10 States Where People Are Most Concerned About Their Finances

In a country as large as the United States, the experience of one American is different than another. One person might live near the beach, another in the mountains, and a third in a large urban sprawl.

And that’s never more true than if you’re worried about money. While some states are still affordable for the average American, there are some places where you might have to spend almost all your salary to survive. Read below to see the top 10 states where locals have to worry about money the most.

Most people are surprised to learn that Massachusetts is one of the most expensive states to live in. Two adults would need to earn $301,184 to support their family of four. That’s about $5,000 more than you would have to earn in the second-most expensive state. It makes sense — the average home price in Boston is $960,671.

And while the minimum wage in Massachusetts is only $15 per hour, you would actually have to earn $44 per hour to easily afford a one-bedroom apartment by yourself. That’s a gap of almost $30 per hour.

The Aloha State is known for its beautiful beaches and stunning vistas. However, it’s also famous for being expensive. A family of four would need a household income of $294,611 to live comfortably. That’s almost $15,000 more than the third-most expensive state in the country.

The minimum wage in Hawaii is currently $14 per hour, which doesn’t seem nearly enough considering that the cost of living in major cities, like Honolulu, is almost 90% higher than the national average. In Hawaii, the typical home costs about $1.6 million. In fact, the average cost of housing is about 200% higher in Hawaii. Still ready to say "Aloha"?

One of America’s original 13 colonies, Connecticut is one of the most expensive states in the country. If you have two kids, you and your partner would need to earn $279,885 annually to provide for them comfortably. 

That might be easier said than done — the average salary in the Constitution State is about $83,782, according to research from the Connecticut Business and Industry Association.

Living close to New York City might be exhilarating, but you’ll pay for it. The minimum wage in the state is $16 per hour, but you would have to spend 84% of your earnings to afford a one-bedroom apartment. To comfortably pay for it, you would need to earn $44.81 per hour.

Buying a home in the Empire State is expensive, with an average cost of $405,000. Plus, just one year’s worth of homeowner's insurance premiums will run you about $1,498.

California’s reputation for being expensive is well-deserved. Out of the top 10 cities where the largest portion of your income goes to rent, California has six cities on the list (San Francisco, San Jose, Los Angeles, San Diego, Sacramento, and Riverside).

The Silicon Valley area is the most expensive region, with minimum-wage workers (who receive $17.55 per hour) needing to earn $57.21 to afford a one-bedroom apartment. There are several factors that make the Sunshine State expensive — high gas prices, skyrocketing rents, and high income taxes. But at least there’s Hollywood, right?

You may notice there’s an obvious trend on this list — most of the states are located on either coast. But there’s one exception: Colorado.

As the sole representative in flyover country, Colorado is surprisingly expensive. A family of four would have to earn $264,992 per year.

The annual cost of homeowner's insurance premiums is $2,650 — more than $200 per month. Have any kids? Expect to pay about $1,500 a month in childcare costs.

The state of Washington has so many perks — professional sports teams, access to mountains and beaches, and one of the best quality-of-life rankings in the country.

Unfortunately, you’ll pay a heavy price for all that. A family of four would have to earn $257,421 a year to have a decent life. That’s not shocking considering that buying a home in the Evergreen State is expensive, with an average home price of $649,949. The cost is even higher in Seattle at $1,014,801 — yikes.

Seattle also has one of the highest minimum wages in the country — $19.97. Unfortunately, you would actually need to earn $44.10 to afford a one-bedroom apartment.

Oregon is known for its beautiful landscapes, but you’ll pay a hefty price to take advantage of those views. A family of four must earn $257,338 per year to have a comfortable lifestyle, which is hard because the median income is $41,996.

Portland minimum wage is $15.95 per hour. However, you would have to earn $33.65 per hour to actually afford a one-bedroom apartment in the Beaver State.

Known as the Garden State, New Jersey is also one of the most expensive states to live in. A family of four — maybe like the one from “The Sopranos” — would have to earn $251,181 per year to have a comfortable life. Their mortgage payment would likely be a huge part of their budget, with an average home cost of $580,000.

Some data shows $100 doesn’t go very far in New Jersey, where it’s only worth $88.57. That will make it even harder to afford all those weekend trips to NYC that you’re planning.

As the smallest state in the country (but not the least-populated), Rhode Island is surprisingly expensive. In fact, the roughly million people who live in the Ocean State might feel crimped. A family of four would have to earn $249,267 a year.

That makes sense because the average home price is $495,603. Plus, climate-change issues have caused homeowner's insurance prices to spike, averaging $1,646 per year.

While not a state, our nation’s capital is one of the most expensive locales in the country. The minimum wage is $17.50, but you would need to earn $39.54 per hour to pay for a one-bedroom apartment. In fact, if you had $100, it would only be worth about $85.54 in the District.

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