These are America’s 10 most expensive states to live in for 2022

Record inflation around the globe is altering lives and forcing some robust choices. With U.S. shopper costs rising at a tempo not seen in 40 years, households are laying aside some purchases and altering their buying habits. The newest authorities inflation report for June was worse than anticipated, with the Consumer Price Index rising 9.1% yr over yr.

With the workforce extra cellular than ever, some are even transferring to extra inexpensive places. The states listed right here are not amongst them. They are America’s most expensive states to live in, as decided by CNBC’s unique America’s Top States for Business research.

Because Cost of Living is such an vital consideration today, it is an vital a part of our methodology. We charge the states primarily based on an index of costs for a broad vary of products and companies. Also listed under are common costs for chosen objects final yr primarily based on the 2021 Average Cost of Living Index by the Council for Community and Economic Research, C2ER. Prices have solely gone increased this yr, so we have now additionally included the present regional inflation charge year-over-year from the U.S. Bureau of Labor Statistics.

Inflation is hitting these ten states the toughest.

The Green Mountain State offers the best quality of life in accordance to this yr’s Top States for Business report, however you’ll pay dearly for it—or a minimum of much more than you as soon as did in a state that is historically been a refuge from the large cities of the Northeast. That is very true when it comes to dwelling costs, which jumped 20 % final yr in accordance to the Federal Housing Finance Agency. Demand far outstripped provide, as individuals who used to simply go to Vermont determined to keep.

2022 Cost of Living Score: 10 out of fifty factors (Top States Grade: F)

Consumer Price Index (May, New England Division): UP 7.9%

Average Home Price (Burlington): $546,522

Half Gallon of Milk: $3.34

Monthly Energy Bill: $233.39

According to the U.S. Department of Energy, Rhode Island gets a greater percentage of its power from natural gas than any other state. With prices up 60% last year and doubling so far this year, that is not a good spot to be in. Heating oil prices are also up sharply, dealing a blow to much of the Northeast. Your annual energy bill in Providence is nearly twice what they are paying in Yakima, Washington.

Continuing in New England, Connecticut is another Northeastern state hit by rising energy prices. Expect to pay twice the monthly energy bill is Stamford compared to what you would pay just down the East Coast in Wilmington, Delaware. Food is no picnic either. You’ll pay 60% more for a loaf of bread than you would in Kalamazoo, Michigan.

Food prices are surging in The Old Line State, particularly in the area outside Washington, DC, where they are rising even faster than the national average. You’ll pay 40% more for a steak in Bethesda than you would in Tupelo, Mississippi. Thinking of cutting back and opting for ground beef instead? That will cost you 50% more.

Not all the expensive states are on the East Coast. Alaska is notoriously expensive. With fewer than one million acres of farmland (for perspective, California has about 43 million), much of the food in the state has to come from somewhere else. That helps explain why a head of lettuce in Juneau costs twice what it would in Yuma, Arizona. And inflation is making the bad cost of living situation even worse.

Housing prices jumped 18% in Oregon last year, as the Pacific Northwest grapples with housing shortages. That means rents are soaring, too. A two-bedroom apartment in Portland will set you back more than twice what a similar place would go for in Pittsburgh.

Back to New England, where rising food, energy and housing costs have been a one-two-three punch in the Bay State. The Bureau of Labor Statistics says natural gas heating in the Boston area is up more than 40% from a year ago. Dairy products are up more than 15%, so your milk in Boston will cost twice what it would in Detroit.

How bad is California’s housing shortage? A 2015 study by the state’s Legislative Analyst discovered that the state has been constructing about 110,000 fewer items than the quantity wanted to sustain with demand. And California has been doing this for greater than 30 years! That provides up to a scarcity of round 3.5 million housing items and counting. And that interprets to increased costs. A 2,400 sq. foot dwelling in San Francisco will price round $1.4 million in case you’re fortunate. The similar home in Phoenix, a metro space about the identical dimension, would possibly go for round $400,000. And do not get us began on the gasoline costs, the very best in the nation.

2022 Cost of Living Score: 3 out of fifty factors (Top States Grade: F)

Consumer Price Index (May, West Region): UP 8.3%

Average Home Price (San Francisco): $1,396,782

Half Gallon of Milk: $2.55

Monthly Energy Bill: $266.44

Prices in New York City are in a category by themselves. The worth of a house in Manhattan is roughly twice the closest competitor, and practically ten occasions what you’d pay in Scranton, Pennsylvania. And it’s not simply housing. You get no break shopping for a New York steak in New York. It will cost you 50% more in Brooklyn than it would in Joplin, Missouri. Inflation in New York, while high, is relatively tame compared to the rest of the country. But that may be in part because prices were stratospheric to begin with.

Paradise is expensive. After you find a place to live—at prices typically double those on the mainland—you still must eat. And that, too, is expensive, even for staples. A 5-pound bag of sugar in Honolulu will cost you double what you would pay in Danville, Illinois. Bananas? Twice as expensive as they are in Pueblo, Colorado. A visit to the doctor’s office? It will cost 65% more than in Orlando, Florida, here in America’s most expensive state to live in.