West Virginia and Kansas had the lowest cost of living across all U.S. states, with composite costs being half of those found in Hawaii. This was according to a composite index that compares prices for various goods and services on a state-by-state basis. In West Virginia, the cost of living index amounted to **** — well below the national benchmark of 100. Virginia— which had an index value of ***** — was only slightly above that benchmark. Expensive places to live included Hawaii, Massachusetts, and California. Housing costs in the U.S. Housing is usually the highest expense in a household’s budget. In 2023, the average house sold for approximately ******* U.S. dollars, but house prices in the Northeast and West regions were significantly higher. Conversely, the South had some of the least expensive housing. In West Virginia, Mississippi, and Louisiana, the median price of the typical single-family home was less than ******* U.S. dollars. That makes living expenses in these states significantly lower than in states such as Hawaii and California, where housing is much pricier. What other expenses affect the cost of living? Utility costs such as electricity, natural gas, water, and internet also influence the cost of living. In Alaska, Hawaii, and Connecticut, the average monthly utility cost exceeded *** U.S. dollars. That was because of the significantly higher prices for electricity and natural gas in these states.

According to a recent study, Colombia had the lowest monthly cost of living in Latin America with 546 U.S. dollars needed for basic living. In contrast, four countries had a cost of living above one thousand dollars, Costa Rica, Chile, Panama and Uruguay. In 2022, the highest minimum wage in the region was recorded by Ecuador with 425 dollars per month.

Can Latin Americans survive on a minimum wage? Even if most countries in Latin America have instated laws to guarantee citizens a basic income, these minimum standards are often not enough to meet household needs. For instance, it was estimated that almost 22 million people in Mexico lacked basic housing services. Salary levels also vary greatly among Latin American economies. In 2022, the average net monthly salary in Brazil was lower than Ecuador's minimum wage.

What can a minimum wage afford in Latin America? Latin American real wages have generally risen in the past decade. However, consumers in this region still struggle to afford non-basic goods, such as tech products. Recent estimates reveal that, in order to buy an iPhone, Brazilian residents would have to work more than two months to be able to pay for it. A gaming console, on the other hand, could easily cost a Latin American worker several minimum wages.

In January 2025, apartment rents recorded an annual growth in most U.S. states. Nevertheless, the national average rent declined by about *** percent. West Virginia was the state with the largest rental increase, while Colorado measured the largest decline. California, one of the most expensive states to rent an apartment, such as California, saw an increase of about *** percent from the previous year. How much should you earn to afford to rent an apartment in different states in the U.S.? Both employment opportunities and the living costs vary widely across the country. In California, which is among the most competitive housing markets in the U.S., the hourly wage needed to afford a two-bedroom apartment rental was roughly ** U.S. dollars, more than twice higher than in North Carolina, Louisiana, or Michigan in 2024. When it comes to the median household income, on the other hand, California does not even make it in the top ten states. How much should you earn to afford a home in some of U.S. largest metros? In 2022, the annual salary needed to buy a median-priced home in the U.S. was ****** U.S. dollars. However, in some of the largest metropolitan areas in the United States, where housing prices are up to two or three times higher, homebuyers would have to earn more than 100,000 U.S. dollars to afford a home. In San Jose, which was the most expensive metro, the annual salary needed for a median-priced home was approximately ******* U.S. dollars.