The Ten Most Expensive and Least Expensive States to Live in the United States in 2024

In the United States, there are significant differences in housing prices and cost of living among different states. Even with the same income, quality of life can vary greatly depending on where one lives.

In the minds of many Chinese, when they think about living in the United States, the first places that come to mind are California and New York, along with famous cities like New York City, San Francisco, or Los Angeles. However, generally speaking, living in major metropolitan areas in the United States is not cheap. Data shows that these three cities are among the most expensive in the world in terms of cost of living, with high housing prices and significant daily expenses.

According to data released by the U.S. Department of Labor on Thursday, the Consumer Price Index (CPI) for June decreased by 0.1% compared to the previous month, but increased by 3% year-on-year, marking the lowest annual growth in over three years. Housing costs have been a major factor in addressing inflation issues for the Federal Reserve, as they carry significant weight in the CPI. The latest report indicates that the cost of housing in June saw a slower increase compared to May, with a 0.2% rise month-on-month and a 5.2% increase year-on-year.

A recent report from the White House noted that food prices have significantly cooled since reaching their peak in 2022, coupled with rising wages and falling prices in certain categories of goods, indicating a gradual reduction in the impact of high food inflation on Americans. However, surveys show that consumers are still struggling to adapt to the high prices of food today.

Joanne Hsu, Director of Consumer Surveys at the University of Michigan, stated to USA Today, “Consumers are still very concerned about high prices, with a considerable proportion of people telling us that high prices are eroding their quality of life.” “High prices will continue to affect the lives of many people,” she added.

Fortunately, there are still states in the U.S. where the average cost of living is lower, allowing residents to maintain a high quality of life.

According to a report by CNBC on July 12, CNBC rated the cost of living in each state based on the price index of various goods and services calculated by the Council for Community and Economic Research (C2ER), taking into consideration housing affordability. CNBC noted that in 2024, with the exacerbation of the housing insurance crisis, the cost of insuring mid-priced homes was assessed based on the latest available data.

Here are the top ten most expensive and least expensive states to live in the U.S. in 2024 as selected by CNBC:

1. San Jose in the Bay Area has some of the highest housing prices in the U.S., with an average price of $1.7 million, according to CNBC data.

2. Honolulu ranks fourth in the world for housing prices according to the International Housing Affordability report. Los Angeles, San Francisco, and San Diego also rank among the top ten most expensive cities globally.

3. Massachusetts boasts the highest median income for residents at $86,840.

4. Boston, a major city in Massachusetts, has an average housing price of over $960,000, based on CNBC data.

5. Honolulu, Hawaii’s capital city, has an average housing price of over $1.67 million.

6. Bozeman, a city near Yellowstone National Park, is often referred to as the “Queen City of the Rockies” and has an average housing price of over $790,000, according to CNBC.

7. Denver, a prominent city in the state of Colorado, has an average housing price of over $650,000, as per CNBC data.

8. Seattle has an average housing price exceeding $1 million, based on CNBC data.

9. Providence in Rhode Island has an average housing price close to $500,000, according to CNBC data.

Manhattan leads the Cost of Living Index by the Council for Community and Economic Research.

Another reason for Manhattan’s high cost of living is the concentration of wealth, with New York City having the highest number of millionaires in the country, many of whom reside in Manhattan.

According to CNBC, the average housing price in Manhattan is a staggering $2.67 million.

The increasingly severe insurance crisis has exacerbated the unfavorable factors in Florida’s home insurance market, with a Redfin survey showing that nearly three-quarters of homeowners reported rising insurance costs or changes in coverage.

Salt Lake City has an average housing price of $640,000, based on CNBC data.

1. West Virginia

2. Iowa

3. Michigan

4. Ohio

5. (Tied) Illinois

5. (Tied) Indiana

7. Pennsylvania

8. Missouri

9. Kansas

10. Wisconsin

These rankings reflect the diverse landscape of living costs across the United States and the varying challenges residents face in different states.