Naturally, these living expenses vary greatly between states, thus it's critical to look at cost of living indices to help comprehend and clarify these variations. The average annual cost of all consumer goods in 2020 was $61,334. $7,317 was spent by American households on food, $9,826 on transportation, $2,838 on costs associated with their homes, $5,177 on medical care, and $2,912 on entertainment. The index for all commodities, except food and energy, increased by 5.9% in July 2022. Let's fast-forward to May 2022. The food index increased by 1.2% after increasing by 0.9% the previous month. The food index value most recently reached 10.9% as of July of this year (2022). The home food index increased by 1.4% in May 2022 and by at least 1.0% for six consecutive months. Surprisingly, with an increase of 11.9% from the prior year, the home food index has had its highest substantial 12-month climb since April 1979.
The electricity index rose 12.0%, which is the largest 12-month increase since August 2006 for the index. Additionally, the natural gas index increased by 30.2% over the previous year, which is the highest increase since July 2008. The fact that the airline ticket price index has also increased by 37.8% is therefore not surprising.
With a cost of living index of 192.7, Hawaii has the highest cost of living among the states in the US. The cost of living in Hawaii is almost twice as high as the US average. With a cost of living index of 158.8, the District of Columbia is the second-most costly state in the U.S.
Cities Cost of Living and Average Prices API
Access to information on the cost of living and average prices of products and services in cities all over the world is made possible through the Cost of Living and Average Prices by City API. It contains details on a variety of costs, such as housing, food, transportation, and entertainment, as well as information on typical earnings and spending power.
Users can use this API to compare the cost of living in various places and decide where to live or do business after doing their research. It contains information on the typical costs of a wide range of products and services, including food, clothing, healthcare, and education. It also provides details on the typical cost of housing in each location, including rent and mortgage payments.
If you or your organization is thinking about moving to a new city, or if your company is considering expanding to a new site, you may use this Cities API to get the information you need. Additionally, it can be used by academics and journalists to research patterns in the cost of living and how it differs between different geographical areas.
