Does a high-cost lifestyle mean better living, or just a bigger price tag?

Answer:

1. Hawaii
2. Massachusetts
3. California

 Note: District of Columbia is #2 but is not a state

Questions:

• What do you think is more important: living in a high-cost state with potentially more opportunities or saving for long-term financial security elsewhere?
• How does a high cost of living affect the diversity of income levels and backgrounds in a community?
• How does the cost of living affect what people consider to be a “good” salary?

Here are the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (World Population Review): 

"Hawaii's cost of living index is 193.3, the highest in the nation, meaning the cost of living in the state is almost twice the average. The state is also the most expensive in the U.S. across all metrics except healthcare. Hawaii's housing costs are three times the national average, with a typical single-family home averaging $730,511. Renters pay an average of $2,399 for a two-bedroom apartment in the state. Groceries also cost 50% more than the national average, as most goods have to be shipped to the island.

Despite the high cost of living, however, Hawaii has one of the country's lowest poverty rates. While the living wage for a Hawaiian family is $107,702 a year, the median income for a family of four is $118,223."

About the Author

Dave Martin

Dave joins NGPF with 15 years of teaching experience in math and computer science. After joining the New York City Teaching Fellows program and earning a Master's degree in Education from Pace University, his teaching career has taken him to New York, New Jersey and a summer in the north of Ghana. Dave firmly believes that financial literacy is vital to creating well-rounded students that are prepared for a complex and highly competitive world. During what free time two young daughters will allow, Dave enjoys video games, Dungeons & Dragons, cooking, gardening, and taking naps.