9 States Where the Cost of Living Has Increased Most During Biden’s Presidency
Bonnie Cash / Pool via CNP / SplashNews.com / Bonnie Cash / Pool via CNP / SplashNews.com
While inflation has remained one of the biggest financial stories during President Joe Biden’s time in office, it seems to be worse in some places than others. With increased inflation, the cost of living becomes higher because more money is required to offset previous expenditures.
Read Next: How Much Money Is Needed To Be Considered Middle Class in Every State?
For You: 9 Things You Must Do To Grow Your Wealth in 2024
For example, housing prices have increased by 17.7% since Biden took office, making affordable housing difficult for the average American. If you’re in the middle of relocating, it’s ideal to know which states have had housing prices spike the most so you can make the most financially beneficial decision on where to move.
In light of this data, GOBankingRates found the states where the cost of living has increased the most during Biden’s presidency. Metrics for predicting and analyzing this data include the cost-of-living index change for singles, retired people and married couples with kids. The changes in value for each group helped to narrow down our list.
Here are the top states, in ascending order, where the cost of living has increased the most during Biden’s presidency.
Sean Pavone / Getty Images/iStockphoto
Maine
Cost-of-living (CoL) index change: 5.3
All change: $48
Retired index change: $42
Married couples with kids change: $66
Single change: $48
Born 1981-1997 change: $46
Learn More: What Is the Median Income for the Upper Middle Class in 2024?
Trending Now: These Are America’s Wealthiest Suburbs
Earning passive income doesn’t need to be difficult. You can start this week.
jeremyiswild / Getty Images
California
CoL index change: 7.5
All change: $51
Retired index change: $33
Married couples with kids change: $72
Single change: $55
Born 1981-1997 change: $57
Check Out: Here’s the Income Needed To Be in the Top 1% in All 50 States
DenisTangneyJr / Getty Images
Maryland
DenisTangneyJr / Getty Images/iStockphoto
South Dakota
CoL index change: 5.4
All change: $64
Retired index change: $53
Married couples with kids change: $88
Single change: $85
Born 1981-1997 change: $62
peeterv / Getty Images/iStockphoto
Mississippi
CoL index change: 3.7
All change: $64
Retired index change: $76
Married couples with kids change: $84
Single change: $47
Born 1981-1997 change: $50
ferrantraite / Getty Images
Virginia
CoL index change: 0.2
All change: $73
Retired index change: $63
Married couples with kids change: $102
Single change: $70
Born 1981-1997 change: $72
Find Out: Here’s What the US Minimum Wage Was the Year You Were Born
DianeBentleyRaymond / Getty Images
Montana
CoL index change: 5.4
All change: $87
Retired index change: $82
Married couples with kids change: $117
Single change: $99
Born 1981-1997 change: $98
Story continues
KingWu / Getty Images
Idaho
CoL index change: 2.1
All change: $87
Retired index change: $54
Married couples with kids change: $130
Single change: $97
Born 1981-1997 change: $100
OlegAlbinsky / Getty Images
Massachusetts
Cost-of-living (CoL) index change: 11.1
All change: $101
Retired index change: $98
Married couples with kids change: $123
Single change: $84
Born 1981-1997 change: $88
Methodology: For this study, GOBankingRates analyzed each state’s cost-of-living indexes as sourced from the Missouri Economic and Research Information Center for each quarter from Q1 2021 to Q1 2024. Using the cost-of-living indexes, the average expenditure monthly cost can be calculated by using the national average expenditure costs for different groups of people, including all residents, retired residents, married couples with kids, single residents, and residents born between 1981-1997, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey. The difference in average costs and overall indexes were recorded and sorted to find the cost of living in every state since Biden took over. All data was collected on and is up to date as of July 19th, 2024.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 9 States Where the Cost of Living Has Increased Most During Biden’s Presidency
#States #Cost #Living #Increased #Bidens #Presidency