Yahoo Finance 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.
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Alabama
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
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Alaska
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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Arizona
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
Arkansas
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
California
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
Colorado
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
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Connecticut
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
Delaware
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
District of Columbia (D.C.)
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
Florida
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
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Georgia
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
Hawaii
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
Idaho
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
Illinois
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
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Indiana
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
Iowa
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
Kansas
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
Kentucky
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
Louisiana
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
Maine
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
Maryland
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
Massachusetts
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
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Michigan
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
Minnesota
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
Mississippi
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
Missouri
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
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Montana
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
Nebraska
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
Nevada
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
New Hampshire
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
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New Jersey
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
New Mexico
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
New York
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
North Carolina
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
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North Dakota
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
Ohio
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
Oklahoma
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
Oregon
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
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Pennsylvania
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
Rhode Island
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
South Carolina
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
South Dakota
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
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Tennessee
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
Texas
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
Utah
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
Vermont
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
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Virginia
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
Washington
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
West Virginia
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
Wisconsin
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
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Wyoming
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.
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This article originally appeared on GOBankingRates.com: The Financial Well-Being of All 50 States: Where Does Yours Rank?
