(FeaturedNews.com) – Every state has completely different living costs which can also have an important effect on what salary each person can live comfortably with depending on their city and state.
GoBankingRates, a personal finance website recently released a list of the most and least expensive states to live in by salary for a single person. Many residents might be surprised to see where their home state lands on the list.
The most expensive state in the United States is Hawaii where a single person requires a salary of $112,411 in order to survive. This is in part because the island states have high shipping costs in order for goods to reach the island. The real estate in Hawaii is also in high demand by tourists and other Americans who want to live on the islands. As such, those living in Hawaii are usually required to pay quite a high amount both to get access to goods and to have a home in the state. According to the website, those living in Hawaii will usually need to spend 50 percent of their income on housing and utilities while the rest is going towards spending, investments, and savings.
Hawaii is followed by Massachusetts with $87,909 and California with $80,013. While both of these states are expensive they cost significantly less than Hawaii does. In number four is New York with $73,226 being required annually, while in fifth place is another remote state, Alaska with $71,570.
Finally, the last five states that are most expensive to live in are Maryland at $67,915, Vermont at $65,923, Oregon at $65,763, Washington at $65,640, and finally New Jersey at $64,463.
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