A lot of people these days are unable to put money away for a rainy day because their paychecks barely cover their rent and bills. And in some states things are way worse than others.
A new report by gobankingrates.com looked at factors like housing costs, food expenditures, transportation expenses, utilities and healthcare to determine which states have more people living paycheck to paycheck, and while it may be paradise, Hawaii is probably the worst for your wallet.
Hawaii was named the state where most of its residents are likely to live paycheck to paycheck. While the state has the third highest median income in the U.S., the high cost of living is what put them at the top of the list. In fact, seven of the Top 10 states living paycheck to paycheck also have the Top 10 median incomes in America.
On the flipside, Minnesota is the state where people are least likely to live this way, thanks to its relatively high median household income (number six in the U.S.) and low cost of living.
The 10 States Where Americans Are Most Likely to Live Paycheck to Paycheck
- New York
- New Jersey
- Rhode Island
The 10 States Where Americans Are Least Likely to Live Paycheck to Paycheck
- North Dakota