The cost of living in the U.S. continues to rise and many Americans are battling to keep up- especially in places where the prices for goods and services are already high.
In light of this, Reader's Digest set out to determine the most expensive U.S. states by analyzing numerous factors including varying tax rates, prices for housing and average costs of living per area. Based on the results, here are the 9 most expensive states to live in the U.S.
9. New Jersey. When it comes to housing, New Jersey ranks as one of the most expensive U.S. states with a median home value of $327,700. It does not help that the individual income tax rate is 10.75% and there is a 41¢ gas tax.
8. Connecticut. People in Connecticut are battling to keep up with the ever-increasing food and housing costs. Compounding the problem is the 2% property tax and top tax rate that is just under 7%.
7. Alaska. Residents do get a tax break but it does not make up for the high costs of food, housing and health care, which is fast making Alaska one of the most expensive states to live in the U.S.
6. Oregon. Beachfront housing is what's contributing to the ever-increasing costs of living in Oregon, where the median home value is close to $350,000.
5. Maryland. Home to several large cities, Maryland has become one of the most expensive U.S. states largely due to its rising housing costs and general costs of living.
4. Massachusetts. There are many perks to living in Massachusetts, where some of the top higher education institutions are located, but the cost of living is not one of them. In addition to the basic necessities that are unaffordable to many, the state also sports a 5.05% income tax rate as well as a gas tax of close to 27¢.
3. New York. It does not come as much of a surprise that New York City is considered to be one of the most expensive states to live in the U.S. Basic costs are above average and the price of housing is massive, with a median home value of $301,000.
2. California. Living on the West Coast comes at a price, and it is not just the basic necessities like housing, food and transport that are costing residents. Steep taxes contribute to California being ranked as the second most expensive U.S. state.
1. Hawaii. Expansive golden beaches, balmy tropical weather and laid-back way of life- what's not to love about Hawaii? It's high cost of housing for starters. As well as an 11% income tax and gas tax of 47¢.
© 2024 Newsmax. All rights reserved.