If you’re flush with cash and can live anywhere in the United States, you might want to check out the top 5 most expensive states. These highly sought-after locales have some of the highest price tags regarding real estate. The other variables that the cost of living index uses to determine the priciest locations are what residents spend on healthcare, groceries, and transportation.
Consider all these things if you’re planning a move to one of our most expensive states!
#5: Oregon
Alaska doesn’t even make the list – but Oregon does! Did this surprise you as much as it did us?
What pushes Oregon into the top five are its housing costs. The average sales price across the state is $447k. (though Portland averages $522k for a home!)
Worth noting: incomes in Oregon are often higher, and people can offset these extra housing costs. Also, the Beaver State has lower than average utility prices.
#4: Massachusetts
Let’s get this info out of the way first: rents in Boston are TRIPLE the state’s average. And the state averages $1360/month for a 2-bedroom rental.
But Massachusetts is not wholly defined by this one city. Across the state, the average home price is $518k. (Boston is $765k) They are 77% HIGHER than the national average! Groceries also carry a heftier price tag here too.
What’s great to know about the Bay State is they have some of the best quality of life with their healthcare and education system.
#3: California
We would have assumed the Golden State would have ranked number 2 in the most expensive states.
California has the highest transportation and gas prices than anywhere else in the country.
For the entire state, the average home price is $684k. However, San Francisco’s average home price is $1.36M, and Los Angeles clocks in at $1.1M.
Full of gorgeous coastlines, mountains, and deserts, most California residents feel it’s worth every penny!
#2: New York
Coming in hot as one of the most expensive places to live, New York has the country’s lowest homeownership rate.
While the state’s average home price is $405k, Manhattan’s average is $1.4M. (And many of those are condos – not single-family homes!)
#1: Hawaii
No one should be surprised that Hawaii has topped this list of the most expensive states to live in!
Homes in Hawaii are three times the national average at $1.06M. Honolulu has an average rental rate of $3500/month for a two-bedroom apartment. Only 29% of their population can afford to purchase in their state. This has happened as out-of-towners started snatching up all the land for vacation homes.
Another reason it’s so expensive to live in Hawaii as groceries cost 50% more than the national average.
However, staring at those sandy beaches and palm trees never gets old, and that’s why so many people want to live there!
While all these locations will have you paying a premium to live there, many of their residents wouldn’t live elsewhere! Whether it’s serene beaches, idyllic weather, or being in a city that never sleeps – they are all attractive for different reasons. Let’s find your next home!
Looking to make a move to one of these states? Let us connect you with a Realtor in the area!