US cost of living statistics: how has the cost of living in the US changed?

Highlights 

Cost of living crisis statistics  

Americans' growing frustrations with the US economy have been prevalent over the last few years, with citizens facing significant economic challenges due to inflation increases.  

Statista reported the following cost of living statistics: 

Furthermore, the Bureau of Labor Statistics (BLS) documented a 9% increase in average consumer expenditure since 2022, further emphasizing the growing economic strain on American households.  

The Heritage Foundation also recently found that 60% of Americans live paycheck to paycheck. 

These cost of living crisis statistics only provide a glimpse of the problem but highlight the impact of escalating costs. 

How has the cost of living crisis impacted spending in the US?  

As expected, the cost of living crisis has triggered a change in consumer behavior, and US cost of living statistics highlight these notable shifts.  

Statista's infographic on consumer reactions to the cost of living crisis in the US indicates just how profound the impact is: 

What is the average cost of living by state?  

The average cost of living varies greatly by state, with Hawaii topping the charts as the most expensive.  

Hawaii's average cost of living is an exorbitant $55,491, much higher than California's $53,171 and New York's $49,511. Despite its tropical allure, Hawaiians also have the lowest average disposable income in the US. 

Other interesting stats on the cost of living average by state include the following: 

Alternatively, Forbes Advisor provides a detailed breakdown and visual representations of the consumer economic data in each state. 

By exploring the nuances and understanding the disparities in the cost of living across different states, you can plan your finances accordingly. 

What is the average salary by state?  

The national average salary for US citizens in May 2022 was $61,900, which equates to a rate of $29.76.  

Massachusetts leads the pack with the highest average state salary of $76,600, while Mississippi citizens earn the lowest average salary of $45,180 per annum. 

Using data from Forbes, the following table provides a snapshot of average salaries across all 50 states:  

What is the average cost of healthcare by state? 

 Healthcare costs across the US vary significantly between states, with the most expensive average almost double the most minor average.  

For 2023, Becker's Hospital CFO Report states that Alaska has the highest yearly expenditure per resident at $13,188, while Utah's average is $7,241.  

The table below summarizes each state's average healthcare costs: 

What is the average transportation cost by state?  

A 2023 Forbes report on the cost of living statistics shows Rhode Islanders pay the lowest transportation costs, an average of $4,421 annually.  

This contrasts with Hawaiians, who pay the highest average, $7,458. 

The table below provides a breakdown of the average transportation costs in all states: 

Get expert financial advice 

Current cost of living data highlights the financial crisis many in the US are experiencing.  

Most US citizens have changed their spending habits to accommodate the inflation increase in 2022. However, some states are worse off than others, as they have much higher overall living costs and lower disposable income. 

Remember to seek the assistance of a registered financial advisor to help you budget and thrive in an uncertain and increasingly expensive economic environment. 

Let Unbiased match you with a professional who will ensure the cost of living crisis statistics are considered, and your finances can handle future inflation.  

Find a financial advisor.