Hawaii Tops U.S. List for Most Expensive Monthly Household Costs in 2024, While West Virginia Remains the Cheapest
Last month, bill pay service doxo unveiled its 2024 Cost of Bills Index, revealing significant variances in household expenses across the United States. The index evaluates ten primary household bill categories: utilities, cable and phone, mobile phone, auto loans, auto insurance, life insurance, health insurance, alarm and security, rent, and mortgage.
The index uses a score of 100 to denote the national average, with states rated higher or lower based on their respective cost differences. According to doxo’s findings, the average American household allocates $2,126 per month, or $25,513 annually, to these essential bills.
Hawaii continues to top the charts as the most expensive state for monthly household costs. With average expenses amounting to $3,091 per month—45% above the national average—Hawaii leads significantly. A typical mortgage in Hawaii costs $2,576 monthly, while rent averages $1,983. CNBC underscores this by also listing Hawaii as one of the priciest states to live in, with the median home price in Honolulu at $1,674,195 and energy bills averaging $359.53 monthly. Recent wildfires and rising interest rates have further exacerbated Hawaii’s challenging housing market.
The top ten most expensive states, following Hawaii, include:
- Hawaii
- California
- Massachusetts
- New Jersey
- Maryland
- Washington
- New York
- Connecticut
- Colorado
- New Hampshire
Conversely, West Virginia holds the title for the least expensive state for the second consecutive year. With average monthly bills at $1,596—25% below the national average—West Virginia’s cost-effectiveness is notable. The average mortgage and rent stand at $961 and $846 respectively. CNBC also positions West Virginia as the most affordable state for 2024. The typical home price in Morgantown is $367,599, and monthly energy costs are $178.61. This affordability allows companies in West Virginia to offer lower wages, reflected in the state’s average hourly wage of $25.10 in 2023, among the lowest nationwide.
Here are the top ten least expensive states:
- West Virginia
- Arkansas
- Mississippi
- Kentucky
- Oklahoma
- Alabama
- Tennessee
- Indiana
- New Mexico
- Kansas
This report underscores the significant regional disparities in living costs across the United States.
Original Story https://www.cnbc.com/2024/08/11/doxo-most-least-expensive-us-states-based-on-household-bills.html
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