10 Most Expensive States for Gen X

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Sandwiched between millennials and boomers is Gen X, a generation known to be resourceful, well-educated and cynical. Born between the years 1965-1980, Gen Xers are running short on time to build up enough savings for their golden years and numerous studies show they’re running behind, with many Gen Xers not on track to comfortably retire.  

Financial freedom becomes even more difficult for Gen X to achieve in states that impose higher costs of living on this age group. Which are those states? In a new study, GOBankingRates analyzed each U.S. state to find the average monthly expenses and the highest expenditure costs for different generations. Below are the 10 that were found to be the most expensive states for Gen X.

10. Oregon

• Household median income: $76,632   
• Single-family average home value: $511,186   
• Average monthly mortgage cost: $2,764  
• Highest-costing expenditure: Health   
• Total cost of living for Gen X annually: $81,115    

9. Connecticut 

• Household median income: $90,213   
• Single-family average home value: $439,538   
• Average monthly mortgage cost: $2,377  
• Highest-costing expenditure: Housing   
• Total cost of living for Gen X annually: $81,856   

8. New Hampshire 

• Household median income: $90,845   
• Single-family average home value: $508,384   
• Average monthly mortgage cost: $2,749  
• Highest-costing expenditure: Health   
• Total cost of living for Gen X annually: $81,924   

7. Rhode Island 

• Household median income: $81,370   
• Single-family average home value: $484,787   
• Average monthly mortgage cost: $2,622  
• Highest-costing expenditure: Housing   
• Total cost of living for Gen X annually: $83,269   

6. New Jersey 

• Household median income: $97,126   
• Single-family average home value: $555,911   
• Average monthly mortgage cost: $3,006  
• Highest-costing expenditure: Health   
• Total cost of living for Gen X annually: $85,737   

5. Alaska 

• Household median income: $86,370   
• Single-family average home value: $378,626   
• Average monthly mortgage cost: $2,047  
• Highest-costing expenditure: Transportation   
• Total cost of living for Gen X annually: $86,416   

4. Washington 

• Household median income: $90,325   
• Single-family average home value: $614,677   
• Average monthly mortgage cost: $3,324  
• Highest-costing expenditure: Health   
• Total cost of living for Gen X annually: $89,387   

3. Massachusetts

• Household median income: $96,505   
• Single-family average home value: $656,427   
• Average monthly mortgage cost: $3,550  
• Highest-costing expenditure: Health   
• Total cost of living for Gen X annually: $104,740   

2. California 

• Household median income: $91,905   
• Single-family average home value: $803,798   
• Average monthly mortgage cost: $4,347  
• Highest-costing expenditure: Health   
• Total cost of living for Gen X annually: $114,750   

1. Hawaii 

• Household median income: $94,814   
• Single-family average home value: $991,499   
• Average monthly mortgage cost: $5,362  
• Highest-costing expenditure: Health   
• Total cost of living for Gen X annually: $145,989   

Methodology: For this study, GOBankingRates analyzed each U.S. state to find the average monthly expenses and the highest expenditure cost for different generations. First, GOBankingRates found information on each state including; total population, population ages 65 and over, total households, household median income all sourced from the U.S. Census American Community Survey. The cost of living indexes for each state as sourced from Missouri Economic Research Information Center. For each cost of living index the average expenditure cost can be calculated using the Bureau of Labor Statistics Consumer Expenditure Survey 2602 for different generations. The generations are defined as; Gen Z born between 1997 or later, millennials born between 1981-1997, Gen X born between 1965-1980, and boomers born between 1946-1964. This calculation gives the average expenditure cost of living for each generation in each state. Using the average home value as sourced from Zillow Home Value Index for August 2024, assuming a 10% down payment, and using the national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. Using the average mortgage and expenditure costs the total cost of living can be calculated for each state and for each generation. The highest expenditure index and average monthly cost were also shown to find the highest expenditure cost for each state. The states were sorted to show the cheapest to most expensive total cost of living. The data was collected on and is up to date as of Aug. 24, 2024.

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