Hawaii leads most expensive states in US; New York slips to 3rd position

The latest rankings on most expensive states in the US reveal that New York is no more the most expensive place in America. The Aloha State (Hawaii became Aloha State officially by 1959 Legislative Act) moved up to the top position in the list of most expensive state in the US for first quarter of 2015 from second most expensive state status in 2014.

New York was most expensive in 2014 and now ranked at third slot in 2015 in the latest study by CNBC for the first quarter this year.

According to a ranking done by CNBC, the most expensive cities in the US during first quarter of 2015 are Hawaii, Connecticut, New York, Alaska, California, New Jersey, Oregon, Massachusetts, Rhode Island and Vermont.

CNBC considered the average spending on basic items in the most expensive states. The average price data based on council for community and economic research C2ER cost of living index for the first quarter of 2015.

Hawaii is the most expensive state in the US. Though qualify of life in Hawaii is second to none, but it costs a lot as a five pound sack would cost about $6.48, which is over twice the average price in the US. The average home price is $868,317 in Honolulu Metro. Half gallon of milk costs $3.67.

Connecticut is also known as Nutmeg State and ranked as second most expensive state in the US. A five-pound sugar bag will cost $3.19 and this is lower than the average national prices. However, High housing prices and other basic things make it costlier. The housing prices are three times expensive than the average national price. Connecticut was last year ranked as third most expensive state in 2014. Half gallon of milk costs $2.26.

New York is ranked as third most expensive place in the US and it was the most expensive in 2014. New York shed two slots this year in terms of cost of living. The average home price being $1.3million is highest in the US. In upstate places such as Buffalo, one has to shell out 50 percent higher than the national average.

The average home price at Manhattan stands at $1,372,183. Milk is cheaper here as it costs $1.92 for a half gallon. The average energy bill is $259.80 which is half of what it costs in Hawaii.

Alaska is ranked as fourth most expensive state and it was at the fifth position in 2014 rankings. The average energy bill is high at $600 per month. Gasoline price is $3.61 higher than the national average of $2.

The state of California is the fifth most expensive state in 2015 and it was ranked as fourth most expensive in 2014. The State with golden gate charges everything in golden prices. An 8-ounce canister of grated parmesan cheese costs $6 as against the national average of $3.90. Half gallon of milk costs $2.27 and monthly energy bill stands at $213.39.

New Jersey is ranked as sixth most expensive state and it was at seventh rank in 2014. The housing prices at some parts in the garden state are highest in the country. Average home price stands at $521.274, while average energy bill is at $156.79 only.

Oregon is the seventh most expensive state this year and it was 14th most expensive in 2014. Beer and cheese pizza are costlier as prices are at $11.53 and $11 respectively. The energy bill is affordable at $151.02. An average home price stands at $436.750. Massachusetts comes in next as the average home price in Boston is $525,000 and monthly energy bill stands at $291.18.

Rhode Island remains in the ninth spot. Rhode Island is the smallest state, but housing prices are that affordable as it costs 50 percent higher than the national average. The average energy bill stands at $213.54.

Vermont comes10th in the list, a notch higher compared to 2014 ranking. The green mountain state offers average home price of $485,749. The average energy bill stands at $113.84 only.

The most expensive cities in the US by living standards that attract world's best talent, contrary, the potential employees naturally look for states that offer low cost of living without comprising on comforts.