(Daily Mail) Families are facing unprecedented pressures on their household budgets amid high interest rates and rampant inflation.
But it appears some states are faring much worse than others. A new study by digital health service Now Patient has exposed the huge disparities in the cost of livingbetween states by analyzing everything from the average cost of groceries, health insurance, gym memberships and even funerals.
Unsurprisingly, New York came out as the most expensive place to live, with residents spending $482.87 a month on groceries, $776 on medical insurance and $10,335 on a standard funeral.
The second most expensive state is Alaska, where the average cost of health insurance is $822 a month, followed by Vermont, Hawaii and Massachusetts in fifth place.
Meanwhile Arkansas was deemed to be the cheapest as the average monthly cost of groceries is $282.46 per person, the typical health insurance plan is $456 a month – and a funeral costs $6,800.
According to a new study by digital health service Now Patient, New York is the most expensive state in the country to live in – where the average funeral costs $10,355
According to the study, Hawaii is the most expensive state for both funeral costs and the monthly price of groceries per person – at $15,203 and $556.76 respectively.
At the other end of the scale is New Hampshire, where the average cost of groceries per person is $183.
New Hampshire also has the lowest average health insurance costs, according to Now Patient, at $372, whereas Wyoming has the highest at $882 a month.
Rounding out the top five of the most expensive states is Massachusetts, where costs tended to be fairly high in all the categories.
The average funeral is $10,270, monthly groceries are $406.21, the typical health insurance is $553 a month, and a gym membership will set residents back $28.50 a month.
New York residents are routinely spending $482.87 a month on groceries, and $776 on medical insurance, according to the study
Now Patient analyzed a range of factors to determine which states have the highest living costs. This included groceries, health insurance and funerals – and the average price of a gallon of gas and a gym membership
Across the US, North Dakota has the most expensive monthly gym membership – at $33.20 – while the cheapest place to get fit is Utah, where the average membership is just $20.60 per month.
It comes as the annual rate of inflation ticked up modestly last month to 3.2 percent, rising slightly in July from June’s 3 percent annual increase.
While it is markedly lower than highs of 9 percent last year, consumers are still feeling the pinch of higher costs across the board.
Analysis from Moody’s Analytics found inflation is forcing Americans to spend $709 more per month on everyday goods and services compared to two years ago.
For the first time in history, America’s credit card debt has broken the $1 trillion barrier, according to Federal Reserve data.
Credit card balances rose by $45 billion in the second quarter of the year, as interest rates – which recently reached their highest point since 2001 – continue to squeeze households.
