How long does $1M last in Virginia and North Carolina?

PORTSMOUTH, Va. (WAVY) — Many people dream of being a millionaire or winning that million dollar lottery ticket, but how far does $1 million actually get you?

If you’re looking to retire, Hawaii or New York may not be the best financial choice. Hawaii has the highest annual expenses on average and $1 million most likely won’t even cover expenses for 15 years, according to research done by GoBankingRates.

In Virginia, the annual groceries is $4,826, annual housing cost $12,347, utilities cost $4,359, annual transportation cost $4,577 and annual healthcare cost: $7,676.

This brings that total annual costs for Virginians, on average, to $58,627. This means that $1 million will last in savings for 17 years and 22 days.

North Carolina fares a little better with total costs on average being around $55,621 which would last around 17 years, 11 months and 23 days.

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