Hawaii is 50% above the national average in living expenses, making it one of the top 10 most expensive states to live in.

Hawaii is 50% above the national average in living expenses, making it one of the top 10 most expensive states to live in.

Hawaii: The Most Expensive State for Living Expenses

Living in paradise comes at a price, and according to a new study, that price is highest in Hawaii. The Aloha State has taken the top spot as the most expensive state in the US when it comes to living expenses. A report from online bill payment service, Doxo, has revealed that Hawaii residents are forking out an average of $3,070 per month on bills, a staggering 50% above the national average.

To put this into perspective, the average US household spends around $2,046 per month on bills such as rent, phone contracts, and medical insurance. This amounts to 35% of the annual US household average income of $70,784. However, Hawaii residents are shouldering the burden of higher expenses compared to the rest of the country.

So what makes living expenses in Hawaii so exorbitant? The data shows that Hawaii residents are spending more on expenses like rent, even compared to pricey areas such as New York. Utilities also cost more in the state, with an average monthly bill of $633, while residents in New York pay an average of $384 per month for comparison.

But Hawaii is not alone in its high living costs. California, New Jersey, and Massachusetts also ranked highly for cost of living, with New York coming in at seventh place. On the other end of the spectrum, West Virginia, Mississippi, Arkansas, Oklahoma, and Kentucky were listed as some of the most affordable states to live in.

To determine these rankings, Doxo focused on 10 of the most common expenses across states, including mortgages, rent prices, utilities, auto loans, auto insurance, cable and internet, mobile phones, health insurance, alarm and security, and life insurance. By analyzing the cost of these expenses, they were able to create a comprehensive list of the most expensive states in the US.

Now, let’s take a closer look at the top 10 most expensive states based on monthly expenses:

1. Hawaii

Lanai, Hawaii. Monthly bill expense per household: $3,070

2. California

The San Francisco skyline. Monthly bill expense per household: $2,838

3. New Jersey

Newark, New Jersey. Monthly bill expense per household: $2,727

4. Massachusetts

Pittsfield, Massachusetts Monthly bill expense per household: $2,656

5. Maryland

State House of Annapolis, Maryland. Monthly bill expense per household: $2,569

6. Connecticut

Skyline view of Hartford on Connecticut River, Connecticut. Monthly bill expense per household: $2,504

7. New York

New York City. Monthly bill expense per household: $2,495

8. Washington

Housing in Seattle, Washington. Monthly bill expense per household: $2,468

9. Colorado

Colorado Springs, Colorado. Monthly bill expense per household: $2,413

10. Alaska

Anchorage, Alaska. Monthly bill expense per household: $2,335

These findings shed light on the financial challenges faced by residents in these states. While the beauty and opportunities these places offer are undoubtedly attractive, it’s important to consider the impact of living expenses on household budgets. High costs can often lead to financial strain and potentially hinder future financial growth.

If you’re considering a move to one of these states, it’s crucial to thoroughly research and plan your budget. Be prepared to navigate higher living costs and ensure your income is sufficient to cover these expenses. Additionally, exploring cost-saving strategies and alternatives can help mitigate the impact of these high expenses.

Living in paradise doesn’t have to be a pipe dream, but it’s essential to approach it with realistic expectations and financial preparations. With thorough planning and budgeting, you can still make the most of life in these costly states while staying financially secure.