States that are particularly unaffordable may be so for a few reasons, including supply and demand (there is a serious housing shortage across the country) and the cost of gasoline, which is more expensive to import in some states than others.
And yet, the cost of living in a state isn’t always tied to how much wealth a state has. States generate wealth based on their respective economies, and their robustness (or lack thereof).
A blog by The USA Leaders revealed the 7 richest states in America, highlighting the key factors driving each state’s respective wealth, along with GDP per capita and population. GOBankingRates then looked at how much it costs to live in each of these states (relative to the national average), using data from RentCafe .
Here’s a quick breakdown of the results along with just how expensive each state is compared to the national average.
Sean Pavone / Getty Images/iStockphoto
Ohio
GDP in 2024: $872.748 billion
GDP per capita: $74,050
Population: 11.73 million
Key factors driving wealth: Manufacturing, trade, healthcare and education
Cost of living : 8% lower than the national average
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