The 24 States Where Saving Money Is Hardest
When you think of states where saving money is the hardest, locations like California and New York come to mind. But do they really top the list? States vary due to multiple factors, and the standards for comparing bigger states to smaller states may just be a thin line.
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This is why GOBankingRates looked into the states where saving money is really hardest, using data like average expenditures, cost of living, median salary and mean income. With these results, you can understand why it’s harder to save in some states than others.
Here are the 24 states where it’s hardest to save money. If you’re considering moving to any of them, these numbers could come in handy.
Delaware
Average Expenditures: $2,039
Average Mortgage Payment: $2,341
Monthly Total Cost of Living: $4,379
Annual Total Cost of Living: $52,550
Salary Needed: $105,100
Household Mean Income: $104,600
Household Mean Difference from Salary Needed: -$500
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Tennessee
Average Expenditures: $1,838
Average Mortgage Payment: $1,937
Monthly Total Cost of Living: $3,775
Annual Total Cost of Living: $45,297
Salary Needed: $90,594
Household Mean Income: $89,267
Household Mean Difference from Salary Needed: -$1,327
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Wyoming
Average Expenditures: $1,936
Average Mortgage Payment: $2,074
Monthly Total Cost of Living: $4,010
Annual Total Cost of Living: $48,122
Salary Needed: $96,244
Household Mean Income: $94,901
Household Mean Difference from Salary Needed: -$1,343
South Carolina
Average Expenditures: $1,946
Average Mortgage Payment: $1,797
Monthly Total Cost of Living: $3,743
Annual Total Cost of Living: $44,917
Salary Needed: $89,834
Household Mean Income: $88,488
Household Mean Difference from Salary Needed: -$1,346
North Carolina
Average Expenditures: $1,966
Average Mortgage Payment: $2,019
Monthly Total Cost of Living: $3,985
Annual Total Cost of Living: $47,822
Salary Needed: $95,644
Household Mean Income: $92,878
Household Mean Difference from Salary Needed: -$2,766
Alaska
Average Expenditures: $2,676
Average Mortgage Payment: $2,239
Monthly Total Cost of Living: $4,916
Annual Total Cost of Living: $58,989
Salary Needed: $117,978
Household Mean Income: $110,602
Household Mean Difference from Salary Needed: -$7,376
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Washington, DC
Average Expenditures: $2,166
Average Mortgage Payment: $4,436
Monthly Total Cost of Living: $6,602
Annual Total Cost of Living: $79,226
Salary Needed: $158,451
Household Mean Income: $150,292
Household Mean Difference from Salary Needed: -$8,159
New Hampshire
Average Expenditures: $2,271
Average Mortgage Payment: $2,998
Monthly Total Cost of Living: $5,269
Annual Total Cost of Living: $63,227
Salary Needed: $126,453
Household Mean Income: $118,118
Household Mean Difference from Salary Needed: -$8,335
New Mexico
Average Expenditures: $1,926
Average Mortgage Payment: $1,837
Monthly Total Cost of Living: $3,764
Annual Total Cost of Living: $45,162
Salary Needed: $90,324
Household Mean Income: $81,035
Household Mean Difference from Salary Needed: -$9,289
Florida
Average Expenditures: $1,970
Average Mortgage Payment: $2,521
Monthly Total Cost of Living: $4,491
Annual Total Cost of Living: $53,896
Salary Needed: $107,792
Household Mean Income: $96,992
Household Mean Difference from Salary Needed: -$10,800
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Rhode Island
Average Expenditures: $2,067
Average Mortgage Payment: $2,833
Monthly Total Cost of Living: $4,900
Annual Total Cost of Living: $58,800
Salary Needed: $117,600
Household Mean Income: $106,511
Household Mean Difference from Salary Needed: -$11,089
Vermont
Average Expenditures: $2,183
Average Mortgage Payment: $2,392
Monthly Total Cost of Living: $4,574
Annual Total Cost of Living: $54,892
Salary Needed: $109,783
Household Mean Income: $97,810
Household Mean Difference from Salary Needed: -$11,973
Colorado
Average Expenditures: $2,014
Average Mortgage Payment: $3,420
Monthly Total Cost of Living: $5,434
Annual Total Cost of Living: $65,211
Salary Needed: $130,422
Household Mean Income: $117,508
Household Mean Difference from Salary Needed: -$12,914
Utah
Average Expenditures: $1,970
Average Mortgage Payment: $3,218
Monthly Total Cost of Living: $5,188
Annual Total Cost of Living: $62,258
Salary Needed: $124,516
Household Mean Income: $111,416
Household Mean Difference from Salary Needed: -$13,100
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Arizona
Average Expenditures: $2,007
Average Mortgage Payment: $2,680
Monthly Total Cost of Living: $4,687
Annual Total Cost of Living: $56,242
Salary Needed: $112,485
Household Mean Income: $98,569
Household Mean Difference from Salary Needed: -$13,916
Massachusetts
Average Expenditures: $2,342
Average Mortgage Payment: $3,899
Monthly Total Cost of Living: $6,240
Annual Total Cost of Living: $74,883
Salary Needed: $149,767
Household Mean Income: $134,568
Household Mean Difference from Salary Needed: -$15,199
Maine
Average Expenditures: $2,113
Average Mortgage Payment: $2,387
Monthly Total Cost of Living: $4,500
Annual Total Cost of Living: $54,005
Salary Needed: $108,009
Household Mean Income: $91,599
Household Mean Difference from Salary Needed: -$16,410
Nevada
Average Expenditures: $2,064
Average Mortgage Payment: $2,740
Monthly Total Cost of Living: $4,805
Annual Total Cost of Living: $57,657
Salary Needed: $115,315
Household Mean Income: $97,955
Household Mean Difference from Salary Needed: -$17,360
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Washington
Average Expenditures: $2,266
Average Mortgage Payment: $3,693
Monthly Total Cost of Living: $5,959
Annual Total Cost of Living: $71,509
Salary Needed: $143,019
Household Mean Income: $122,880
Household Mean Difference from Salary Needed: -$20,139
Idaho
Average Expenditures: $1,982
Average Mortgage Payment: $2,761
Monthly Total Cost of Living: $4,742
Annual Total Cost of Living: $56,910
Salary Needed: $113,819
Household Mean Income: $92,780
Household Mean Difference from Salary Needed: -$21,039
Oregon
Average Expenditures: $2,158
Average Mortgage Payment: $3,075
Monthly Total Cost of Living: $5,233
Annual Total Cost of Living: $62,796
Salary Needed: $125,593
Household Mean Income: $103,330
Household Mean Difference from Salary Needed: -$22,263
Montana
Average Expenditures: $2,034
Average Mortgage Payment: $2,815
Monthly Total Cost of Living: $4,849
Annual Total Cost of Living: $58,185
Salary Needed: $116,370
Household Mean Income: $90,142
Household Mean Difference from Salary Needed: -$26,228
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California
Average Expenditures: $2,363
Average Mortgage Payment: $4,870
Monthly Total Cost of Living: $7,232
Annual Total Cost of Living: $86,789
Salary Needed: $173,578
Household Mean Income: $130,718
Household Mean Difference from Salary Needed: -$42,860
Hawaii
Average Expenditures: $2,617
Average Mortgage Payment: $6,024
Monthly Total Cost of Living: $8,641
Annual Total Cost of Living: $103,694
Salary Needed: $207,389
Household Mean Income: $122,902
Household Mean Difference from Salary Needed: -$84,487
Methodology: For this study, GOBankingRates analyzed each state to find the states with the easiest and hardest time saving money. First, GOBankingRates found a number of factors for each state as sourced from the U.S. Census American Community Survey, including total population, total households and mean household income. The cost of living indexes were sourced from the Missouri Economic Research Data and multiplied by their respective average expenditure costs as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for all residents to find the average expenditure costs for each state. The average home value cost for single family homes was sourced from Zillow Home Value Index, and by assuming a 10% down payment and using the national 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. Adding the average mortgage and the expenditure costs gives the total cost of living. Using the 50/30/20 rule, the salary needed can be calculated. The difference from the average household income was calculated and the states were sorted by the smallest to largest difference, showcasing the states were saving money is hardest to easiest. All data was collected on and is up to date as of May 15, 2024.
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This article originally appeared on GOBankingRates.com: The 24 States Where Saving Money Is Hardest
