The United States is a massive piece of land that is divided into almost 50 states. Each state within a country differs from the other in several aspects, and one significant aspect out of all these happens to be expenditure.

Several states are far more expensive than the others, while there are smaller states where you can spend enough and manage to save, too. If you are someone who wants to gain more insight on this and was wondering what the best and worst states in the United States are to live in when it comes to saving money, then this article has got you covered.

What are the Worst States when it Comes to Saving Money?

Here is a list of the top five worst states to live in the United States when it comes to saving money:

Hawaii

If you're asked about the worst state that you believe is in the United States to live in terms of saving money, we are sure Hawaii may not be the first one that you'd name. However, while you may not think of it as the top worst state in terms of savings, it doesn't mean it is not.

This particular state has shown the highest debt-to-income in the third quarter of 20233. Moreover, it was also noticed that this state ranked number eight when it came to food scarcity. All this added to the average income spent on housing and the high housing expense within the country; it is not difficult to determine that the residents of this State may be having a hard time making ends meet.

California

Moving onto number two, we have California on our list. The state is deemed the second-worst for saving money due to its high cost of living. In 2021, this Golden State averaged 25.58% of the incoming housing, which was the highest in the entire nation. The primary reason behind this happened to be the expensive real estate market in the state that is fueled by high demand and limited supply. Moreover, almost 50% of the state residents are renters, which adds to the cost of living in the State.

Maryland

While we won't deny that Maryland offers high-income jobs, we also cannot deny that the cost of living in this state is expensive, which, added to the tax burden it holds, makes it challenging for people to save much or attain any form of financial sustainability.

The state, out of all the 50 states, holds the seventh-highest cost of living. Moreover, Maryland residents also hold the third highest debt-to-income ratio. This means people have more debt to pay off than they have an average income coming in.

New York

The fourth on our list is a pretty obvious state when it comes to forms of saving. New York, the city of lights, while intrigued people with the versatility and sights it has to offer, we cannot deny that it can also empty their pockets equally well. The Empire State holds the fifth-highest cost of living in the country, and the state's sky-high housing costs can quickly put a dent in any resident's wallet. Hence, with a significant amount of income going into rent and housing, followed by the grocery runs and other essentials, it is not hard to decipher that this State might now allow you to save much

New Jersey

New Jersey is the last on our top five of the list. The Garden State is a great place to enjoy the outdoors, but it also is one of the worst states to make a living in. However, like the above states, it is not just the cost of living that makes it challenging for users to live here, but also the property tax is what adds up in the picture here.

What are the Best States in the United States when it Comes to Saving?

Here is a list of the best states in the states when it comes to saving money:

North Dakota

The best state on the list when it comes to saving money is undeniably North Dakota. Not only did this state report to hold the third lowest debt-to-income ratio in the last third quarter of 2022, but it also has the second lowest percentage when it comes to expenditures for rent and housing costs.

South Dakota

After North Dakota comes on our list, it's a sister state that provides the same financial advantages to its residents living on the other side; one primary reason why South Dakota might be a great place to live is because of its low housing cost. The state allows its residents to enjoy comparatively cheaper and more affordable housing payments, as a result of which they have a significant amount of money left to bear their other expenses and save some, too.

West Virginia

The pandemic might have put a tad bit of strain on the economy of this state two or three years ago, but that doesn't deny the fact that West Virginia is still one of the best states to live in when it comes to saving money. The mountain state has the lowest percentage of housing costs, which helps residents save their hard-earned money with ease. Moreover, it also has an effective tax rate and low real estate taxes.

Missouri

Landing fourth on our list is the Show-me state Missouri. The state ranks number six when it comes to the lowest nationwide cost of living, which makes it a great place to live for those who are trying to save money.

Moreover, the residents within this state have to bear lower housing costs, which adds to the reasons why it is a great place to live when saving money.

Ohio

The last on our list is Ohio. The third quarter of 2022 showed that the state ranked sixth when it came to its resident's debt-to-income ratio. This means that the residents within this state have to pay a low amount of debt when compared with their overall income.

Moreover, the housing cost in this state is lower compared to many other states in the United States as well.

Wrapping Up!

If you were wondering about the best and worst states to live in the United States, then we hope this article was helpful. Let us know where you live and what the saving conditions within that area are.