Families are facing unprecedented pressures on their household budgets amid high interest rates and soaring inflation.
But it seems that some states are in a much worse situation than others. A new study from digital health service Now Patient has revealed the huge disparities in the cost of living between states by analyzing everything from the average cost of groceries, health insurance, gym memberships and even funerals.
Unsurprisingly, New York turned out to be the most expensive place to live, with residents spending $482.87 a month on groceries, $776 on medical insurance and $10,335 on standard funerals.
The second most expensive state is Alaska, where the average cost of health insurance is $822 per month, followed by Vermont, Hawaii and Massachusetts in fifth place.
Meanwhile, Arkansas was considered the cheapest since the average monthly cost of groceries is $282.46 per person, the typical health insurance plan is $456 per month – and funerals cost $6,800.
New York is the most expensive state in the country to live in – where funerals cost an average of $10,355, according to a new study from digital health service Now Patient.
In Vermont, the third most expensive state in the United States, a standard health insurance plan will cost you $760, groceries typically cost $497.41 per month, and the average funeral costs $8,984.
According to the study, Hawaii is the most expensive state for both funeral costs and the monthly price of groceries per person – at $15,203 and $556.76 respectively.
At the other end of the scale is New Hampshire, where the average cost of groceries per person is $183.
New Hampshire also has the lowest average health insurance costs, according to Now Patient, at $372, while Wyoming has the highest cost, at $882 per month.
Massachusetts rounds out the top five most expensive states, where costs tend to be quite high in all categories.
The average funeral is $10,270, monthly errands are $406.21, typical health insurance is $553 per month, and a gym membership will cost residents $28.50 per month.
New York residents regularly spend $482.87 a month on groceries and $776 on medical insurance, the study found.
Now Patient analyzed a range of factors to determine which states have the highest cost of living. This included groceries, health insurance and funerals – as well as the average price of a gallon of gas and a gym membership.
In the United States, North Dakota has the most expensive monthly gym membership – at $33.20 – while the cheapest place to get in shape is the Utah, where the average subscription is only $20.60 per month.
This comes as the annual rate of inflation rose slightly last month to 3.2 percent, up slightly in July from June’s 3 percent annual increase.
Although this figure is significantly lower than last year’s high of 9%, consumers are still feeling the impact of rising costs across the board.
Analysis by Moody’s Analytics reveals that inflation is forcing Americans to spend $709 more per month on everyday goods and services than two years ago.
For the first time in history, America credit card debt has crossed the $1 trillion mark, according to data from the Federal Reserve.
Credit card balances rose by $45 billion in the second quarter of the year as interest rates – which recently hit their highest level since 2001 – continue to weigh on households.
US credit card debt crossed the $1 trillion mark for the first time in history, according to Fed data.
Earlier this month, a prominent economist warned that now is the time for Americans to “hunker down” and “watch” their spending.
“Save your pennies, because unfortunately the economic outlook is going to get worse before it gets better,” said Nancy Lazar, chief global economist at investment firm Piper Sandler. Fox News digital.
“Be conservative, watch your credit cards. Now is the time to curl up and try to hold on to your savings rather than take on more debt.