Cost of living has a significant impact on your quality of life. Personal finance site How Much took a look at the amount Americans spend annually in each state. Their data analyzed per capita personal consumption expenditures in each state. What they found provides an interesting glimpse into how expensive it can be to live in different parts of the United States.
Using research from How Much, cost of living data from Missouri Economic Research and Information Center, and personal consumption data from the Bureau of Economic Analysis, we present the states where your dollars won’t stretch as far. Here are the 15 most expensive states to live in America.
- Per capita personal consumption: $42,500
- Cost of living index: 123
Rhode Island residents spend a total of $42,500 per capita. Of that number, roughly $8,000 is spent on housing and utilities and $7,575 on health care. Approximately $2,851 was spent per capita on outside food and beverages. The cost spent on gasoline and other energy goods is $728. All other personal consumption expenditures totaled about $23,297.