LOS ANGELES, Oct. 19 (Xinhua) -- The cost of living is greater than median income in 42 states of the United States, with Hawaii the least affordable state in the country, local ABC news channel reported Friday.
The report was based on a new analysis conducted by GoBankingRates early this week, in which the personal financing consultant company compared idealized cost of living and median income in reality in every state.
The cost-of-living of every state is calculated by the popular 50-30-20 budgeting rule, meaning a household budget should includes 50 percent of income for bills, 30 percent for discretionary spending and 20 percent for savings.
However, the analysis found that living by the 50-30-20 budget is impossible in most states if a resident just earn the median household income.
In Virginia, Utah, Wyoming, Minnesota, New Jersey, New Hampshire, Illinois and Colorado, people can get by on the median income and still have some money left.
But in Hawaii, the most expensive state to live in, the cost of living every year for a household of one to two is as high as 111,892 U.S. dollars and the median income there is 71,977 dollars.
Oregon is the second-most unaffordable state, with the average cost of living at 84,685 dollars and median income at 53,270 dollars. The third is California with a 63,783 dollars median income and an 84,685 dollars cost of living.
The other among the top five least affordable states are New York and Maine.
Slow wage growth, inflation and expensive housing are some of the leading factors making most of U.S. states unaffordable, according to the analysis.
