Hawaii is the most expensive state to live in as inflation surges

HONOLULU (KHON2) — Inflation in the United States is at a 40-year high as prices for gas, food and rent continue to surge. While every state is experiencing rising costs, there are some places that are more affordable than others, where working families can get more bang for their buck.

CNBC released their exclusive America’s Top States for Business study on Thursday, July 14, which ranks states based on an index of prices for a broad range of goods and services.

Hawaii was ranked the most expensive state to live in as inflation keeps rising. No surprise there. Prices typically double those on the mainland when it comes to finding a place to live, and it’s just as expensive to eat. Bananas are twice as expensive as they are in Pueblo, Colorado, and a visit to the doctor’s office will cost 65% more than in Orlando, Florida.

Here’s the list of America’s 10 most expensive states to live in:

#1 HAWAII

• 2022 Cost of Living Score: 1 out of 50 points (Top States Grade: F)
• Consumer Price Index (May, Honolulu Area): UP 7%
• Average Home Price (Honolulu): $1,399,439
• Half Gallon of Milk: $3.92
• Monthly Energy Bill: $369.53

#2 NEW YORK

• 2022 Cost of Living Score: 2 out of 50 points (Top States Grade: F)
• Consumer Price Index (New York-Newark-Jersey City): UP 6.3%
• Average Home Price (Manhattan): $2,354,006
• Half Gallon of Milk: $2.84
• Monthly Energy Bill: $174.72

#3 CALIFORNIA

• 2022 Cost of Living Score: 3 out of 50 points (Top States Grade: F)
• Consumer Price Index (May, West Region): UP 8.3%
• Average Home Price (San Francisco): $1,396,782
• Half Gallon of Milk: $2.55
• Monthly Energy Bill: $266.44

#4 MASSACHUSETTS

• 2022 Cost of Living Score: 4 out of 50 points (Top States Grade: F)
• Consumer Price Index (May, Boston-Cambridge-Newton Area): UP 7.5%
• Average Home Price (Boston): $815,930
• Half Gallon of Milk: $3.07
• Monthly Energy Bill: $233.39

#5 OREGON

• 2022 Cost of Living Score: 5 out of 50 points (Top States Grade: F)
• Consumer Price Index (May, West Region): UP 8.3%
• Average Home Price (Portland): $628,508
• Half Gallon of Milk: $2.61
• Monthly Energy Bill: $148.23

#6 ALASKA

• 2022 Cost of Living Score: 6 out of 50 points (Top States Grade: F)
• Consumer Price Index (April, Anchorage Area): UP 7.5%
• Average Home Price (Juneau): $599,131
• Half Gallon of Milk: $3.36
• Monthly Energy Bill: $275.04

#7 MARYLAND

• 2022 Cost of Living Score: 7 out of 50 points (Top States Grade: F)
• Consumer Price Index (May, Washington-Arlington-Alexandria Area): UP 7.5%
• Average Home Price (Bethesda-Gaithersburg-Frederick): $897,311
• Half Gallon of Milk: $2.49
• Monthly Energy Bill: $180.30

#8 CONNECTICUT

• 2022 Cost of Living Score: 8 out of 50 points (Top States Grade: F)
• Consumer Price Index (May, New England Division): UP 7.9%
• Average Home Price (Stamford): $653,962
• Half Gallon of Milk: $3.43
• Monthly Energy Bill: $281.85

#9 RHODE ISLAND

• 2022 Cost of Living Score: 9 out of 50 points (Top States Grade: F)
• Consumer Price Index (May, New England Division): UP 7.9%
• Average Home Price (Providence-Warwick): $436,045
• Half Gallon of Milk: $2.62
• Monthly Energy Bill: $251.32

#10 VERMONT

• 2022 Cost of Living Score: 10 out of 50 points (Top States Grade: F)
• Consumer Price Index (May, New England Division): UP 7.9%
• Average Home Price (Burlington): $546,522
• Half Gallon of Milk: $3.34
• Monthly Energy Bill: $233.39

And here’s the list of America’s 10 most cheapest states to live in:

#1 MISSISSIPPI

• 2022 Cost of Living Score: 50 out of 50 points (Top States Grade: A+)
• Consumer Price Index (May, South Region): Up 9.2%
• Average home price (Meridian): $305,417
• Half gallon of milk: $2.03
• Monthly energy bill: $160.90

#2 KANSAS

• 2022 Cost of Living Score: 49 out of 50 points (Top States Grade: A+)
• Consumer Price Index (May, Midwest Region): Up 8.8%
• Average home price (Manhattan) $350,219
• Half gallon of milk: $1.82
• Monthly energy bill: $173.50

#3 ALABAMA

• 2022 Cost of Living Score: 48 out of 50 points (Top States Grade: A+)
• Consumer Price Index (May, South Region): Up 9.2%
• Average home price (Birmingham): $334,577
• Half gallon of milk: $2.06
• Monthly energy bill: $176.43

#4 GEORGIA

• 2022 Cost of Living Score: 47 out of 50 points (Top States Grade: A+)
• Consumer Price Index (May, South Region): Up 9.2%
• Average home price (Atlanta): $449,444
• Half gallon of milk: $1.66
• Monthly energy bill: $122.51

#5 TENNESSEE

• 2022 Cost of Living Score: 46 out of 50 points (Top States Grade: A)
• Consumer Price Index (May, South Region): Up 9.2%
• Average home price (Chattanooga): $357,465
• Half gallon of milk: $2.19
• Monthly energy bill: $134.42

#6 MISSOURI

• 2022 Cost of Living Score: 45 out of 50 points (Top States Grade: A)
• Consumer Price Index (May, Midwest Region): Up 8.8%
• Average home price (Columbia): $382,188
• Half gallon of milk: $2.24
• Monthly energy bill: $161.78

#7 IOWA

• 2022 Cost of Living Score: 44 out of 50 points (Top States Grade: A)
• Consumer Price Index (May, Midwest Region): Up 8.8%
• Average home price (Ames): $401,052
• Half gallon of milk: $2.29
• Monthly energy bill: $148.81

#8 WEST VIRGINIA

• 2022 Cost of Living Score: 43 out of 50 points (Top States Grade: A-)
• Consumer Price Index (May, South Region): Up 9.2%
• Average home price (Morgantown): $329,832
• Half gallon of milk: $2.41
• Monthly energy bill: $142.65

#9 INDIANA

• 2022 Cost of Living Score: 42 out of 50 points (Top States Grade: A-)
• Consumer Price Index (May, Midwest Region): Up 8.8%
• Average home price (Bloomington): $408,649
• Half gallon of milk: $2.00
• Monthly energy bill: $161.50

#10 ARKANSAS

• 2022 Cost of Living Score: 41 out of 50 points (Top States Grade: A-)
• Consumer Price Index (May, South Region): Up 9.2%
• Average home price (Hot Springs): $390,814
• Half gallon of milk: $1.89
• Monthly energy bill: $152.49

CNBC’s study is based on an index of prices for a broad range of goods and services. They have also included the current regional inflation rate year-over-year from the U.S. Bureau of Labor Statistics.