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The Average Monthly Expenses for Millennials in Every State and What They Spend the Most Money On

October 7, 2024

10 min Read

Written by Nicole Spector

Edited by Zuri Anderson

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Every generation needs to work with a budget and track expenses in order to stay financially on track. Millennials are no exception.

This cohort of people born between 1981 and 1997 are now the largest generation group in the U.S., with an estimated population of 72.7 million in 2023, according to Statista.

What type of expenditure do millennials spend the most on? It turns out, the answer depends on where they live.

In a new study, GOBankingRates analyzed each U.S. state to find the average monthly expenses and the highest expenditure cost for millennials. The states were sorted to show the highest to lowest cost of living, with the No. 1 state being the cheapest.

50. Hawaii

Millennials’ average monthly expenditure cost: $5,721
Total cost of living monthly: $11,082
Highest-costing expenditure: Health
Highest monthly expenditure cost for millennials: $1,090

49. California

Millennials’ average monthly expenditure cost:$4,403
Total cost of living monthly: $8,750
Highest-costing expenditure: Health
Highest monthly expenditure cost for millennials: $694

48. Massachusetts

Millennials’ average monthly expenditure cost:$4,400
Total cost of living monthly: $7,950
Highest-costing expenditure: Health
Highest monthly expenditure cost for millennials: $675

47. Washington

Millennials’ average monthly expenditure cost:$3,482
Total cost of living monthly: $6,806
Highest-costing expenditure: Health
Highest monthly expenditure cost for millennials: $446

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46. New Jersey

Millennials’ average monthly expenditure cost: $3,505
Total cost of living monthly: $6,511
Highest-costing expenditure: Health
Highest monthly expenditure cost for millennials: $474

45. Alaska

Millennials’ average monthly expenditure cost: $4,456
Total cost of living monthly: $6,504
Highest-costing expenditure: Transportation
Highest monthly expenditure cost for millennials: $936

44. Rhode Island

Millennials’ average monthly expenditure cost: $3,735
Total cost of living monthly: $6,356
Highest-costing expenditure: Housing
Highest monthly expenditure cost for millennials: $1,797

43. New Hampshire

Millennials’ average monthly expenditure cost: $3,485
Total cost of living monthly: $6,234
Highest-costing expenditure: Health
Highest monthly expenditure cost for millennials: $411

42. Connecticut

Millennials’ average monthly expenditure cost: 3,836
Total cost of living monthly: $6,213
Highest-costing expenditure: Housing
Highest monthly expenditure cost for millennials: $1,822

41. Colorado

Millennials’ average monthly expenditure cost: $3,132
Total cost of living monthly: $6,177
Highest-costing expenditure: Health
Highest monthly expenditure cost for millennials: $371

40. Oregon

Millennials’ average monthly expenditure cost: $3,364
Total cost of living monthly: $6,128
Highest-costing expenditure: Health
Highest monthly expenditure cost for millennials: $461

39. Utah

Millennials’ average monthly expenditure cost: $3,200
Total cost of living monthly: $6,073
Highest-costing expenditure: Health
Highest monthly expenditure cost for millennials: $406

38. New York

Millennials’ average monthly expenditure cost: $3,552
Total cost of living monthly: $6,049
Highest-costing expenditure: Health
Highest monthly expenditure cost for millennials: $593

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37. Maryland

Millennials’ average monthly expenditure cost: $3,533
Total cost of living monthly: $5,878
Highest-costing expenditure: Health
Highest monthly expenditure cost for millennials: $462

36. Nevada

Millennials’ average monthly expenditure cost: $3,363
Total cost of living monthly: $5,863
Highest-costing expenditure: Utilities
Highest monthly expenditure cost for millennials: $443

35. Arizona

Millennials’ average monthly expenditure cost: $3,413
Total cost of living monthly: $5,809
Highest-costing expenditure: Health
Highest monthly expenditure cost for millennials: $456

34. Maine

Millennials’ average monthly expenditure cost: $3,586
Total cost of living monthly: $5,793
Highest-costing expenditure: Health
Highest monthly expenditure cost for millennials: $438

33. Vermont

Millennials’ average monthly expenditure cost: $3,583
Total cost of living monthly: $5,778
Highest-costing expenditure: Health
Highest monthly expenditure cost for millennials: $438

32. Montana

Millennials’ average monthly expenditure cost: $3,072
Total cost of living monthly: $5,625
Highest-costing expenditure: Utilities
Highest monthly expenditure cost for millennials: $393

31. Florida

Millennials’ average monthly expenditure cost: $3,295
Total cost of living monthly: $5,557
Highest-costing expenditure: Health
Highest monthly expenditure cost for millennials: $374

30. Idaho

Millennials’ average monthly expenditure cost: $3,027
Total cost of living monthly: $5,519
Highest-costing expenditure: Utilities
Highest monthly expenditure cost for millennials: $392

29. Virginia

Millennials’ average monthly expenditure cost: $3,263
Total cost of living monthly: $5,437
Highest-costing expenditure: Transportation
Highest monthly expenditure cost for millennials: $653

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28. Delaware

Millennials’ average monthly expenditure cost: $3,249
Total cost of living monthly: $5,349
Highest-costing expenditure: Grocery
Highest monthly expenditure cost for millennials: $503

27. Minnesota

Millennials’ average monthly expenditure cost: $3,171
Total cost of living monthly: $5,042
Highest-costing expenditure: Transportation
Highest monthly expenditure cost for millennials: $669

26. North Carolina

Millennials’ average monthly expenditure cost: $3,164
Total cost of living monthly: $4,989
Highest-costing expenditure: Transportation
Highest monthly expenditure cost for millennials: $642

25. Wyoming

Millennials’ average monthly expenditure cost: $3,057
Total cost of living monthly: $4,958
Highest-costing expenditure: Transportation
Highest monthly expenditure cost for millennials: $665

24. Georgia

Millennials’ average monthly expenditure cost: $3,098
Total cost of living monthly: $4,918
Highest-costing expenditure: Transportation
Highest monthly expenditure cost for millennials: $623

23. Texas

Millennials’ average monthly expenditure cost: $3,130
Total cost of living monthly: $4,793
Highest-costing expenditure: Housing
Highest monthly expenditure cost for millennials: $1,396

22. South Carolina

Millennials’ average monthly expenditure cost: $3,119
Total cost of living monthly: $4,753
Highest-costing expenditure: Miscellaneous
Highest monthly expenditure cost for millennials: $82

21. Wisconsin

Millennials’ average monthly expenditure cost: $3,029
Total cost of living monthly: $4,740
Highest-costing expenditure: Transportation
Highest monthly expenditure cost for millennials: $662

20. Illinois

Millennials’ average monthly expenditure cost: $3,198
Total cost of living monthly: $4,688
Highest-costing expenditure: Utilities
Highest monthly expenditure cost for millennials: $372

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19. Tennessee

Millennials’ average monthly expenditure cost: $2,906
Total cost of living monthly: $4,666
Highest-costing expenditure: Grocery
Highest monthly expenditure cost for millennials: $472

18. Pennsylvania

Millennials’ average monthly expenditure cost: $3,191
Total cost of living monthly: $4,661
Highest-costing expenditure: Housing
Highest monthly expenditure cost for millennials: $1,421

17. South Dakota

Millennials’ average monthly expenditure cost: $2,940
Total cost of living monthly: $4,629
Highest-costing expenditure: Transportation
Highest monthly expenditure cost for millennials: $637

16. New Mexico

Millennials’ average monthly expenditure cost: $2,940
Total cost of living monthly: $4,604
Highest-costing expenditure: Transportation
Highest monthly expenditure cost for millennials: $633

15. Nebraska

Millennials’ average monthly expenditure cost: $3,014
Total cost of living monthly: $4,451
Highest-costing expenditure: Transportation
Highest monthly expenditure cost for millennials: $630

14. Ohio

Millennials’ average monthly expenditure cost: $3,138
Total cost of living monthly: $4,417
Highest-costing expenditure: Housing
Highest monthly expenditure cost for millennials: $1,367

13. Michigan

Millennials’ average monthly expenditure cost: $3,067
Total cost of living monthly: $4,417
Highest-costing expenditure: Utilities
Highest monthly expenditure cost for millennials: $359

12. Missouri

Millennials’ average monthly expenditure cost: $3,044
Total cost of living monthly: $4,415
Highest-costing expenditure: Housing
Highest monthly expenditure cost for millennials: $1,346

11. North Dakota

Millennials’ average monthly expenditure cost: $2,927
Total cost of living monthly: $4,390
Highest-costing expenditure: Transportation
Highest monthly expenditure cost for millennials: $683

10. Kansas

Millennials’ average monthly expenditure cost: $3,049
Total cost of living monthly: $4,312
Highest-costing expenditure: Transportation
Highest monthly expenditure cost for millennials: $613

Today’s Top Offers

9. Indiana

Millennials’ average monthly expenditure cost: $2,975
Total cost of living monthly: $4,308
Highest-costing expenditure: Utilities
Highest monthly expenditure cost for millennials: $354

8. Alabama

Millennials’ average monthly expenditure cost: $2,986
Total cost of living monthly: $4,229
Highest-costing expenditure: Housing
Highest monthly expenditure cost for millennials: $1,340

7. Iowa

Millennials’ average monthly expenditure cost: $2,981
Total cost of living monthly: $4,214
Highest-costing expenditure: Transportation
Highest monthly expenditure cost for millennials: $602

6. Oklahoma

Millennials’ average monthly expenditure cost: $2,940
Total cost of living monthly: $4,077
Highest-costing expenditure: Grocery
Highest monthly expenditure cost for millennials: $463

5. Kentucky

Millennials’ average monthly expenditure cost: $2,933
Total cost of living monthly: $4,072
Highest-costing expenditure: Transportation
Highest monthly expenditure cost for millennials: $671

4. Arkansas

Millennials’ average monthly expenditure cost: $2,901
Total cost of living monthly: $4,038
Highest-costing expenditure: Miscellaneous
Highest monthly expenditure cost for millennials: $78

3. West Virginia

Millennials’ average monthly expenditure cost: $3,052
Total cost of living monthly: $3,968
Highest-costing expenditure: Transportation
Highest monthly expenditure cost for millennials: $628

2. Louisiana

Millennials’ average monthly expenditure cost: $2,813
Total cost of living monthly: $3,930
Highest-costing expenditure: Miscellaneous
Highest monthly expenditure cost for millennials: $80

1. Mississippi

Millennials’ average monthly expenditure cost: $2,903
Total cost of living monthly: $3,892
Highest-costing expenditure: Transportation
Highest monthly expenditure cost for millennials: $611

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, and household median income — all sourced from the U.S. Census American Community Survey. The cost of living indexes for each state was 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 and 1997, Gen X born between 1965 and 1980, and baby boomers born between 1946 and 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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