Salary and wages also play a vital role in whether the cost of living in an area is affordable. Total Cost of Living and Impact on Disposable IncomesĬost of living refers to the average amount one can expect to spend on essential expenses while maintaining a reasonable lifestyle in a particular location during a specific period. Utah is the most cost-effective, with an average expenditure of $7,241. Alaska led in healthcare costs, spending $13,188 on average.In contrast, Oklahoma residents spend $3,683 per year, $2,287 less. Alaska had the highest food prices, averaging $5,970 annually.West Virginia residents spend an average of $752 on median monthly housing costs (across all renters and homeowners), in stark contrast to California, the highest-ranked state in this category, which spends $2,111.Hawaii ranked highest for transportation costs at $7,458 per year, a $3,037 difference compared to Rhode Island, the most budget-friendly state for transportation. ![]() Massachusetts had the highest average annual salary at $76,700, while Mississippi had the lowest at $45,180.New Yorkers have, on average, $25,427 leftover after paying key expenses annually. While New York had the fourth-highest cost of living nationwide, its residents held the most disposable income.Residents spend an average of $32,336 per year on essential expenses. Mississippi stood out with its low cost of living.Additionally, residents of the Aloha State have the lowest amount of disposable income available annually ($5,929). Hawaii claimed the top spot as the most expensive state in terms of cost of living, with a total average annual expenditure of $55,491.
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