: $176.24
- Average home price: $746,332
- Doctor visit: $94.00
This state is nicknamed the Constitution State.
- Most expensive area: Bridgeport-Stamford-Norwalk Metro
- Average home price: $681,279
- Half a gallon of milk: $1.96
- Energy bill (monthly): $200.20
- Doctor visit: $124.71
9. Rhode Island
This state is not only the smallest in America but also among the most expensive places to live in.
- Most expensive area: Providence
- Average home price: $435,485
- Rib-eye steak: $12.39
- Energy bill (monthly): $212.39
- Visiting the doctor: $146.33
10. New Jersey
This state is famous for making self-service of gasoline illegal, despite it having the cheapest gas.prices.
- Most expensive area: Bergen-Passaic Counties
- Average home price: $555,231
- Doctor's visit: $97.06
- Energy bill per month: $189.76
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Most expensive states to live in 2019
In 2019, most American cities have gone a notch higher in terms of their affordability and cost of living. Some of the most expensive states in 2018 have experienced an even higher cost of living in 2019. Here are the most expensive states to live in the US 2019:
Have you have ever wondered which state has the highest cost of living? Well, Hawaii is the most pricey state in America. The people of Hawaii are proud of their homegrown coffee that they purchase at $8.20 per pound. In Hawaii, a dozen eggs cost $4.00, which is twice as it is in Arizona.
The most pricey area remains to be Honolulu, and the average house price is $1,158,492. Half a gallon of milk costs $4.18.
In 2019, the average home price is $1,243,239. San Francisco is the most expensive area in the state. A health check-up costs $148.84 while the monthly electricity bill is $237.13. Half a gallon of milk costs $2.86.
3. New York
The monthly cost of energy in NY is at $217.46 while seeing a doctor will cost you $105.61. The payment you will make for a four-bedroom house is close to $2 million. This is nearly ten times as it is in Missouri.
Home prices in 2019 went up to $663,942. The monthly electricity bill costs $236.62.
A bottle of ibuprofen costs $9.82. Half a gallon of milk costs $2.12, and the average home price is $794,750.
The electricity bill per month is $143.33, and a visit to the doctor costs $129.73. If you are a steak lover, you pay $12.84 for rib-eye steak.
Half a gallon of milk costs $2.53 and rib-eye steak goes for $14.31. If you are planning to move into Alaska with your family, then you should expect an average home price of $542,436.
In Stamford, a one and a half litre of table wine will go for $10.63, nearly twice as much as in Los Angeles.
The price for half a gallon of milk is $2.13. The average home price is $662,447 while the monthly energy bill is $215.97. Rib-eye steak in Connecticut costs $11.27, and a visit to the doctor will cost you $135.27.
9. Rhode Island
The monthly energy bill is $227.80 while half a gallon of milk goes for $3.21.
10. New Jersey
The average price of a home is $578,386 while the monthly bill for energy is roughly $191.05. A visit to the doctor costs $101.07.
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Top 20 most expensive states to live in
A list of the top 20 most expensive states to live in ranked by the Bureau of Economic Analysis (BEA) with their overall price parity is as shown below:
- Hawaii — 118.4
- New York — 115.6
- California — 114.4
- New Jersey — 113.2
- Maryland — 109.5
- Connecticut — 108.7
- Massachusetts — 107.8
- New Hampshire — 105.9
- Washington — 105.5
- Alaska — 105.4
- Colorado — 103
- Virginia — 102.3
- Vermont — 101.6
- Delaware — 100.2
- Oregon — 99.8
- Florida — 99.7
- Rhode Island — 99.6
- Illinois – 98.9
- Pennsylvania — 98.4
- Maine — 98.4
The above list shows that the state with the highest cost of living is Hawaii. What country has the highest cost of living? Bermuda ranked as the most expensive country in the whole world.
The most affordable states
People opt for places where the cost of living is low. According to CNBC, the least expensive states to live in are as shown below:
Hopefully, this list of the most expensive states to live in 2019 will help you make an informed decision about where to live.
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