5 most expensive states to live in 2022!

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5 most expensive states to live in 2022!

Posted By hunery peterson     December 20, 2022    

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The living cost in the United States is high and rising, but it's not all bad news. Some states are actually cheaper than others, and if you're looking to live somewhere with more affordable housing costs and lower taxes, here are five places where you might want to consider moving:

The five most expensive states to live in are topped by Hawaii.

The five most expensive states to live in are topped by Hawaii. It is the only state in the US to have an average monthly rent of $1,812 and a median home value of $788,000. The second most expensive state is California, followed by Massachusetts and Connecticut at number three four, respectively; New York comes fifth on our list.

 

  • Hawaii

 

Hawaii is not only the Most expensive state to live in, but it's also the most expensive state in the US. In fact, according to Forbes magazine and Kiplinger's Personal Finance magazine, Hawaii has a cost of living index of 93% higher than New York or California. This means that if you were living on an island without transportation or other services except for groceries and gas stations, then your monthly expenses would be sky-high compared to those who live elsewhere in America!

 

  • California 

 

California is the second most expensive state to live in, and it's no surprise why. The cost of living in this state is higher than what you'd find in most other states. Even if your income were $100,000 per year, it could still be difficult for you to afford an entire year's worth of housing costs on that salary alone.

Restrictions on building construction and development within its borders are the reason why California houses are so expensive.

 

  • Massachusetts

 

Massachusetts is the third most expensive state to live in. The reason for this is that it has a high cost of living due to its high property taxes, income taxes, and sales taxes.

Massachusetts's high property tax rate makes it difficult for people who live there to afford housing. For example, if you have a home valued at $300,000 and pay $3,000 per year in property taxes, i.e., 4 percent. 

 

  • Connecticut

 

Connecticut is the fourth most expensive state in the US, with a median home price of $231,000. The state's average monthly rent costs $1,941, and its median household income reached $62,760 per year.

The most expensive US cities are New York City (with a median home value of $875,000), Boston ($405k), and San Francisco ($854k).

 

  • New York 

 

New York is the fifth most expensive state for a reason. New York is home to the second-largest city in America, and its population exceeds 20 million people. With this many people, there's bound to be some massive costs involved!

In addition, many people choose to live in New York because of its proximity to other major cities like Boston and Philadelphia, and those places are also quite expensive places to live. 

Conclusion

When you look at the most expensive states to live in, it's worth noting that Hawaii isn't just a paradise for tourists. The state's cost of living is high due to high taxes and strict building regulations, which drive up the costs of construction.

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