Many states in the US have greater expenses of living than the national average.
States that are especially expensive may be so for a variety of reasons, including supply and demand (there is a severe housing scarcity across the country) and the cost of fuel, which is more expensive to import in some states than others.
However, the cost of living in a state is not always proportionate to its richness. States create wealth based on their individual economies’ strength (or lack thereof).
The USA Leaders blog identified the 7 richest states in America, highlighting the primary elements driving their wealth, including GDP per capita and population. GOBankingRates analyzed RentCafe data to determine the relative cost of living in each state compared to the national average.
Here’s a quick overview of the data, including how pricey each state is relative to the national average.
1. Ohio
- GDP in 2024: $872.748 billion
- GDP per capita: $74,050
- Population: 11.73 million
- Key factors driving wealth: Manufacturing, trade, healthcare and education
- Cost of living: 8% lower than the national average
Pennsylvania
- GDP: $965.067 billion
- GDP per capita: $74,450
- Population: 12.96 million
- Key factors driving wealth: Manufacturing, financial services, healthcare and education
- Cost of living: 4% lower than the national average
Illinois
- GDP: $1,082.968 billion
- GDP per capita: $86,290
- Population: 12.47 million
- Key factors driving wealth: Financial services, real estate, information technology and manufacturing
- Cost of living: 8% lower than the national average
Florida
- GDP: $1,579.503 billion
- GDP per capita: $69,860
- Population: 19.795 million
- Key factors driving wealth: Trade, real estate and agriculture
- Cost of living: 2% lower than the national average
New York
- GDP: $1,579.503 billion
- GDP per capita: $109,970
- Population: 19.795 million
- Key factors driving wealth: Financial services and information technology
- Cost of living: 27% higher than the national average
Texas
- GDP: $2,563.508 billion
- GDP per capita: $84,040
- Population: 30.3 million
- Key factors driving wealth: Oil and gas, trade, manufacturing and information technology
- Cost of living: 7% lower than the national average
California
- GDP: $3,862.171 billion
- GDP per capita: $99,120
- Population: 38.9 million
- Key factors driving wealth: Financial services, real estate, information technology and manufacturing
- Cost of living: 38% higher than the national average