More On Maryland: Photos | Rent. We’re going to look at the most expensive states you could live in America. We ranked the living wage from highest to lowest with the highest being most expensive. But if you wanted to live in the NY metro area, look out, pal. Everyone wants to live in California, and the demand keeps driving up the rising prices. Child Care: $8,311 First highest? Here’s what’s interesting about Massachusetts. Here are the top 10, according to The Ascent's data. The bad news: If you plan on having multiple kids in Alaska, your child care costs are going to be through the roof. Or look into mortgage options that don't require a large down payment, such as FHA loans. One person needs $26,821 a year to live a decent life in Alaska, but a family of four needs $74,247 a year to not struggle. In California, unless one person is loaded, both mom and dad work, which means two cars and child care costs. Just don’t live in Trenton/Hamilton, Camden, or Newark. It really starts to add up, doesn’t it? Rank Last Year: 9 (No Change) eval(ez_write_tag([[250,250],'homesnacks_com-leader-1','ezslot_15',112,'0','0']));eval(ez_write_tag([[250,250],'homesnacks_com-leader-1','ezslot_16',112,'0','1'])); If you live in Hagerstown, looks like about $76,000 would do you right. It’s a never ending cycle.eval(ez_write_tag([[728,90],'homesnacks_com-medrectangle-4','ezslot_6',108,'0','0'])); What is surprising about California is the average health care costs – where a family of four can expect to pay about $13,000 a year. Obviously, the snobs in Aspen pay more than that – some people up here pay like $10,000 a month for their mortgages. Housing: $18,196 If you decide to buy a home, the median cost is around $106,000. If you’re on a budget but still want to buy, Money examined the data to see which states are the cheapest places to buy a home in— and which places you probably can’t afford to live in. Child Care: $10,438 A simple dinner is $40 per person. All rights reserved. Camo is damn cheap. Hot dogs are some of the cheapest in all of major league baseball. In New York child care is $23,000 for two kids a year. In Hawaii, housing costs are around $15,000 a year, which isn’t surprising, since the average Hawaii home is more than $600k. More On New Jersey: Photos | Renteval(ez_write_tag([[336,280],'homesnacks_com-leader-3','ezslot_17',114,'0','0'])); Where’s our next most expensive state to live? In Alaska, we have some good and bad news. The cheapest state to buy a home in is once again West Virginia. You can probably make a guess as to a few of them right of the bat – they’re the places where child care costs are crippling, rent is through the roof, and even owning a car is a burden. Now, if you live in Dorcester County, you can get by with far less – about $72k a year. Those who are shopping for a home can make substantial savings on their home loans right now as mortgage rates have been hitting new record lows for weeks. Living Wage: $62,598 This is one of the top lenders we've used personally to secure big savings. More On Colorado: Photos | Rent. Explore the best credit cards in every category as of December 2020. Before you apply for a personal loan, here's what you need to know. Plus, in Alaska, everyone gets a check from the government from oil proceeds. We have not reviewed all available products or offers. A few years back when oil prices were high, some families of four got nearly 10 grand! More On Connecticut: Photos | Renteval(ez_write_tag([[580,400],'homesnacks_com-leader-2','ezslot_13',113,'0','0'])); Lordy, the cost of living in Connecticut is sky high! To arrive at the findings, SmartAsset analyzed data from 48 states and Washington, D.C. (Delaware and Louisiana were not included due to incomplete data) related to property tax rate, median home prices, median listing price per square foot, home values and average closing costs. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. Sure, places like Bridgeport or New Haven will be far less expensive than, in say Greenwich, where you’d need about $110,000 a year to live comfortably. California has the most expensive houses by far ($449,100). You can understand why – when apartments cost like $3,000 a month for a real dump. Level 63. 21. There is constant, nation-wide coverage on all the states that are outrageously expensive, ... Keeping reading to see a list of the top 10 cheapest states to buy a home right now. But try living in an actual real city in California, and you’ll send closer to $3,000 a month on rent or a mortgage. In order to find the least expensive places to buy a home, GOBankingRates used data from Zillow and the U.S. Census Bureau to analyze every significant city in all 50 states and chose three to five places where houses are a steal. Housing, medical costs and food are really, really high in the Empire State. For fun, if you have anything left at the end of the day, you could go to a $100 broadway show, $35 to get into the Bronx Zoo, or $32 to get to the top of the Empire State building. Explore our picks of the best brokerage accounts for beginners for December 2020. As a marylander the state is rich the D.C suburbs are rich but western Maryland is poor I’m talking p**s poor it’s farms factorys hills whores and liquor stores it’s the kinda area where if you touch a man’s cigarettes he will probably kill you and I know this cuz I’m from western Maryland……i do love my state though. Child Care: $10,084 Coldwell Banker recently ran the numbers on … Get a loan estimate instantly! Living Wage: $66,150 CNBC scored all 50 states … Now, you don’t have to own a car in Alaska, but you’re gonna have to find some way to get around, right? There are some places in the country where you can earn a lot of money and still feel poor. Unfortunately, if I move to a different state I would have to sell my expensive house and buy a less expensive house." The average 2019 price in paradise clocks in at $655,000 (California comes in second place at $629,000) with an average price of $488 per square foot (California comes in … Rounding out the top 10 of the best states to buy a home this spring is Indiana. Well, if you’re striking out on your own soon, or you just wanna be nosy, we’ve got you covered in today’s article. For some reason, the cost of owning a vehicle in Alaska is about $4,200 a year – also the third highest rate in the US. The beauty of NYC is that is is one big melting pot of different ethnicity, cultures, languages and skin tones. Chris Kolmar has been in the real estate business for almost ten years now. If mom or dad is an epidemilogist, that would bring in enough dough. Here are the top 10 most expensive places to buy a home in the US Published Wed, Apr 18 2018 11:31 AM EDT Updated Wed, Apr 18 2018 4:55 PM EDT Shawn M. Carter @shawncarterm If you’re the only Marylander bringing home the bacon at your house, you’d have to get a job as something like an elevator installer or a nuclear medicine technologist to afford to live here. We have the Broncos and JstuStudios. To live a lower middle class lifestyle in New Jersey, you and your spouse would have to bring in about $75,000 a year, or average about $18.25 each. Unfortunately, home prices are also extremely high right now, largely because of limited inventory and high demand due to those low mortgage rates. If you want to share a two bedroom place in Jersey, expect to pony up about $900 a month each. The ten cheapest states in the United States (and their cost index) are: Oklahoma (87) Missouri (87.1) […] You won’t be balling, but you won’t be broke, either. The most expensive and affordable states to buy a house, ranked. Living Wage: $62,950 Housing: $17,409 Rank Last Year: 2 (No Change) You can unsubscribe at any time. If you’re thinking of moving here, there’s a lot to consider. It’s how we make money. If you want to share this infographic, save it to your desktop and upload it to your website. Just what makes the Last Frontier such a pain in the rear to survive, financially? You can find out more about him on LinkedIn or his website. When we at HomeSnacks normally measure how expensive a place to live is we check in on whats called a cost of living index. In fact, The Ascent's recent research into average home prices by state has revealed the value of a house can vary wildly in different geographic regions. 1. Required fields are marked *. Kestrana +11. Only in anchorage do you not have to pay for taxes. Love crunching numbers? New England states are to cold for criminals to live. Not that that’s such a bad thing, though.eval(ez_write_tag([[336,280],'homesnacks_com-leader-4','ezslot_18',115,'0','0'])); I lived in New Jersey. Her work has been featured on major outlets including MSN Money, CNBC, and USA Today. Child Care: $8,452 © 2015-2020 Chasing Chains, LLC. And what about cigarettes? We do receive compensation from some partners whose offers appear on this page. The state is dotted with cities more expensive than the next, and you need to make $120,120 for a house worth $499,900. It is also expensive to buy a home on the East Coast with six out of the top ten states with the most expensive median home values. I live in Colorado. But only the elite earn a spot in the Magic City’s southeastern suburb of Mountain Brook, which has long been a haven for the city’s upper crust, according to Zachary Armstrong, a real estate agent with Berkshire Hathaw… Required income before taxes in Cali – as the cool kids say – is $81,000. No wonder NY natives stay away from the tourist trap. Rank Last Year: 5 (No Change) Editor’s Note: We updated this article for 2020. However, if you’re trying to keep up with the Jones’ in the DC metro area, you’re gonna be buying heels and suits all the time. Housing: $14,900 Epidemologists study diseases. Or, one of you stays at home to save an estimated $13,000 a year, and one of you gets a job as, say a social worker? We looked at the most recent MIT living wage data to determine the states in America where you need some serious cash to get by. Housing: $19,875 A lot of people who live there complain about the high taxes, and call it taxachusetts. Georgia is the 8th-most populated state in the U.S. and home to more than 10.5 million people. You can plan on a family of 4 spending ten grand, or about 900 a month, on food alone. So even though it might be 30% cheaper in Mississippi, I doubt anyone is going to be moving there from California. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Here in Jersey, the average cost in the big six – food, child care, cars, housing, medical and taxes are in the top 5 for every category. Is that even a word? Your email address will not be published. They are the places where you need to make a lot of moolah if you want to just exist. After all the dust settled and the analysis was over, we crowned California as the most expensive state to live in America for 2020. That’s not bad, in comparison with other states on this list. Most professionals can’t afford to live near downtown LA or San Francisco, and move out into the suburbs, which means longer commute times, which means more working hours. More On California: Photos | Rent. Do you live in one of them? 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