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In recent years, inflation has put pressure on household budgets across the country, making it difficult to get ahead financially . But rising prices have impacted residents of some states more than others.
Researchers at National Business Capital ran the numbers to determine which states are feeling the brunt of today’s bout of inflation. In addition to looking at the rising costs for different goods and services, the study considers metrics that indicate how much difficulty residents are having when paying their bills.
Here are the top 10 states where inflation is hitting the hardest, with scores based on a scale of zero to 100.
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10. Oklahoma
Score : 64.2
Oklahoma residents are feeling the pressure of higher costs. Credit card delinquencies are well above the national average, and a whopping 42% of residents say they struggle to pay bills.
Own a car? Here's 7 warning signs you're paying too much for car insurance. 9. Alaska
Score : 65.4
Alaska residents increased their personal expenditures by 5.7% between 2021 and 2022, which represents the largest increase in the country.
8. Hawaii
Score : 66.2
Residents of Hawaii saw the second-biggest increase in prices in the country between 2021 and 2022. However, the good news is that residents have a relatively low rate of credit card delinquencies.
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7. South Carolina
Score : 66.6
More than one-third — 39% — of South Carolina adults said they struggled to meet expenses early in 2024. Additionally, the Palmetto State ranks just outside the top 10 states for credit card delinquency rates.
6. Louisiana
Score : 66.8
Louisiana has a high rate of credit card delinquencies. While Bayou State residents didn’t significantly increase their personal consumption, real personal income fell by more than 6%.
5. Texas
Score : 67.8
Texas ranked in the top 10 states for high credit card delinquency rates, which suggests residents are struggling to keep up with rising expenses. In fact, 11% of Lone Star State residents are underwater on their credit cards.
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Score : 70.9
Georgia residents saw their real income fall 4.5% during the study period, which could be why many households are in financial distress. As prices continue to increase, the pinch might get worse.
3. Florida
Score : 72.3
Florida residents are struggling, with high credit card delinquency rates and 38% of adults having trouble paying for expenses.
2. New York
Score : 76.3
New York residents saw one of the biggest increases in prices from 2021 to 2022. When coupled with a loss of real income by almost 6%, it’s not surprising that 37% of New York adults struggle to pay for expenses.
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1. California
Score : 82.9
California is home to many of the most expensive cities in the country. Between 2021 and 2022, prices rose more in the Golden State than anywhere else, while real personal incomes dipped 6.9%.
Bottom line
Inflation stings everyone, but residents of some states feel the pain more than others. As you push to keep up with higher costs, one strategy is to supplement your income with a side hustle.
If you are considering a move, take costs into account before jumping in. You might want to consider heading to an area where inflation isn’t as prevalent.
Money tips that can work for everyone
No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.
Focus on paying off your debt. Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.
Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.
Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).
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