Is becoming a homeowner in your not-so-distant future? With such a big purchase on the horizon, you’ll want to get familiar with the cost of living in your state of choice.
Cost of living: The amount of money you’ll need to cover basic living expenses in any given city. We’re talking line items like food, shelter, and healthcare.
Basically, just think about how much it costs to live in New York City versus Huntsville, Alabama…
To add some color to the cost-of-living conversation, we can use metrics like home values, rent prices, and typical annual incomes. That way, you can get a clear picture of what living in one state might look like compared to another.
But keep in mind that expenses are always changing and evolving. So, what you thought you knew might just be outdated. That’s why we’re revisiting the level of affordability in each and every state.
So, let’s dive in! Here are the fifty states ranked by cost of living:
1. Arkansas
The Natural State is number one when it comes to cost of living. The state’s typical home value is $209,251, a 3.1% increase over the past year. Renters statewide pay a median of $1,395 per month and the median annual wage is $39,060.
2. Mississippi
The Magnolia State is number two when it comes to cost of living. The state’s typical home value is $178,495, a 0.9% increase over the past year. Renters statewide pay a median of $1,480 per month and the median annual wage is $37,500.
3. Alabama
The Yellowhammer State is number three when it comes to cost of living. The state’s typical home value is $228,102, a 1.4% increase over the past year. Renters statewide pay a median of $1,440 per month and the median annual wage is $41,350.
4. South Dakota
The Mount Rushmore State is number four when it comes to cost of living. The state’s typical home value is $307,125, a 2.0% increase over the past year. Renters statewide pay a median of $1,250 per month and the median annual wage is $43,680.
5. Iowa
The Hawkeye State is number five when it comes to cost of living. The state’s typical home value is $221,509, a 3.4% increase over the past year. Renters statewide pay a median of $1,200 per month and the median annual wage is $46,460.
6. North Dakota
The Peace Garden State is number six when it comes to cost of living. The state’s typical home value is $261,636, a 1.3% increase over the past year. Renters statewide pay a median of $1,082 per month and the median annual wage is $48,830.
7. Oklahoma
The Sooner State is number seven when it comes to cost of living. The state’s typical home value is $206,699, a 3.2% increase over the past year. Renters statewide pay a median of $1,425 per month and the median annual wage is $41,480.
8. West Virginia
The Mountain State is number eight when it comes to cost of living. The state’s typical home value is $167,282, a 5.2% increase over the past year. Renters statewide pay a median of $1,095 per month and the median annual wage is $39,770.
9. Kentucky
The Bluegrass State is number nine when it comes to cost of living. The state’s typical home value is $208,391, a 4.6% increase over the past year. Renters statewide pay a median of $1,357 per month and the median annual wage is $43,730.
10. Nebraska
The Cornhusker State is number 10 when it comes to cost of living. The state’s typical home value is $261,708, a 2.8% increase over the past year. Renters statewide pay a median of $1,357 per month and the median annual wage is $46,440.
11. Kansas
The Sunflower State is number 11 when it comes to cost of living. The state’s typical home value is $230,021, a 4.9% increase over the past year. Renters statewide pay a median of $1,295 per month and the median annual wage is $45,250.
12. Montana
The Treasure State is number 12 when it comes to cost of living. The state’s typical home value is $468,195, a 2.8% increase over the past year. Renters statewide pay a median of $1,840 per month and the median annual wage is $45,690.
13. Louisiana
The Pelican State is number 13 when it comes to cost of living. The state’s typical home value is $199,605, a 2.1% decrease over the past year. Renters statewide pay a median of $1,500 per month and the median annual wage is $41,320.
14. New Mexico
The Land of Enchantment is number 14 when it comes to cost of living. The state’s typical home value is $303,121, a 3.7% increase over the past year. Renters statewide pay a median of $1,736 per month and the median annual wage is $43,620.
15. Missouri
The Show-Me State is number 15 when it comes to cost of living. The state’s typical home value is $247,753, a 3.2% increase over the past year. Renters statewide pay a median of $1,325 per month and the median annual wage is $45,080.
16. Ohio
The Buckeye State is number 16 when it comes to cost of living. The state’s typical home value is $231,710, a 5.7% increase over the past year. Renters statewide pay a median of $1,300 per month and the median annual wage is $46,690.
17. Tennessee
The Volunteer State is number 17 when it comes to cost of living. The state’s typical home value is $321,435, a 3.3% increase over the past year. Renters statewide pay a median of $1,800 per month and the median annual wage is $43,820.
18. Indiana
The Hoosier State is number 18 when it comes to cost of living. The state’s typical home value is $243,688, a 4.2% increase over the past year. Renters statewide pay a median of $1,431 per month and the median annual wage is $45,470.
19. Idaho
The Gem State is number 19 when it comes to cost of living. The state’s typical home value is $454,300, a 2.1% increase over the past year. Renters statewide pay a median of $1,800 per month and the median annual wage is $44,240.
20. Wyoming
The Cowboy State is number 20 when it comes to cost of living. The state’s typical home value is $354,756, a 2.7% increase over the past year. Renters statewide pay a median of $1,350 per month and the median annual wage is $47,250.
21. Wisconsin
The Badger State is number 21 when it comes to cost of living. The state’s typical home value is $305,843, a 4.9% increase over the past year. Renters statewide pay a median of $1,295 per month and the median annual wage is $47,590.
22. Michigan
The Wolverine State is number 22 when it comes to cost of living. The state’s typical home value is $248,176, a 4.7% increase over the past year. Renters statewide pay a median of $1,411 per month and the median annual wage is $46,940.
23. South Carolina
The Palmetto State is number 23 when it comes to cost of living. The state’s typical home value is $297,794, a 3.0% increase over the past year. Renters statewide pay a median of $1,852 per month and the median annual wage is $42,220.
24. North Carolina
The Tar Heel State is number 24 when it comes to cost of living. The state’s typical home value is $330,820, a 3.2% increase over the past year. Renters statewide pay a median of $1,850 per month and the median annual wage is $45,440.
25. Utah
The Beehive State is number 25 when it comes to cost of living. The state’s typical home value is $516,153, a 1.2% increase over the past year. Renters statewide pay a median of $1,835 per month and the median annual wage is $47,020.
26. Georgia
The Peach State is number 26 when it comes to cost of living. The state’s typical home value is $330,342, a 3.3% increase over the past year. Renters statewide pay a median of $1,955 per month and the median annual wage is $45,480.
27. Pennsylvania
The Keystone State is number 27 when it comes to cost of living. The state’s typical home value is $269,854, a 4.1% increase over the past year. Renters statewide pay a median of $1,550 per month and the median annual wage is $47,430.
28. Nevada
The Sagebrush State is number 28 when it comes to cost of living. The state’s typical home value is $443,203, a 5.8% increase over the past year. Renters statewide pay a median of $2,043 per month and the median annual wage is $44,810.
29. Texas
The Lone Star State is number 29 when it comes to cost of living. The state’s typical home value is $301,627, a 0.1% decrease over the past year. Renters statewide pay a median of $1,900 per month and the median annual wage is $45,970.
30. Minnesota
The North Star State is number 30 when it comes to cost of living. The state’s typical home value is $336,954, a 1.1% increase over the past year. Renters statewide pay a median of $1,600 per month and the median annual wage is $50,880.
31. Delaware
The First State is number 31 when it comes to cost of living. The state’s typical home value is $388,163, a 2.7% increase over the past year. Renters statewide pay a median of $2,000 per month and the median annual wage is $49,280.
32. Arizona
The Grand Canyon State is number 32 when it comes to cost of living. The state’s typical home value is $431,492, a 2.4% increase over the past year. Renters statewide pay a median of $2,022 per month and the median annual wage is $47,680.
33. Maine
The Pine Tree State is number 33 when it comes to cost of living. The state’s typical home value is $407,143, a 4.7% increase over the past year. Renters statewide pay a median of $2,000 per month and the median annual wage is $47,590.
34. Vermont
The Green Mountain State is number 34 when it comes to cost of living. The state’s typical home value is $400,462, a 2.6% increase over the past year. Renters statewide pay a median of $2,325 per month and the median annual wage is $49,630.
35. Illinois
The Prairie State is number 35 when it comes to cost of living. The state’s typical home value is $267,365, a 5.7% increase over the past year. Renters statewide pay a median of $1,758 per month and the median annual wage is $48,730.
36. Alaska
The Last Frontier is number 36 when it comes to cost of living. The state’s typical home value is $363,775, a 1.0% increase over the past year. Renters statewide pay a median of $1,950 per month and the median annual wage is $56,140.
37. Virginia
The Old Dominion is number 37 when it comes to cost of living. The state’s typical home value is $394,085, a 4.7% increase over the past year. Renters statewide pay a median of $2,000, per month and the median annual wage is $49,920.
38. Florida
The Sunshine State is number 38 when it comes to cost of living. The state’s typical home value is $394,728, a 1.1% increase over the past year. Renters statewide pay a median of $2,483 per month and the median annual wage is $45,070.
39. Colorado
The Centennial State is number 39 when it comes to cost of living. The state’s typical home value is $544,618, a 1.0% increase over the past year. Renters statewide pay a median of $2,201, per month and the median annual wage is $54,050.
40. Rhode Island
The Ocean State is number 40 when it comes to cost of living. The state’s typical home value is $469,972, a 7.4% increase over the past year. Renters statewide pay a median of $2,250 per month and the median annual wage is $50,970.
41. Maryland
The Old Line State is number 41 when it comes to cost of living. The state’s typical home value is $419,828, a 2.5% increase over the past year. Renters statewide pay a median of $1,900 per month and the median annual wage is $55,810.
42. Connecticut
The Constitution State is number 42 when it comes to cost of living. The state’s typical home value is $410,357, an 8.6% increase over the past year. Renters statewide pay a median of $2,000 per month and the median annual wage is $56,130.
43. Oregon
The Beaver State is number 43 when it comes to cost of living. The state’s typical home value is $495,844, a 0.8% increase over the past year. Renters statewide pay a median of $1,875 per month and the median annual wage is $50,010.
44. New York
The Empire State is number 44 when it comes to cost of living. The state’s typical home value is $481,773, a 6.8% increase over the past year. Renters statewide pay a median of $3,175 per month and the median annual wage is $56,840.
45. New Hampshire
The Granite State is number 45 when it comes to cost of living. The state’s typical home value is $483,940, a 7.0% increase over the past year. Renters statewide pay a median of $2,100 per month and the median annual wage is $49,980.
46. New Jersey
The Garden State is number 46 when it comes to cost of living. The state’s typical home value is $535,469, an 8.4% increase over the past year. Renters statewide pay a median of $2,500 per month and the median annual wage is $54,860.
47. Massachusetts
The Bay State is number 47 when it comes to cost of living. The state’s typical home value is $628,998, a 6.6% increase over the past year. Renters statewide pay a median of $3,000 per month and the median annual wage is $60,690.
48. Washington
The Evergreen State is number 48 when it comes to cost of living. The state’s typical home value is $591,888, a 3.3% increase over the past year. Renters statewide pay a median of $2,150 per month and the median annual wage is $59,920.
49. Hawaii
The Aloha State is number 49 when it comes to cost of living. The state’s typical home value is $850,343, a 1.6% increase over the past year. Renters statewide pay a median of $2,975 per month and the median annual wage is $50,510.
50. California
The Golden State is number 50 when it comes to cost of living. The state’s typical home value is $773,363, a 5.1% increase over the past year. Renters statewide pay a median of $2,850 per month and the median annual wage is $54,030.
Cost of Living Across the Nation
Whether you’re moving across town or across the nation, understanding how your state of choice compares to the rest is important. This bit of knowledge will make everything from budgeting to house hunting that much easier.
For even more insight, take some time to research local housing costs, gas prices, and even grocery store staples. Then compare those expenses to your income. You’ll end up with a clear picture of affordability, regardless of state, in no time.
Happy hunting!
Published on February 15, 2021
