The Financial Well-Being of All 50 States: Where Does Yours Rank?

When we look at our own financial wellbeing and consider all that goes into it, we might want to widen the lens and consider the overall monetary condition of where we live. Though all states are “created equal” there’s significant differences between them in terms of financial wellbeing. What are they and how does your state rank? 

To determine the financial wellbeing of each state, GOBankingRates first found, among other data points, the mean household income and median household income, which were sourced from the U.S. Census American Community Survey. 

GOBankingRates also found the cost-of-living indexes by sourcing from the Missouri Economic and Research Information Center and multiplied by their respective average national 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 rental cost was sourced from ApartmentList for January and April 2024.  

Here’s a deep dive into the financial wellbeing of every state, as well as the District of Columbia (D.C). States are listed in alphabetical order.

Also here are five ways to boost your own financial wellness.

• Household median income: $59,609  
• Household mean income: $82,992  
• Rent average cost in April 2024: $995 
• Average expenditure cost: $1,876
• Total cost of living: $2,871  

• Household median income: $86,370  
• Household mean income: $110,602  
• Rent average cost in April 2024: $1,411 
• Average expenditure cost: $2,676
• Total cost of living: $4,087

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• Household median income: $72,581 
• Household mean income:  $98,569 
• Rent average cost in April 2024: $1,381  
• Average expenditure cost: $2,007
• Total cost of living: $3,388

• Household median income: $56,335 
• Household mean income:  $79,592 
• Rent average cost in April 2024: $936 
• Average expenditure cost: $1,828
• Total cost of living: $2,764

• Household median income: $91,905 
• Household mean income: $130,718  
• Rent average cost in April 2024: $2,147  
• Average expenditure cost: $2,363
• Total cost of living: $4,510

• Household median income: $87,598 
• Household mean income: $117,508  
• Rent average cost in April 2024: $1,677 
• Average expenditure cost: $2,014 
• Total cost of living: $3,691

• Household median income: $90,213  
• Household mean income: $130,601 
• Rent average cost in April 2024: $1,625 
• Average expenditure cost: $2,181
• Total cost of living: $3,806

• Household median income: $79,325 
• Household mean income: $104,600 
• Rent average cost in April 2024: $1,457  
• Average expenditure cost: $2,039
• Total cost of living: $3,496

• Household median income: $101,722 
• Household mean income: $150,292 
• Rent average cost in April 2024: $2,145 
• Average expenditure cost: $2,166 
• Total cost of living: $4,311

• Household median income: $67,917  
• Household mean income: $96,992 
• Rent average cost in April 2024: $1,556 
• Average expenditure cost: $1,970
• Total cost of living: $3,526

• Household median income: $71,355 
• Household mean income: $99,345 
• Rent average cost in April 2024: $1,326 
• Average expenditure cost: $1,903
• Total cost of living: $3,229

• Household median income: $94,814 
• Household mean income: $122,902 
• Rent average cost in April 2024: $2,316 
• Average expenditure cost: $2,617 
• Total cost of living: $4,933

• Household median income: $70,214  
• Household mean income: $92,780 
• Rent average cost in April 2024: $1,101 
• Average expenditure cost: $1,982 
• Total cost of living: $3,083

• Household median income: $78,433 
• Household mean income: $108,873 
• Rent average cost in April 2024: $1,393 
• Average expenditure cost: $1,943
• Total cost of living: $3,336

• Household median income: $67,173 
• Household mean income: $88,805  
• Rent average cost in April 2024: $1,090 
• Average expenditure cost: $1,975
• Total cost of living: $3,065

• Household median income: $70,571 
• Household mean income: $92,053 
• Rent average cost in April 2024: $1,003 
• Average expenditure cost: $1,958 
• Total cost of living: $2,961

• Household median income: $69,747 
• Household mean income: $94,263 
• Rent average cost in April 2024: $1,074 
• Average expenditure cost: $1,938  
• Total cost of living: $3,012

• Household median income: $60,183 
• Household mean income: $83,093  
• Rent average cost in April 2024: $1,035 
• Average expenditure cost: $1,904
• Total cost of living: $2,939

• Household median income: $57,852 
• Household mean income: $83,169   
• Rent average cost in April 2024: $1,057 
• Average expenditure cost: $1,887 
• Total cost of living: $2,944

• Household median income: $68,251 
• Household mean income: $91,599    
• Rent average cost in April 2024: $1,063 
• Average expenditure cost: $2,114 
• Total cost of living: $3,177

• Household median income: $98,461 
• Household mean income: $129,642    
• Rent average cost in April 2024: $1,798 
• Average expenditure cost: $2,059
• Total cost of living: $3,857

• Household median income: $96,505 
• Household mean income: $134,568   
• Rent average cost in April 2024: $1,959 
• Average expenditure cost: $2,342
• Total cost of living: $4,301

• Household median income: $68,505 
• Household mean income: $92,835     
• Rent average cost in April 2024: $1,140 
• Average expenditure cost: $1,946
• Total cost of living: $3,086

• Household median income: $84,313 
• Household mean income: $111,341      
• Rent average cost in April 2024: $1,310 
• Average expenditure cost: $2,000
• Total cost of living: $3,310

• Household median income: $52,985 
• Household mean income: $74,149    
• Rent average cost in April 2024: $1,024 
• Average expenditure cost: $1,854 
• Total cost of living: $2,878

• Household median income: $65,920 
• Household mean income: $89,952     
• Rent average cost in April 2024: $1,100 
• Average expenditure cost: $1,869
• Total cost of living: $2,969

• Household median income: $66,341  
• Household mean income: $90,142     
• Rent average cost in April 2024: $1,064 
• Average expenditure cost: $2,034
• Total cost of living: $3,098

• Household median income: $71,722 
• Household mean income: $95,547     
• Rent average cost in April 2024: $1,124 
• Average expenditure cost: $1,918
• Total cost of living: $3,042

• Household median income: $71,646 
• Household mean income: $97,955  
• Rent average cost in April 2024: $1,455 
• Average expenditure cost: $2,065 
• Total cost of living: $3,520

• Household median income: $90,845 
• Household mean income: $118,118 
• Rent average cost in April 2024: $1,492 
• Average expenditure cost: $2,271
• Total cost of living: $3,763

• Household median income: $97,126 
• Household mean income: $135,170 
• Rent average cost in April 2024: $1,904 
• Average expenditure cost: $2,079
• Total cost of living: $3,983

• Household median income: $58,722 
• Household mean income: $81,035 
• Rent average cost in April 2024: $1,076 
• Average expenditure cost: $1,926
• Total cost of living: $3,002

• Household median income: $81,386 
• Household mean income: $120,883 
• Rent average cost in April 2024: $1,839 
• Average expenditure cost: $2,106 
• Total cost of living: $3,945

• Household median income: $66,186 
• Household mean income: $92,878 
• Rent average cost in April 2024: $1,227 
• Average expenditure cost: $1,966 
• Total cost of living: $3,193

• Household median income: $73,959 
• Household mean income: $97,221 
• Rent average cost in April 2024: $1,075 
• Average expenditure cost: $2,025
• Total cost of living: $3,100

• Household median income: $66,990  
• Household mean income: $90,958 
• Rent average cost in April 2024: $1,076  
• Average expenditure cost: $2,001
• Total cost of living: $3,077

• Household median income: $61,364  
• Household mean income: $84,402 
• Rent average cost in April 2024: $987 
• Average expenditure cost: $1,886
• Total cost of living: $2,873

• Household median income: $76,632 
• Household mean income: $103,330 
• Rent average cost in April 2024: $1,464 
• Average expenditure cost: $2,158
• Total cost of living: $3,622

• Household median income: $73,170 
• Household mean income: $100,837 
• Rent average cost in April 2024: $1,266 
• Average expenditure cost: $2,035
• Total cost of living: $3,301

• Household median income: $81,370  
• Household mean income: $106,511 
• Rent average cost in April 2024: $1,439  
• Average expenditure cost: $2,067
• Total cost of living: $3,506

• Household median income: $63,623 
• Household mean income: $88,488 
• Rent average cost in April 2024: $1,247   
• Average expenditure cost: $1,946 
• Total cost of living: $3,193

• Household median income: $69,457 
• Household mean income: $90,706 
• Rent average cost in April 2024: $892 
• Average expenditure cost: $1,913
• Total cost of living: $2,805

• Household median income: $64,035 
• Household mean income: $89,267 
• Rent average cost in April 2024: $1,166 
• Average expenditure cost: $1,838
• Total cost of living: $3,004

• Household median income: $73,035 
• Household mean income: $102,197 
• Rent average cost in April 2024: $1,292  
• Average expenditure cost: $1,920
• Total cost of living: $3,212

• Household median income: $86,833 
• Household mean income: $111,416 
• Rent average cost in April 2024: $1,369 
• Average expenditure cost: $1,970
• Total cost of living: $3,339

• Household median income: $74,014 
• Household mean income: $97,810 
• Rent average cost in April 2024: $1,275 
• Average expenditure cost: $2,183
• Total cost of living: $3,458

• Household median income: $87,249 
• Household mean income: $120,553 
• Rent average cost in April 2024: $1,717  
• Average expenditure cost: $2,006
• Total cost of living: $3,723

• Household median income: $90,325 
• Household mean income: $122,880 
• Rent average cost in April 2024: $1,745   
• Average expenditure cost: $2,266
• Total cost of living: $4,011

• Household median income: $55,217 
• Household mean income: $75,575  
• Rent average cost in April 2024: $925   
• Average expenditure cost: $1,926
• Total cost of living: $2,851

• Household median income: $72,458 
• Household mean income: $94,995 
• Rent average cost in April 2024: $1,171 
• Average expenditure cost: $2,055
• Total cost of living: $3,226

• Household median income: $72,495 
• Household mean income: $94,901 
• Rent average cost in April 2024: $1,059 
• Average expenditure cost: $1,936
• Total cost of living: $2,995

Methodology: For this study, GOBankingRates analyzed each U.S. state to find the financial well-being of each state. First GOBankingRates found the population aged 16 and over, total households, labor force participation rate, mean household income and median household income were all sourced from the U.S. Census American Community Survey, the cost-of-living indexes were sourced from the Missouri Economic and Research Information Center and multiplied by their respective average national 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 and the average rental cost was sourced from ApartmentList for January and April 2024. The change in rent was calculated using the average rent costs. The average rent and expenditure costs were used to find the total cost of living for each state. The labor force participation rate was used to find the estimated number of people actively in the labor force. All data was collected on and is up to date as of May 16th, 2024.