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.

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.

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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.