It now costs more than $53,000 a year to live in Massachusetts, according to a new analysis that makes the Bay State the second most expensive in the country.
But offsetting the cost of living, at least on average, is the fact that Massachusetts has the highest average annual salary in the nation, according to the new Forbes Advisor study, published Monday.
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The high average annual salary is a benefit for residents of the commonwealth. But that money is being spent on expenses, like rent or buying a home, that amount to $53,860 per year.
Forbes Advisor defined the cost of living as the “average amount one can expect to spend on essential expenses while maintaining a reasonable lifestyle in a particular location during a specific period."
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Hawaii took the top spot for cost of living in the U.S., and other states in New England ranked high on the list as well — Connecticut, New Hampshire, Rhode Island and Vermont all came in the top 20.
The study also examined disposable income, which is based on salary and cost of living. Massachusetts came fifth in this category, at $26,470.
