- Hawaii is the state with the highest household spending, with 21.82% of the average person’s outgoings going toward housing and utility
- Colorado and Nevada take second and third, respectively
New research has revealed the states with the highest household spending, with Hawaii coming out on top.
The study conducted by Texas real estate experts TexasRealEstateSource.com examined personal spending data from the Bureau of Economic Analysis to see in which states residents were spending more on housing and utilities.
It found that Hawaii has the highest household spending of any state. Around 21.82% of Hawaii residents’ outgoings go towards housing and utility. Of the average personal outgoing $49,155 in the state, $10,724 is spent on housing and utilities.
Second place goes to Colorado, where around 19.573% of personal expenditure goes toward housing and utilities. Of the average personal expenditure of $53,374, $10,447 goes toward household spending.
Coming in third place is the Western state of Nevada, where on average, $8,772 of the average personal expenditure of $44,831 goes towards housing and utilities, which is roughly 19.567%.
Fourth place goes to Maryland, where 19.28% of the average personal expenditure is for housing and utilities. This is due to $9,378 of the average personal expenditure of $48,650 being used for household spending.
Rounding out the top five is the Pacific Northwest state of Washington, where of the average personal expenditure, which is $51,751, around $9,930, or 19.19%, goes towards housing and utilities.
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Commenting on the findings, a spokesperson for TexasRealEstateSource said: “It’s interesting to see how when looking at this data, Hawaii is nearly two percentage points higher than Colorado in second place. While the state has a lower total personal expenditure compared to other entries, the higher household spending could mean there’s less maneuverability when it comes to budgeting, which is an essential thing to consider with the current cost of living.”
Author: Lee Beardsley, Journal Research, texasrealestatesource.com
Source: Bureau of Economic Analysis, Per Capita Personal Consumption Expenditures, by State and Region for Select Categories, 2021