7 Richest States in the U.S. — and How Much It Costs To Live in Each

There is no shortage of states in the U.S. that tout costs of living that are higher than the national average.

States that are particularly unaffordable may be so for a few reasons, including supply and demand (there is a serious housing shortage across the country) and the cost of gasoline, which is more expensive to import in some states than others. 

And yet, the cost of living in a state isn’t always tied to how much wealth a state has. States generate wealth based on their respective economies, and their robustness (or lack thereof). 

A blog by The USA Leaders revealed the 7 richest states in America, highlighting the key factors driving each state’s respective wealth, along with GDP per capita and population. GOBankingRates then looked at how much it costs to live in each of these states (relative to the national average), using data from RentCafe.

Here’s a quick breakdown of the results along with just how expensive each state is compared to the national average.

• GDP in 2024: $872.748 billion 
• GDP per capita: $74,050
• Population: 11.73 million
• Key factors driving wealth: Manufacturing, trade, healthcare and education  
• Cost of living: 8% lower than the national average

• GDP: $965.067 billion
• GDP per capita: $74,450
• Population: 12.96 million
• Key factors driving wealth: Manufacturing, financial services, healthcare and education 
• Cost of living: 4% lower than the national average

• GDP: $1,082.968 billion
• GDP per capita: $86,290
• Population: 12.47 million
• Key factors driving wealth: Financial services, real estate, information technology and manufacturing
• Cost of living: 8% lower than the national average

• GDP: $1,579.503 billion
• GDP per capita: $69,860
• Population: 19.795 million
• Key factors driving wealth: Trade, real estate and agriculture
• Cost of living: 2% lower than the national average

• GDP: $1,579.503 billion
• GDP per capita: $109,970
• Population: 19.795 million
• Key factors driving wealth: Financial services and information technology  
• Cost of living: 27% higher than the national average

• GDP: $2,563.508 billion
• GDP per capita: $84,040
• Population: 30.3 million
• Key factors driving wealth: Oil and gas, trade, manufacturing and information technology
• Cost of living: 7% lower than the national average

• GDP: $3,862.171 billion
• GDP per capita: $99,120
• Population: 38.9 million
• Key factors driving wealth: Financial services, real estate, information technology and manufacturing
• Cost of living: 38% higher than the national average