So grab your jet ski, and explore 16 of the most expensive … But for this analysis we had an even better source — MIT’s Living Wage data. Here are the 10 states where the average home value is the highest in the United States, starting with the most expensive: If you're a homeowner and live in a state with high median home values, you're in luck -- your home is probably worth a lot and, if you need to sell it, it should command a premium price. In Hawaii, housing costs are around $15,000 a year, which isn’t surprising, since the average Hawaii home is more than $600k. But try living in an actual real city in California, and you’ll send closer to $3,000 a month on rent or a mortgage. Level 63. Housing: $15,239 10. Los Angeles is the most expensive city in the U.S. to own a home. Rank Last Year: 2 (No Change) Annual average housing costs are about $12,500 a year in Virginia – the fifth highest housing costs in America. In fact, between 2008 and 2016, house prices dropped by 16.9% in Italy as a whole. That would be the Garden State itself, New Jersey. LakeHomes.com recently published a real estate report breaking down some of the state's lakeside property costs. Skip to content . Have you ever visited Hawaii? Here are five U.S. states where you can buy dirt-cheap land and where your investment may just pay off in the long run. Cheapest cities to buy a house: Fond du Lac, Beloit, Oshkosh, Manitowoc; Cost of living index: 97.3 >> Browse Wisconsin investment properties . It really starts to add up, doesn’t it? The beauty of NYC is that is is one big melting pot of different ethnicity, cultures, languages and skin tones. Depending on the neighborhood, crime is low comparable to other cities in the country. I’d seriously suggest living there, it’s safe and has great schools. (Although DC would like to have a word if you consider that a state.) Plus, in Alaska, everyone gets a check from the government from oil proceeds. I agree with pretty much with this. If you’re the only Marylander bringing home the bacon at your house, you’d have to get a job as something like an elevator installer or a nuclear medicine technologist to afford to live here. If you want to share a two bedroom place in Jersey, expect to pony up about $900 a month each. Not that that’s such a bad thing, though.eval(ez_write_tag([[336,280],'homesnacks_com-leader-4','ezslot_18',115,'0','0'])); I lived in New Jersey. The difference between the most expensive and the cheapest is quite stark, new data shows, but the priciest in some capital cities isn't even $1 million. Save my name, email, and website in this browser for the next time I comment. Explore the best credit cards in every category as of December 2020. We do receive compensation from some partners whose offers appear on this page. Coldwell Banker recently ran the numbers on … And housing costs are on par with new york, where you can expect to pay, on average, $13,200 a year. It’s how we make money. That's the good news. To help, GOBankingRates pinpointed where it’s the most and least expensive to build a house. When we at HomeSnacks normally measure how expensive a place to live is we check in on whats called a cost of living index. The good news is that mortgage rates are near record lows right now, which should make your house payment more affordable, even if your home is costly. Everything You Need to Know About Savings, home prices are also extremely high right now, Copyright, Trademark and Patent Information. Chris Kolmar has been in the real estate business for almost ten years now. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks. And you can basically double that if you actually want to live near a real actual city. Here’s what’s interesting about Massachusetts. If you live in the states we just talked about, odds are you work hard and don’t have a lot to show for it. A state’s location and infrastructure will also influence the cost of living. The highest state, California, was crowned the most expensive state to live in America for 2020. eval(ez_write_tag([[250,250],'homesnacks_com-leader-1','ezslot_15',112,'0','0']));eval(ez_write_tag([[250,250],'homesnacks_com-leader-1','ezslot_16',112,'0','1'])); If you live in Hagerstown, looks like about $76,000 would do you right. And what about cigarettes? The Most Expensive State To Buy A House In We all know that home prices are skyrocketing and the cost of living in some areas is significantly more expensive than other areas. More On Maryland: Photos | Rent. But we can actually look at that for different areas to compare Maryland vs. Maryland. The state is dotted with cities more expensive than the next, and you need to make $120,120 for a house worth $499,900. I love it! Part of the Washington DC metropolitan area. Rank Last Year: 3 (No Change) I live in Hawaii…totally dark blue. So double that if mom and dad have a car – and if you live in places like Northern Virginia, you will. You didn’t mention Trenton/Hamilton. Stereotypes in a nutshell, Rank Last Year: 7 (Down 1) These states are the most expensive places to live in America, according to CNBC's 2019 Top States for Business study released Wednesday. The area has crime and gangs however it is not only state but also local police who try to keep it safe. When you're trying to buy higher-priced homes, you need a larger down payment and must qualify for a larger mortgage. For some reason, the cost of owning a vehicle in Alaska is about $4,200 a year – also the third highest rate in the US. California certainly isn’t a walk in the park, either, when you look at the cost of living in the Golden State. Well at least if you live in many areas of New York, where it’s most expensive, you can not own a car. We ranked the living wage from highest to lowest with the highest being most expensive. Now, people who are dealing with outrageous prices in the Denver area won’t agree, but overall, annual housing costs in Colorado are the cheapest of any other state on this list. The most expensive and affordable states to buy a house, ranked. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Rank Last Year: 4 (No Change) So which states have the highest home values? By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. But if you wanted to live in the NY metro area, look out, pal. More On Virginia: Photos | Rent. We aim to deliver bite-sized pieces of infotainment about where you live. The bad news: If you plan on having multiple kids in Alaska, your child care costs are going to be through the roof. Did you know New Jersey has the nation’s 6th highest income taxes and highest property taxes? The Ascent is reader-supported: we may earn a commission from offers on this page. Buyers, on the other hand, could face challenges purchasing a house in places where the average home value is well above the rest of the country. Child Care: $8,427 But only the elite earn a spot in the Magic City’s southeastern suburb of Mountain Brook, which has long been a haven for the city’s upper crust, according to Zachary Armstrong, a real estate agent with Berkshire Hathaw… In fact, The Ascent's recent research into average home prices by state has revealed the value of a house can vary wildly in different geographic regions. Here’s a quick look at the cheapest states in America: eval(ez_write_tag([[300,250],'homesnacks_com-large-mobile-banner-2','ezslot_10',120,'0','0']));For more reading, check out: Most Expensive Places To Live In Arkansas, Most Expensive Places To Live In California, Most Expensive Places To Live In Colorado, Most Expensive Places To Live In Connecticut, Most Expensive Places To Live In Delaware, Most Expensive Places To Live In Illinois, Most Expensive Places To Live In Kentucky, Most Expensive Places To Live In Louisiana, Most Expensive Places To Live In Massachusetts, Most Expensive Places To Live In Maryland, Most Expensive Places To Live In Michigan, Most Expensive Places To Live In Minnesota, Most Expensive Places To Live In Missouri, Most Expensive Places To Live In Mississippi, Most Expensive Places To Live In North Carolina, Most Expensive Places To Live In North Dakota, Most Expensive Places To Live In Nebraska, Most Expensive Places To Live In New Hampshire, Most Expensive Places To Live In New Jersey, Most Expensive Places To Live In New Mexico, Most Expensive Places To Live In New York, Most Expensive Places To Live In Oklahoma, Most Expensive Places To Live In Pennsylvania, Most Expensive Places To Live In Rhode Island, Most Expensive Places To Live In South Carolina, Most Expensive Places To Live In South Dakota, Most Expensive Places To Live In Tennessee, Most Expensive Places To Live In Virginia, Most Expensive Places To Live In Washington, Most Expensive Places To Live In Wisconsin, Most Expensive Places To Live In West Virginia. Specifically, this analysis uses their average required wage for two adults and one child in every states. Compensation may impact the order in which offers appear on page, but our editorial opinions and ratings are not influenced by compensation. Hot dogs are some of the cheapest in all of major league baseball. Especially for kids coming out of school these days. Copyright © 2018 - 2020 The Ascent. Housing: $19,875 And, If you don’t have a decent job, you’d likely be eating at Wawa everyday. Camo is damn cheap. We looked at the most recent MIT living wage data to determine the states in America where you need some serious cash to get by. More On New York: Photos | Renteval(ez_write_tag([[250,250],'homesnacks_com-box-4','ezslot_11',109,'0','0']));eval(ez_write_tag([[250,250],'homesnacks_com-box-4','ezslot_12',109,'0','1'])); Welcome to New York, which is the second most expensive place you could live in our fine country. Click through to see the best and worst states to build a home , starting with the worst. You won’t be balling, but you won’t be broke, either. All rights reserved. Housing: $15,670 But Massachusetts actually has the lowest taxes of any state we’re talking about today, except Alaska, at about $3,500 a year. If you live in Maryland, you’ll probably nod in agreement when we tell you that your cost of living is massive. Housing: $22,314 We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Her work has been featured on major outlets including MSN Money, CNBC, and USA Today. Well, thank god we don’t have to live there. Just one kid a year in Alaska will cost you more than $10,000 a year – the third highest child care bill in the nation. No commissions, no origination fee, low rates. However, if you’re trying to keep up with the Jones’ in the DC metro area, you’re gonna be buying heels and suits all the time. Click here to get started by scanning the market for your best rate. 51. Living Wage: $64,668 Food costs are tied with Colorado as the most expensive – although I don’t know why more Californians don’t just eat burritos all damn day. More On Connecticut: Photos | Renteval(ez_write_tag([[580,400],'homesnacks_com-leader-2','ezslot_13',113,'0','0'])); Lordy, the cost of living in Connecticut is sky high! This is the second highest taxed state on today’s list, where the average family can expect to pay more than $5,000 a year in income taxes. Now if you live in Franklin County New York, you might as well be in Canada, but your cost of living needs would be fairly doable. Be prepared for sticker shock when becoming a homeowner. Taxes, and property taxes, are the highest in the nation, and since there’s a shortage in child care, you can expect to pay like $9,000 a year per kid! Living Wage: $62,413 At least, comfortably. Meaning that although they would get above market value for their existing house, it might not be enough to rebuy a house in the same state. Now, you don’t have to own a car in Alaska, but you’re gonna have to find some way to get around, right? If you decide to buy a home, the median cost is around $106,000. So, get ready to count your pennies and make a list of things you’re going to cut back on, as we begin our tour of America’s most expensive states. Hint: It's the most expensive house in New Jersey. Especially health care costs. These Are the 10 States Where It Costs the Most to Buy a ... home prices by state has revealed the value of a house can vary wildly ... to the most expensive third of houses in the state). To earn a decent living, and not have to ask family, friends, or the government for extra money, a family of four in Maryland needs just over $76,000 on average to survive. A simple dinner is $40 per person. Do you live in one of them? A family of 4 needs about $40 an hour between both working parents, to stay out of poverty. Whether you rent or own, you’ll pay somewhere around $10,000 a year, on average, for housing costs. The average monthly rent is above the state and national averages. Child Care: $10,438 And I don’t know very many nuclear medicine technologists. Not super comfy, but not in poverty. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. West Virginia. Vancouver, Canada, is home to the highest average home price in North America. I can’t imagine struggling to try and save money while getting $45k on a history major salary. That’s something that’s missing in all of the states mentioned in this video. Job wise, that means you’d be working as a small engine mechanic or a dental assistant. And for those playing at home, a living wage in the San Francisco Metro clocks in a staggering $81,795.eval(ez_write_tag([[728,90],'homesnacks_com-box-3','ezslot_5',105,'0','0'])); The most expensive state in America for 2020? You can unsubscribe at any time. Aug 18, 2018, 19:48 IST. In particular they look at the cost of the following items: They just updated their data at the begining of 2020, so we can take a fresh look at it. Housing: $17,409 Something that a lot of people forget when they argue that states like Illinois, California, New York and New Jersey are bad places to live, well yeah there are some downsides to living in those states, but what there are a lot of too is opportunity. Of course, many people in Alaska choose to rear their own kid at home. Obviously, the snobs in Aspen pay more than that – some people up here pay like $10,000 a month for their mortgages. Driving to anchorage is 41 miles but we do not have much traffic due to population. And gas is going to be the highest you’ll see in America. CNBC scored all 50 states … Young professionals in NYC have to eat ramen until they get their next paychecks. Those who are shopping for a home can make substantial savings on their home loans right now as mortgage rates have been hitting new record lows for weeks. Just don’t live in Trenton/Hamilton, Camden, or Newark. eval(ez_write_tag([[250,250],'homesnacks_com-mobile-leaderboard-1','ezslot_19',116,'0','0'])); To live a decent life in Colorado, mom and dad both need to bring in about $17.50 an hour each – or $73,000 yearly, combined. 1. On average, a Massachusettsian can expect to pay about $7,000 a year in health care costs, and about $16,000 a year in child care. Here are the top 10 most expensive places to buy a home in the US Published Wed, Apr 18 2018 11:31 AM EDT Updated Wed, Apr 18 2018 4:55 PM EDT Shawn M. Carter @shawncarterm Every other state’s most expensive city falls somewhere between that million-dollar difference; most fall somewhere in between. However, the good news: If you go to Coors Field in Denver, beer prices are the cheapest in all of America, at about $3 each. Specifically, this analysis uses their average required wage for two adults and one child in every states. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. Much of these commodity costs are because Hawaii is an island, and it costs a lot of money to get things there. The simplest explanation is its price. In California, unless one person is loaded, both mom and dad work, which means two cars and child care costs. Despite being the 17th most expensive place in the world to buy property, there has actually been a decline in Rome’s housing market in recent years. In Alaska, we have some good and bad news. Living Wage: $66,150 Kestrana +11. The key to becoming a homeowner in these high-cost states is to start saving for a home as soon as you can. For fun, if you have anything left at the end of the day, you could go to a $100 broadway show, $35 to get into the Bronx Zoo, or $32 to get to the top of the Empire State building. I lived in Virginia most of the population is in northern Virginia. If mom or dad is an epidemilogist, that would bring in enough dough. Living Wage: $62,598 According to NeighborhoodX, Hawaii is the most expensive state to buy a house, based on price per square foot. I live in Colorado. Those cost like $15. Taxes, housing costs and child care are all in the top 5 in the nation. So even though it might be 30% cheaper in Mississippi, I doubt anyone is going to be moving there from California. Check out our top picks of the best online savings accounts for December 2020. If you have kids at home, you need to make about $42.40 an hour. Now, 18 million jobs pay less than $10 an hour in America. A couple with two kids would have to make about $76,000 – or about a grand more a year than their New Jersey neighbors in order to live comfortably. If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already. You can probably make a guess as to a few of them right of the bat – they’re the places where child care costs are crippling, rent is through the roof, and even owning a car is a burden. Man, if this isn’t birth control advice, I don’t know what is.eval(ez_write_tag([[728,90],'homesnacks_com-large-leaderboard-2','ezslot_14',111,'0','0'])); A typical Massachusetts family would have to earn about $77,000 a year to eek out a living. Child Care: $698 To arrive at the findings, SmartAsset analyzed data from 48 states and Washington, D.C. (Delaware and Louisiana were not included due to incomplete data) related to property tax rate, median home prices, median listing price per square foot, home values and average closing costs. A gallon of milk is like $8. Now if you live out in the sticks, like about half of Virginia’s population, you can probably save money on clothing costs. Those are two of the least safe cities in the whole state, I know from experience. You can plan on a family of 4 spending ten grand, or about 900 a month, on food alone. In New York child care is $23,000 for two kids a year. As a marylander the state is rich the D.C suburbs are rich but western Maryland is poor I’m talking p**s poor it’s farms factorys hills whores and liquor stores it’s the kinda area where if you touch a man’s cigarettes he will probably kill you and I know this cuz I’m from western Maryland……i do love my state though. California has the most expensive houses by far ($449,100). Explore our picks of the best brokerage accounts for beginners for December 2020. Here in Jersey, the average cost in the big six – food, child care, cars, housing, medical and taxes are in the top 5 for every category.