Cost of Living in the U.S.


Key Takeaways

  • Hawaii is the U.S. state with the highest cost of living, totaling about $182,900 income a year to live comfortably.
  • The Western and Northeastern United States include the costliest states to call home, while the South includes the most states in the top 10 most affordable.
  • Cost of living refers to the average amount spent on essentials while maintaining a reasonable standard of living in a particular location during a specific period.

       

      • Fast Cash Today • Any Car, Any Year • High Approval Rates • Past Bankruptcies & Bad Credit OK • You Can Keep Driving Your Car •

      cost of living for happy family

       

      According to a 2024 Census.gov report, the average cost of living in the U.S. for a median household income is $67,521 a year, while personal income for individuals is $35,805.

      Highest Cost of Living States in the U.S.

      With the cost of living on the rise, many Americans find it difficult to make ends meet. But just paying for everyday expenses is more difficult in certain states, especially those on the West Coast and in the Northeast.

      Here are the 10 states with the highest costs of living for a family of four:

      1. Hawaii: $182,900
      2. Massachusetts: $142,341
      3. California: $130,239
      4. New York: $118,127
      5. Alaska: $113,079
      6. Maryland: $110,244
      7. Oregon: $106,779
      8. Vermont: $106,692
      9. Washington: $105,080
      10. New Jersey: $104,770

       

      What Does Cost of Living Mean?

      Cost of living is defined as the amount of money needed to cover the cost of preserving a certain lifestyle in a particular place and time. Necessary expenses include housing, food, taxes, transportation, education, and more – and they certainly add up quickly!

      Cost of living is often used to assess the livability of different cities, taking average income into account. Because prices vary across the country, cost of living more accurately portrays how affordable a city is compared to another.

      In 2022, the overall cost of living spiked, with essentials like food and fuel sporting much higher price tags. Americans were forced to spend more just to maintain the same standard of living they had previously enjoyed.

      According to the U.S. Bureau of Labor Statistics, the cost of food increased 10.8% from April 2021 to April 2022 — the biggest bump in price since 1980!

      Gas prices hit an all-time national high of $5 per gallon, while rent also hit a record high. Many global factors impacted these rising costs, including pandemic-related production and supply chain challenges as well as the war between Russia and Ukraine.

       

      How is the Cost of Living Calculated?

      Cost of living is determined by comparing the prices of a range of commonly purchased goods and services.

      Costs are then broken down by category, split into sectors like health care, food, and housing. Each is weighted accordingly, based on spending patterns and individual budgets. Prices are gathered city by city to help compare the cost of living across locations.

      Because it accounts for the most significant portion of most Americans’ budgets, housing is weighted highest in the cost-of-living calculations. According to Bureau of Labor Statistics data from 2020 (the most recent available), 30% of Americans’ budgets was allocated for housing expenses.

      Transportation came next at 14%.

       

      ALREADY HAVE A TITLE LOAN WITH ANOTHER COMPANY, AUTO MONEY CAN STILL HELP YOU!

      If you have a title loan or title pawn with another company, Auto Money may pay it off at a lower interest rate!

      Interested?

      happy black family in park

      Cost of Living Per U.S. State

       

      • Hawaii
        • Total Cost of Living ($): $55,491
        • Total Disposable Income ($): $5,929
      • Massachusetts
        • Total Cost of Living ($): $53,860
        • Total Disposable Income ($): $22,740
      • California
        • Total Cost of Living ($): $53,171
        • Total Disposable Income ($): $20,049
      • New York
        • Total Cost of Living ($): $49,623
        • Total Disposable Income ($): $25,247
      • New Jersey
        • Total Cost of Living ($): $49,511
        • Total Disposable Income ($): $21,379
      • Alaska
        • Total Cost of Living ($): $48,670
        • Total Disposable Income ($): $17,460
      • Maryland
        • Total Cost of Living ($): $48,235
        • Total Disposable Income ($): $21,515
      • Washington
        • Total Cost of Living ($): $47,231
        • Total Disposable Income ($): $25,119
      • Connecticut
        • Total Cost of Living ($): $46,912
        • Total Disposable Income ($): $22,398
      • Oregon
        • Total Cost of Living ($): $46,193
        • Total Disposable Income ($): $16,487
      • Colorado
        • Total Cost of Living ($): $45,931
        • Total Disposable Income ($): $21,939
      • New Hampshire
        • Total Cost of Living ($): $45,575
        • Total Disposable Income ($): $16,975
      • Rhode Island
        • Total Cost of Living ($): $44,481
        • Total Disposable Income ($): $20,049
      • Delaware
        • Total Cost of Living ($): $44,389
        • Total Disposable Income ($): $17,871
      • Vermont
        • Total Cost of Living ($): $43,927
        • Total Disposable Income ($): $15,263
      • Virginia
        • Total Cost of Living ($): $43,067
        • Total Disposable Income ($): $22,523
      • Nevada
        • Total Cost of Living ($): $41,630
        • Total Disposable Income ($): $13,860
      • Minnesota
        • Total Cost of Living ($): $41,498
        • Total Disposable Income ($): $22,142
      • Illinois
        • Total Cost of Living ($): $41,395
        • Total Disposable Income ($): $22,535
      • Utah
        • Total Cost of Living ($): $40,586
        • Total Disposable Income ($): $16,774
      • Florida
        • Total Cost of Living ($): $40,512
        • Total Disposable Income ($): $15,468
      • Pennsylvania
        • Total Cost of Living ($): $40,066
        • Total Disposable Income ($): $18,404
      • Maine
        • Total Cost of Living ($): $39,899
        • Total Disposable Income ($): $16,061
      • Arizona
        • Total Cost of Living ($): $39,856
        • Total Disposable Income ($): $18,764
      • Georgia
        • Total Cost of Living ($): $38,747
        • Total Disposable Income ($): $19,253
      • Idaho
        • Total Cost of Living ($): $37,658
        • Total Disposable Income ($): $13,692
      • Texas
        • Total Cost of Living ($): $37,582
        • Total Disposable Income ($): $19,718
      • Wyoming
        • Total Cost of Living ($): $37,550
        • Total Disposable Income ($): $16,890
      • Nebraska
        • Total Cost of Living ($): $37,519
        • Total Disposable Income ($): $17,551
      • Wisconsin
        • Total Cost of Living ($): $37,374
        • Total Disposable Income ($): $18,746
      • Montana
        • Total Cost of Living ($): $37,328
        • Total Disposable Income ($): $14,872
      • Michigan
        • Total Cost of Living ($): $37,111
        • Total Disposable Income ($): $20,889
      • South Dakota
        • Total Cost of Living ($): $36,864
        • Total Disposable Income ($): $13,026
      • North Carolina
        • Total Cost of Living ($): $36,702
        • Total Disposable Income ($): $19,518
      • Indiana
        • Total Cost of Living ($): $36,207
        • Total Disposable Income ($): $17,293
      • Ohio
        • Total Cost of Living ($): $35,932
        • Total Disposable Income ($): $20,598
      • Iowa
        • Total Cost of Living ($): $35,871
        • Total Disposable Income ($): $17,649
      • North Dakota
        • Total Cost of Living ($): $35,707
        • Total Disposable Income ($): $20,093
      • Louisiana
        • Total Cost of Living ($): $35,576
        • Total Disposable Income ($): $15,364
      • Kentucky
        • Total Cost of Living ($): $35,508
        • Total Disposable Income ($): $15,982
      • Missouri
        • Total Cost of Living ($): $35,3381
        • Total Disposable Income ($): $19,182
      • Kansas
        • Total Cost of Living ($): $35,185
        • Total Disposable Income ($): $17,665
      • West Virginia
        • Total Cost of Living ($): $34,861
        • Total Disposable Income ($): $14,309
      • South Carolina
        • Total Cost of Living ($): $34,826
        • Total Disposable Income ($): $15,824
      • Tennessee
        • Total Cost of Living ($): $34,742
        • Total Disposable Income ($): $18,078
      • New Mexico
        • Total Cost of Living ($): $34,501
        • Total Disposable Income ($): $19,899
      • Oklahoma
        • Total Cost of Living ($): $33,966
        • Total Disposable Income ($): $16,974
      • Alabama
        • Total Cost of Living ($): $33,654
        • Total Disposable Income ($): $16,966
      • Arkansas
        • Total Cost of Living ($): $32,979
        • Total Disposable Income ($): $15,591
      • Mississippi
        • Total Cost of Living ($): $32,336
        • Total Disposable Income ($): $12,844

      FREQUENTLY ASKED QUESTIONS

      What does cost of living mean?

      Cost of living refers to the expense of maintaining a certain standard of living in a specific location.

      Changes in the cost of living over time can be found in a comprehensive cost-of-living index. These calculations are helpful for comparing the cost of maintaining a certain lifestyle in different regions.

      What is the average living cost in the USA?

      The average American spends $6,081 each month, according to 2022 data.

      This totals $72,967 per year. Keep in mind that the cost of living varies from one region to the next, with some cities boasting much more affordable living costs than others.

      How much money do you need to live well in the USA?

      Securing a comfortable lifestyle and stable financial future requires an average post-tax income of $68,499 here in the United States, according to recent SmartAsset studies.

      Which state in the U.S. has the highest cost of living?

      Hawaii has the highest cost of living, outranking all other states by at least 31 points. In fact, the annual cost of living is $59,468 above average.

      What is the minimum wage in America?

      As of 2024, the federal minimum wage sits at $7.25 per hour for covered nonexempt workers. The minimum wage for employees who receive tips, however, is just $2.13 per hour.

      What states have a $15 minimum wage?

      There are seven states (along with the District of Columbia) that offer a minimum wage of at least $15 as of 2024: Washington, Connecticut, Massachusetts, California, New York, New Jersey, and Maryland.

      What is considered low income in the United States?

      According to January 2023 statistics, a family four with a household income below $29,960 is considered low income. For an individual, the poverty threshold is $14,891. These guidelines are based on the Census Bureau’s poverty thresholds.

      What income is considered wealthy in the United States?

      Americans who earn at least $2.2 million in assets each year are considered rich – based on Charles Schwab’s 2023 Modern Wealth Survey of 1,000 Americans. This study was conducted to determine the average net worth of those deemed “wealthy.”

      What is the average cost of living in the United States?

      The average single-parent family has a budget of about $49,000 a year – approximately half that of the average married family with children, according to a 2021 report by the White House.

      Is it cheaper to live in England or America?

      Both countries feature wide-ranging costs of living, depending on the region. But on average, it is slightly more expensive (0.49%) to live in the US than the UK.

      Why choose Auto Money?

      Simple. Because we care about our customers. We understand that unexpected situations arise that require cash in a hurry – and they don’t always coincide with your payday!

      At Auto Money, everyday can be a payday! We get you the cash you need fast so you can pay bills, home repairs, auto repairs or whatever else life throws at you.

      Over 80+ locations in the Southeast, you get the most cash for your title and you keep your car. Plus, you’re instantly approved, regardless of your credit! Inquire now!

      title loan salesperson offering money

      Need Extra Funds for Life Emergencies? Auto Money Can Help!

       

      Auto Repairs, Wedding Expenses, Healthcare Bills, Home Fixes, etc.

      Auto Money Can Help with a Fast Cash Loan Quicker Than Traditional Bank!

      Unexpected events – from car accidents to injuries – can put a serious strain on your finances. When you need money fast, Auto Money can help! Because we know you have bills to pay, Auto Money gets you the money you need faster than traditional banks. That’s right, it takes just three easy steps to secure fast cash!

      To get started, visit an Auto Money location near you across the Southeast today! Or just stop by one of our convenient locations to speak with a member of our staff. We’re always happy to help!

      READY TO APPLY FOR A SECURED TITLE LOAN? VISIT AN AUTO MONEY STORE NEAR ME

      auto money stores, title loan near me, title pawn near me,

      WHAT PEOPLE SAY ABOUT AUTO MONEY

      Ashley W.

      Amazing customer service and very sweet employees. They helped me through the process for the first time and was able to get me as much as they could so great full to them.

      Lakisha S.

      I came in asking for a certain amount & they met that price. Very nice, very professional. Even gave my children a snack. Highly recommend them. 

      Shannon B.

      Great service! Appreciate Amanda for all her help!

      Zackary L.

      Great crew, great people. Wish I could give 10 stars!

      Donte H.

      I came in when the store was about to close, but the ladies at the store stayed after their shift and assisted us with such kindness. They were very courteous. Please go see them at the north main location.

      Brittney A.

      Amazing customer service. Made me feel right at home. Easy to communicate with and Shaina is the BEST and QUICKEST to go to. In and out in about 45 mins.

      Stanton M.

      Good people to do business with.

       

      Shatasia S.

      Only place I will ever come and get a title loan. Quick, Easy and Honest.

       

      • Fast Cash Today • Any Car, Any Year • High Approval Rates • Past Bankruptcies & Bad Credit OK • You Can Keep Driving Your Car •

      ALREADY HAVE A TITLE LOAN WITH ANOTHER COMPANY, AUTO MONEY CAN STILL HELP YOU!  

      If you have a title loan or title pawn with another company, Auto Money may pay it off at a lower interest rate!

      Interested?

      Title Loans in South Carolina

      A title loan is a quick and easy way to get the cash you need, using your vehicle’s title for collateral instead of your credit score. The amount will be determined by our expert appraisers. Auto Money offers competitive interest rates and gives you the most money for your title with instant approval. And the best part is, you get to keep driving your vehicle!

      SC Consumer Loans: Your Rights and Responsibilities

      Disclaimer: This is a high interest loan. You should go to another source if you have the ability to borrow at a lower rate of interest. You are placing your vehicle at risk if you default on this loan.

      Title Pawns in Georgia

      A title pawn is a quick and easy way to get the cash you need, using your vehicle’s title as collateral towards borrowing money. At our Georgia Auto Money stores, you have 30 days to repay the title pawn. If you are unable to pay off the balance within 30 days, Auto Money’s professional and courteous staff is available to discuss repayment options with you.

      Title Loans in North Carolina

      Disclaimer: At Auto Money, we uphold all federal and state laws related to Title Loans. Title loan transactions are prohibited within the state of North Carolina.

      Disclosure: This website is a solicitation for an auto title loan or pawn. This solicitation is not a unilateral contract or a guaranteed offer. All title loans and title pawns and the amount of the title loans or title pawns are subject to Auto Money’s approval that is contingent on several underwriting factors such as a completed loan or pawn application, your employment status, monthly income, and a vehicle evaluation.

      * $20,000 instant approval loan or pawn amount is the maximum an applicant can receive. Actual amount of title loan or title pawn is subject to vehicle appraisal by an Auto Money employee and a complete application is required to be submitted and approved in-person by the party requesting a title loan or title pawn. Certain limitations apply. All title loans or title pawns issued by Auto Money are subject to the customer’s ability to repay the title loan or title pawn.

      ** www.automoneytitle.com is not an online lender. Applications are not processed or approved online. Personal information other than resumes that you submit to this website is an inquiry to receive more information regarding a title loan or title pawn from Auto Money. Any information you submit to this website will be forwarded to the Auto Money office closest to the ZIP code you have provided for the purposes of contacting you about a title loan or title pawn. Once your information is received and processed, you will be contacted by an Auto Money representative. Submitting your application is an agreement to be contacted by a member of our staff.

      To see more of our Terms & Conditions, click here. For any further details, speak with us directly in-store