Inflation Preparedness: The 10 Least (and Most) Expensive States To Live as Costs Rise
Inflation is at a four-decade high and is hitting Americans in every aspect of their life. With the latest Consumer Price Index (CPI) report showing a 9.1% inflation rate in June, many Americans might want to re-think where they live or want to move to make the most of their money.
A new survey finds that not all states fare the same when it comes to navigating inflation, and analyzes those where your dollar goes further — or does not go far at all. The survey, from CNBC, rated the states based on an index of prices for a broad range of goods and services, and found that the cheapest state to live in is … Mississippi.
For example, according to the index, a visit to the doctor in Mississippi costs roughly half what it would in Manchester, New Hampshire and a New York-style pizza pie costs 25% less than it would in Rochester, New York. In the cheapest state, half a gallon of milk costs $2.03, while the average monthly energy bill is $160.90, CNBC noted.
The other states that made the CNBC “cheapest” list include:
- 2. Kansas
- 3. Alabama
- 4. Georgia
- 5.Tennessee
- 6.Missouri
- 7.Iowa
- 8. West Virginia
- 9. Indiana
- 10. Arkansas
On the other hand, you might want to avoid moving to the following states as they were found to be the most expensive to live as inflation keeps rising. Topping the list is Hawaii, where houses are typically double the price of those on the mainland. According to CNBC, a 5-pound bag of sugar in Honolulu will cost you double what you would pay in Danville, Illinois, and a visit to the doctor’s office will cost 65% more than in Orlando, Florida.
The rest of the states on CNBC’s “most expensive” list include:
- 2. New York
- 3. California
- 4. Massachusetts
- 5. Oregon
- 6. Alaska
- 7. Maryland
- 8. Connecticut
- 9. Rhode Island
- 10. Vermont
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