America is one of the most expensive countries in the world to live in and in 2023 it costs a ridiculous amount to maintain a healthy lifestyle in the states!

Let’s take a look at just how much it costs to live in America.

Understanding costs across states will require a closer examination of the national cost of living. The average American household’s annual expenses come to $61,334. Housing and housing-related expenses account for 34.9% of spending, or about $1,784 per month, on average. In the United States, a single-family home typically costs $273,992. A two-bedroom apartment’s monthly rent is $1,154 on average across the country.

An additional 16% of annual household spending, or $9,826 on average, goes toward transportation in the United States. The average annual cost of healthcare is an additional $5,177. Meals, which includes groceries and eating out, add an additional $7,317 to annual costs, or $609.75 per month. In the United States, the average monthly cost of utilities is $370.16.

The median annual income for households across the country is $67,521; the median annual income for individuals is $35,805. For a family of four, the living wage in the US is $68,808 per year.

States That Cost The Least Amount Of Money To Live In

Mississippi comes in at number one!

Mississippi has the lowest cost of living in the entire United States. Notably, Mississippi has the lowest housing index in the nation—66—than any other state. In Mississippi, the average cost of a single-family home is $141,000; the average rent for an apartment with two bedrooms is $1,000. Mississippi has the lowest cost of transportation in the whole country.

For a family of four, the living wage in Mississippi is $80,523. In the meantime, a family of four makes $71,000 per year on average. Mississippi has the highest poverty rate in the country—nearly 20% of its citizens live in poverty—despite the state’s low cost of living. Mississippi is among the worst states to live in, according to numerous rankings.

Kansas is ranked number two!

The average cost of a single-family home is $177,000. If a family decides to rent, a two-bedroom apartment will cost them $1,000 on average each month. Kansas has slightly higher healthcare and utility costs than the US as a whole.

To meet their needs, a family of four in Kansas needs to make $89,000 per year. In the meantime, a family of four makes $93,000 on average. The state’s poverty rate is marginally lower than the national average. With a 2.5% unemployment rate, Kansas also has one of the lowest rates in the country.

States That Cost The Most Amount Of Money To Live In

Hawaii comes in at number one!

Living expenses are nearly twice as high as the national average. With the exception of healthcare, the state is also the most costly in the union. Hawaii has three times the national average for housing costs, with an average single-family home costing $730,511. In the state, renters pay $2,400 on average for a two-bedroom apartment. Due to the fact that most products must be shipped to the island, groceries also cost 50% more than the national average.

Hawaii has one of the lowest rates of poverty in the nation. The median income for a family of four is $119,000 whereas the living wage for a Hawaiian family is $108,000 annually.

New York is ranked number two!

With housing costs roughly 1.5 times higher than the national average, New York has the second most expensive housing market in the country. In New York, a single-family home typically costs $374,000. In the state, the average rent for a two-bedroom apartment is $1,700 per month. In New York City, on the other hand, average prices are significantly higher—a two-bedroom apartment there costs $6,000.

In New York, a family of four makes $110,000 a year. A family of four makes $111,000 per year on average.