New York Is the 4th “Most Expensive” State in the Country

New York's cost of living has officially skyrocketed to a point where the average resident needs to make roughly $100,000 to survive.

Just the other day, it was confirmed that New York is home to the two wealthiest suburbs in the entire country. But no matter how one frames it, that doesn't excuse how expensive to live in this state.

The state's tax burden was found to be the highest in the country, in addition to New York being rated the least-affordable state in America. This is causing some troubling trends, especially in the state's housing market.

Read More: New York Among States with Fewest Young Homeowners

If that wasn't troubling enough, it was also found retirees living in New York are tremendously vulnerable to going bankrupt. We're also paying some of the highest prices for food and auto insurance. With all of this combined, it is no wonder nearly three quarters of New Yorkers are reaching a "stress tipping point" due to financial problems.

GoBankingRates updated its list of the most expensive states and, interestingly, noted that the cost of living nationwide has reached its highest level in decades.

States were compared on how much residents pay for expenditures like housing, utilities, healthcare, transportation, groceries, and other expenses. These categories were added together and the results were very disheartening.

New York finished in fourth place, with residents paying around $91,865 a year on annual expenditures. Imagine spending almost $100,000 a year on just things you have to buy? That's enough to buy a 2024 Alfa Romeo Giulia Quadrifoglio and still have money left over to burn.

When it comes to Central New York, here's how much residents must earn in order to keep their heads above water.

GoBankingRates was unimpressed with how much it costs to live in the Empire State and noted:

In 2017, it cost more to live in New York than any other state in the contiguous U.S., not counting Washington, D.C. Here in 2024, however, New York has dropped to the fourth most expensive state. Most of the reason for the shift is due to housing, which costs 76% more than the national average.

The only states to surpass New York's extremely high cost of living were Hawaii, Massachusetts, and California. Hawaiians pay the most to live in the island state, with average annual expenditures totaling $131,560 a year.

Massachusetts, which came in second, costs residents $106,897 a year while third place California charges $101,059.

Check out the interactive map to see how the rest of the nation performed.

That said, if you wish to live a cheaper life, you can move to Oklahoma. The state was ranked the least-expensive in the nation, with residents there paying around $63,898 on expenditures each year.

How much longer do you think Americans can survive the ever-increasing cost of living? Let us know by giving us a shout using the station app's chat feature, which you can download below.

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