Inflation has loosened its grip considerably from a high of more than 9% in the wake of the pandemic. The first monthly decline since May 2020 in the June CPI reflects the progress bringing down prices. But it is still holding onto Americans' wallets, and in some places tighter than others.
The cost of living can vary widely from state to state. Not only does that affect everyone's family budget, but it is affects companies' decisions about where to locate. Setting up shop in a place where people's dollars go further can be a great way to attract employees and customers.
That is why CNBC considers cost of living in determining America's Top States for Business — our annual study of state competitiveness. Under our 2024 methodology , We rate the states based on an index of prices for a broad range of goods and services calculated by the Council for Community and Economic Research, C2ER. We also consider housing affordability, which is still an issue across the country.
And, new in 2024, with a growing insurance crisis, we consider the cost to insure a median-priced home based on the most recent available data. In some states, life is a relative bargain . But not in these states.
Here are America's ten most expensive states, along with the cost of some basic items in their most expensive metro areas. 10. Utah View of colorful houses in downtown Park City, best known as a mountain ski resort in the western United States located 32 miles east of Salt Lake City.
Wolfgang Kaehler.