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Here Are the 27 States Where Saving Money Is Easiest

May 28, 2024

8 min Read

Written by Heather Taylor

Edited by Amen Oyiboke

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It’s not entirely surprising to hear residents in states with high cost-of-living expenses often have a tougher time saving money than those in more affordable states. While there are a handful of states many Americans can identify as being expensive to both live and save money in, like California and Hawaii, they may be less familiar with the complete list of states where it’s easiest to save money.

To find out which states have the easiest time saving money, GOBankingRates sourced several key factors including each US state’s total population, total households and mean household income. Cost of living indexes were sourced and multiplied by their respective average expenditure costs to find each state’s average expenditure costs. The average mortgage cost was calculated and added to expenditure costs to provide the total cost of living and the difference from the average household income was also calculated.

Assuming the household mean difference is not a negative number, here is a list of 27 states where it’s easiest to save money.

South Dakota

Population total: 909,824
Households total: 351,182
Average expenditure cost: $1,913
Average mortgage cost: $1,834
Total monthly cost of living: $3,747
Total annual cost of living: $44,965
Salary needed: $89,929
Mean household income: $90,706
Household mean difference from salary needed: $777

Wisconsin

Population total: 5,892,539
Households total: 2,425,488
Average expenditure cost: $2,055
Average mortgage cost: $1,852
Total monthly cost of living: $3,907
Total annual cost of living: $46,882
Salary needed: $93,764
Mean household income: $94,995
Household mean difference from salary needed: $1,231

Mississippi

Population total: 2,940,057
Households total: 1,121,269
Average expenditure cost: $1,854
Average mortgage cost: $1,081
Total monthly cost of living: $2,935
Total annual cost of living: $35,221
Salary needed: $70,443
Mean household income: $74,149
Household mean difference from salary needed: $3,706

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Alabama

Population total: 5,074,296
Households total: 1,933,150
Average expenditure cost: $1,876
Average mortgage cost: $1,362
Total monthly cost of living: $3,238
Total annual cost of living: $38,856
Salary needed: $77,711
Mean household income: $82,992
Household mean difference from salary needed: $5,281

Georgia

Population total: 10,912,876
Households total: 3,946,490
Average expenditure cost: $1,903
Average mortgage cost: $2,012
Total monthly cost of living: $3,915
Total annual cost of living: $46,980
Salary needed: $93,960
Mean household income: $99,345
Household mean difference from salary needed: $5,385

West Virginia

Population total: 1,775,156
Households total: 716,040
Average expenditure cost: $1,926
Average mortgage cost: $986
Total monthly cost of living: $2,912
Total annual cost of living: $34,941
Salary needed: $69,881
Mean household income: $75,575
Household mean difference from salary needed: $5,694

Arkansas

Population total: 3,045,637
Households total: 1,171,694
Average expenditure cost: $1,828
Average mortgage cost: $1,244
Total monthly cost of living: $3,072
Total annual cost of living: $36,865
Salary needed: $73,730
Mean household income: $79,592
Household mean difference from salary needed: $5,862

New York

Population total: 19,677,151
Households total: 7,604,523
Average expenditure cost: $2,106
Average mortgage cost: $2,679
Total monthly cost of living: $4,785
Total annual cost of living: $57,416
Salary needed: $114,832
Mean household income: $120,883
Household mean difference from salary needed: $6,051

Indiana

Population total: 6,833,037
Households total: 2,653,596
Average expenditure cost: $1,975
Average mortgage cost: $1,466
Total monthly cost of living: $3,441
Total annual cost of living: $41,288
Salary needed: $82,577
Mean household income: $88,805
Household mean difference from salary needed: $6,228

New Jersey

Population total: 9,261,699
Households total: 3,438,162
Average expenditure cost: $2,079
Average mortgage cost: $3,262
Total monthly cost of living: $5,341
Total annual cost of living: $64,088
Salary needed: $128,176
Mean household income: $135,170
Household mean difference from salary needed: $6,994

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Kentucky

Population total: 4,512,310
Households total: 1,769,102
Average expenditure cost: $1,904
Average mortgage cost: $1,254
Total monthly cost of living: $3,157
Total annual cost of living: $37,890
Salary needed: $75,779
Mean household income: $83,093
Household mean difference from salary needed: $7,314

Louisiana

Population total: 4,590,241
Households total: 1,765,264
Average expenditure cost: $1,887
Average mortgage cost: $1,228
Total monthly cost of living: $3,115
Total annual cost of living: $37,382
Salary needed: $74,763
Mean household income: $83,169
Household mean difference from salary needed: $8,406

Missouri

Population total: 6,177,957
Households total: 2,458,324
Average expenditure cost: $1,869
Average mortgage cost: $1,506
Total monthly cost of living: $3,375
Total annual cost of living: $40,494
Salary needed: $80,988
Mean household income: $89,952
Household mean difference from salary needed: $8,964

Oklahoma

Population total: 4,019,800
Households total: 1,522,711
Average expenditure cost: $1,886
Average mortgage cost: $1,255
Total monthly cost of living: $3,141
Total annual cost of living: $37,689
Salary needed: $75,378
Mean household income: $84,402
Household mean difference from salary needed: $9,024

Ohio

Population total: 11,756,058
Households total: 4,789,408
Average expenditure cost: $2,001
Average mortgage cost: $1,386
Total monthly cost of living: $3,387
Total annual cost of living: $40,640
Salary needed: $81,280
Mean household income: $90,958
Household mean difference from salary needed: $9,678

North Dakota

Population total: 779,261
Households total: 320,038
Average expenditure cost: $2,025
Average mortgage cost: $1,584
Total monthly cost of living: $3,608
Total annual cost of living: $43,300
Salary needed: $86,600
Mean household income: $97,221
Household mean difference from salary needed: $10,621

Michigan

Population total: 10,034,118
Households total: 4,009,253
Average expenditure cost: $1,946
Average mortgage cost: $1,472
Total monthly cost of living: $3,419
Total annual cost of living: $41,024
Salary needed: $82,048
Mean household income: $92,835
Household mean difference from salary needed: $10,787

Texas

Population total: 30,029,572
Households total: 10,490,553
Average expenditure cost: $1,920
Average mortgage cost: $1,863
Total monthly cost of living: $3,783
Total annual cost of living: $45,398
Salary needed: $90,797
Mean household income: $102,197
Household mean difference from salary needed: $11,400

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Nebraska

Population total: 1,967,923
Households total: 776,379
Average expenditure cost: $1,918
Average mortgage cost: $1,579
Total monthly cost of living: $3,497
Total annual cost of living: $41,965
Salary needed: $83,931
Mean household income: $95,547
Household mean difference from salary needed: $11,616

Iowa

Population total: 3,200,517
Households total: 1,290,139
Average expenditure cost: $1,958
Average mortgage cost: $1,341
Total monthly cost of living: $3,299
Total annual cost of living: $39,590
Salary needed: $79,181
Mean household income: $92,053
Household mean difference from salary needed: $12,872

Pennsylvania

Population total: 12,972,008
Households total: 5,193,727
Average expenditure cost: $2,035
Average mortgage cost: $1,619
Total monthly cost of living: $3,654
Total annual cost of living: $43,844
Salary needed: $87,688
Mean household income: $100,837
Household mean difference from salary needed: $13,149

Minnesota

Population total: 5,717,184
Households total: 2,256,126
Average expenditure cost: $2,000
Average mortgage cost: $2,058
Total monthly cost of living: $4,058
Total annual cost of living: $48,696
Salary needed: $97,393
Mean household income: $111,341
Household mean difference from salary needed: $13,948

Kansas

Population total: 2,937,150
Households total: 1,148,635
Average expenditure cost: $1,938
Average mortgage cost: $1,375
Total monthly cost of living: $3,313
Total annual cost of living: $39,751
Salary needed: $79,501
Mean household income: $94,263
Household mean difference from salary needed: $14,762

Virginia

Population total: 8,683,619
Households total: 3,289,776
Average expenditure cost: $2,006
Average mortgage cost: $2,392
Total monthly cost of living: $4,398
Total annual cost of living: $52,778
Salary needed: $105,557
Mean household income: $120,553
Household mean difference from salary needed: $14,996

Connecticut

Population total: 3,626,205
Households total: 1,409,807
Average expenditure cost: $2,181
Average mortgage cost: $2,574
Total monthly cost of living: $4,756
Total annual cost of living: $57,069
Salary needed: $114,138
Mean household income: $130,601
Household mean difference from salary needed: $16,463

Maryland

Population total: 6,164,660
Households total: 2,318,124
Average expenditure cost: $2,059
Average mortgage cost: $2,603
Total monthly cost of living: $4,662
Total annual cost of living: $55,938
Salary needed: $111,877
Mean household income: $129,642
Household mean difference from salary needed: $17,765

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Illinois

Population total: 12,582,032
Households total: 4,968,761
Average expenditure cost: $1,943
Average mortgage cost: $1,622
Total monthly cost of living: $3,565
Total annual cost of living: $42,774
Salary needed: $85,549
Mean household income: $108,873
Household mean difference from salary needed: $23,324

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 US 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 where 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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