The Aloha State also has much higher utilities and grocery costs.One silver lining is insurance costs. Beautiful weather usually means fewer weather-related home insurance claims.So, insurers consider houses in Hawaii low risk compared to places like Louisiana and Florida, which often get hit by major hurricanes. It probably matters to your employees. If you're considering moving to another town or city you may be wondering what salary you'd need to maintain your standard of living in the new location. Remember -- Texas is a vast state. This data was compiled by The value of a dollar captures how much your dollar is worth in the state. Cost of living data can vary depending on what factors are analyzed (e.g., housing) and who conducts the study. Hawaii has about average auto rates and well below average home insurance costs. You’ll likely pay more for coverage in The Sunshine State than elsewhere. The national average is 100, so when you look at a place’s COL Index you can instantly see how much more or less you’ll have to pay to live there. Data source: ACCRA High Yield Checking and Savings Account Rates Also, “%Up/down national” represents how much higher and lower a state is compared to the national average.Hawaii is the most expensive place to live in the U.S. One of the biggest factors in an area’s cost of living is housing costs. It also provides a salary you’ll need to maintain your current standard of living.Knowing what you’ll need to earn to maintain your lifestyle gives you critical information to see if it’s worth it to move to that area.The calculator can also help if you’re looking to retire. Instead, dig deeper into the numbers to gauge specific regional costs.Mississippi is the cheapest state in terms of cost of living. Cost of labor is an important factor that goes into our Cost of living data can vary depending on what factors are analyzed (e.g., housing) and who conducts the study.Our chart below lists the following critical cost of living information:The mean wages represent the average wages employees working in the state earn per year. But why should your business be concerned with it?Let’s name a few big reasons why the cost of living is important to your Don’t care about a locality’s cost of living? However, areas in upstate New York are much more affordable. The higher the cost of living in a state, the harder it is for people of similar means with those in other states to make ends meet. This data is from May 2019.As you’re looking at the chart, keep in mind that states with a higher mean wage, higher monthly rent, and lower value of a dollar tend to have a higher cost of living.If you just want the scoop on which states have the lowest and highest cost of living, we’ve got you covered.Take a look at the states ranked by cost of living (from lowest to highest) for 2018, according to You might be wondering if there are any tools you can use to readily calculate the cost of living in one state versus another. Auto insurance also costs more. Housing (68.4) is the country's cheapest. If you live in El Paso, you’ll likely pay lower home insurance rates than if you lived in Houston or Galveston, which can feel the brunt of hurricanes. The more congested Northeast isn’t immune to substantial cost of living shifts either. Parts of Manhattan are often the most expensive places to live in the U.S.Much like with Texas and California, you’ll want to dig deeper into the costs for specific areas when deciding on a move to New York. If that’s the case, you may struggle to create accurate budgets, set reasonable employee salaries, and establish a fair pricing model that customers want to buy from.Businesses that don’t put in the time to research all possible expenses may find themselves dipping into Not to mention, knowing a city’s cost of living can help you decide where to start your business. In essence, it’s what it costs to live. The cost of living is all of your expenses, including homes, groceries, utilities and insurance. And if you are wondering it, you’re in luck—there are a number of tools you can use.Here’s a list of websites that have a cost of living calculator:You can use cost of living calculators to see how far a dollar will go in two different cities. Gauging an area’s cost of living is a crucial factor when figuring out where to live.In a recent Insure.com survey of 502 people, we asked respondents what’s most important when moving to a new area. When asked for their biggest motivation to move to a higher cost of living area, respondents went with a higher salary:Eleven percent said they wouldn’t move to a higher-cost area regardless.The cost of living is especially important when switching jobs. If the value of a dollar drops below $1, then it does not go as far in that state. Why?