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The CNBC report, which was published on Friday, July 12, used an index of prices for a broad range of goods and services, which was calculated by the Council for Community and Economic Research (C2ER), alongside housing affordability and the cost to insure a median-priced home, to determine the list of spendy states.
New York, which ranked in ninth place (tied with Florida, Rhode Island, and Washington), earned a grade of D- from CNBC’s “Top States for Business 2024” list when it comes to cost of living.
With the average home price in Manhattan coming out to over $2.6 million, the annual statewide homeowner’s insurance sitting at $1,498, and the Consumer Price Index (CPI) up 3.8 percent, the outlet said the Empire State earned its nearly last place spot because “it can cost a king’s ransom to make ends meet” there.
According to the outlet, a burger will cost twice as much in Manhattan as it would in Las Vegas, whereas housing is 10 times more expensive than in Scranton, Pennsylvania only a couple of hours away.
Massachusetts, for its part, fared worse in the ranking.
Landing in third place, the state is tied with Hawaii when it comes to the cost of living — and while the island state requires all goods to be shipped from elsewhere, CBNC says Massachusetts “is just plain expensive.”
Though the average home price in Boston is $960,671 (much lower than Manhattan’s), the news outlet reported that the average two-bedroom apartment rents for $4,000 a month, the annual statewide homeowner’s insurance averages $2,226, and the average electricity bill costs over $300, leading to the state’s F grade when it comes to the cost of living.
Though the Bay State pays the highest wages in the nation, goods and services still are quite costly.
For example, CNBC claimed a men’s haircut in Massachusetts will cost around $43, which is twice the going rate in places like Louisiana.
To see the full list of the top 10 most expensive states, click here.
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