New York Ranks As Top Five Most Expensive State To Live In
There are three states in the Northeast that currently rank as some of the most expensive states to live in, including New York.
News that it is costly to live in New York state should not come as a shock to anyone. According to the study we also happen to have the 9th highest poverty rate, our average housing cost is 75% higher than most, and the cost of living for New Yorkers is 25% higher than average.
On the list of the 50 states ranked by 24/7 Wall Street, New York came in at number five. Nearby Massachusetts was the third most expensive, and that mostly had to do with housing cost being nearly over 100% higher than average. Ranking as the ninth most expensive state was Vermont, who also has a fairly low poverty rate, but a high cost of living average compared to median household income.
Read More: 9 Worst Small New York State Towns
How was this study determined?
They based this off of many factors to come up with this ranking of all 50 states.
- Avg cost of living
- Most expensive category (utilities, groceries, etc.)
- Least expensive category (housing, transportation, etc.)
- Median household income
- Poverty rate
- Inflation rate
Where is the cheapest state to live?
According to the study the three cheapest states to live in are Oklahoma, Mississippi, and Kansas. However, just because someplace is cheap doesn't mean that life can be good. They have higher poverty rates as well as low school rankings. To some, the grass might always seem greener until you do a bit more research.
Yes, it can be costly to live in parts of the Northeast, but we all have a pretty good life when we really stop to think about it.