We all need a certain amount of money each month to pay for normal living expenses, and in recent months this amount has become much higher. Whether at the pump or the grocery store, Americans are being hit with a serious case of sticker shock.
The consumer price index rose 8.5% annually in March, the largest increase since December 1981. Gasoline prices accounted for more than half of the cost increase, but the cost of groceries also increased by 10% over the previous year.
According to the family budget calculator published by the nonprofit Economic Policy think tank, an average family of four can expect their living expenses in 2022 to be $86,718. This model assumes a family of two adults and two children – aged four and eight – and a modest but adequate standard of living. Cost estimates include expenses for housing, food, childcare, transportation, health care, taxes, and other necessities.
In New Hampshire, the estimated cost of living for a family of four is $83,859 for 2022, lower than the national average and 22nd highest among states. Of all living expense categories, child care has the highest annual cost in New Hampshire, averaging $15,612 per year for a family of four, or 18.6% of annual expenses esteemed by the family.
The average cost of living for a family of four in the state highlights the financial challenges that many New Hampshire families face. According to five-year estimates from the U.S. Census Bureau’s American Community Survey, there are about 351,400 families living in the state, and about 13.8 percent of them earn less than $40,000 a year.
|Rank||State||Avg. living expenses for a family of 4 in 2022 ($)||Most expensive cost of living category||East. cost of the most expensive category, 2022 ($)||Families earning less than $40,000 per year (%)|
|1||New York||112,751||child care||31,874||21.8|
|3||Massachusetts||109 184||child care||26,377||16.1|
|5||New Jersey||97,717||child care||20,144||16.6|
|11||Colorado||92 197||child care||19,418||16.3|
|17||Illinois||86 153||child care||18,131||20.1|
|18||West Virginia||85,913||Health care||24,483||30.6|
|21||Rhode Island||84,019||child care||18,589||19.4|
|22||New Hampshire||83,859||child care||15,612||13.8|
|23||Pennsylvania||83 813||child care||19,039||20.7|
|24||Maine||83,440||Health care||15 101||21.5|
|28||Utah||80,653||child care||16 111||16.2|
|29||North Dakota||80,475||child care||20,541||17.5|
|31||Indiana||79,612||child care||18 107||22.8|
|32||Kansas||79 124||Health care||16,767||20.5|
|34||South Dakota||78,824||Health care||19,489||20.5|
|35||North Carolina||78,686||Health care||15,361||25.8|
|38||Georgia||78 192||Health care||15,341||25.1|
|42||Missouri||75,570||Health care||16 101||23.6|
|44||Tennessee||74 197||Health care||14,990||26.6|
|47||New Mexico||72,948||child care||14,800||31.2|
|48||Caroline from the south||72,542||Health care||14,677||26.7|
|50||Mississippi||70 116||Health care||17,460||33.3|