Best States for Savers (2026)
How far your savings go depends on where you live. Overall price levels run from 83.0 in Oklahoma to 185.8 in Hawaii on the C2ER Cost of Living Index (via MERIC), Q2 2026 (100 = the national average), so the same savings cover far more months of expenses in a low-cost state. This guide ranks states by cost of living, with median income alongside for how much residents can realistically put away.
- Oklahoma ranks #1 with the lowest cost of living at 83.
- Hawaii ranks last at 185.8 — the highest among all states.
- The top 5 states are Oklahoma, Alabama, Iowa, West Virginia, Kansas.
- The ranking basis, source limitations, and calculation method are documented in the Methodology section below.
Top 3 States
All 50 States Ranked
Lowest to highest by cost of living
| # | State | Cost of Living | Median Income | Top Tax Rate | Calculator |
|---|---|---|---|---|---|
| 1 | Oklahoma | 83 | $66,148 | 4.50% | Savings Goal Calculator |
| 2 | Alabama | 86 | $66,659 | 5.00% | Savings Goal Calculator |
| 3 | Iowa | 86.1 | $75,501 | 3.80% | Savings Goal Calculator |
| 4 | West Virginia | 87 | $60,798 | 4.58% | Savings Goal Calculator |
| 5 | Kansas | 87.1 | $75,514 | 5.58% | Savings Goal Calculator |
| 6 | Mississippi | 87.4 | $59,127 | 4.00% | Savings Goal Calculator |
| 7 | Missouri | 88.2 | $71,589 | 4.70% | Savings Goal Calculator |
| 8 | Arkansas | 89 | $62,106 | 3.70% | Savings Goal Calculator |
| 9 | Indiana | 89.7 | $71,959 | 2.95% | Savings Goal Calculator |
| 10 | Tennessee | 89.7 | $71,997 | 0.00% | Savings Goal Calculator |
| 11 | Georgia | 90.1 | $79,991 | 4.99% | Savings Goal Calculator |
| 12 | Nebraska | 90.1 | $76,376 | 4.55% | Savings Goal Calculator |
| 13 | New Mexico | 90.2 | $67,816 | 5.90% | Savings Goal Calculator |
| 14 | North Dakota | 90.5 | $77,871 | 2.50% | Savings Goal Calculator |
| 15 | Texas | 90.8 | $79,721 | 0.00% | Savings Goal Calculator |
| 16 | Louisiana | 91.3 | $60,986 | 3.00% | Savings Goal Calculator |
| 17 | Michigan | 92.1 | $72,389 | 4.25% | Savings Goal Calculator |
| 18 | South Carolina | 92.7 | $72,350 | 5.21% | Savings Goal Calculator |
| 19 | Ohio | 93 | $72,212 | 2.75% | Savings Goal Calculator |
| 20 | Minnesota | 93.4 | $87,117 | 9.85% | Savings Goal Calculator |
| 21 | South Dakota | 93.5 | $76,881 | 0.00% | Savings Goal Calculator |
| 22 | Kentucky | 94 | $64,526 | 3.50% | Savings Goal Calculator |
| 23 | Wyoming | 94.4 | $75,532 | 0.00% | Savings Goal Calculator |
| 24 | Illinois | 94.5 | $83,211 | 4.95% | Savings Goal Calculator |
| 25 | Pennsylvania | 95.3 | $77,545 | 3.07% | Savings Goal Calculator |
| 26 | Wisconsin | 95.7 | $77,488 | 7.65% | Savings Goal Calculator |
| 27 | North Carolina | 96.7 | $73,958 | 3.99% | Savings Goal Calculator |
| 28 | Utah | 98.4 | $96,658 | 4.45% | Savings Goal Calculator |
| 29 | Virginia | 99 | $92,090 | 5.75% | Savings Goal Calculator |
| 30 | Idaho | 99.4 | $81,166 | 5.30% | Savings Goal Calculator |
| 31 | Delaware | 100.6 | $87,534 | 6.60% | Savings Goal Calculator |
| 32 | Florida | 100.8 | $77,735 | 0.00% | Savings Goal Calculator |
| 33 | Colorado | 102.7 | $97,113 | 4.40% | Savings Goal Calculator |
| 34 | Connecticut | 103.6 | $96,049 | 6.99% | Savings Goal Calculator |
| 35 | Nevada | 105.4 | $81,134 | 0.00% | Savings Goal Calculator |
| 36 | Montana | 106 | $75,340 | 5.65% | Savings Goal Calculator |
| 37 | New Hampshire | 108.5 | $99,782 | 0.00% | Savings Goal Calculator |
| 38 | Arizona | 108.6 | $81,486 | 2.50% | Savings Goal Calculator |
| 39 | Oregon | 110.4 | $85,220 | 9.90% | Savings Goal Calculator |
| 40 | Rhode Island | 110.9 | $83,504 | 5.99% | Savings Goal Calculator |
| 41 | Maine | 112.9 | $76,442 | 9.15% | Savings Goal Calculator |
| 42 | Vermont | 113.4 | $82,730 | 8.75% | Savings Goal Calculator |
| 43 | Washington | 115.1 | $99,389 | 0.00% | Savings Goal Calculator |
| 44 | Maryland | 118.8 | $102,905 | 6.50% | Savings Goal Calculator |
| 45 | New Jersey | 119.2 | $104,294 | 10.75% | Savings Goal Calculator |
| 46 | Alaska | 124.5 | $95,665 | 0.00% | Savings Goal Calculator |
| 47 | New York | 132.6 | $85,820 | 10.90% | Savings Goal Calculator |
| 48 | California | 140.3 | $100,149 | 13.30% | Savings Goal Calculator |
| 49 | Massachusetts | 148.1 | $104,828 | 9.00% | Savings Goal Calculator |
| 50 | Hawaii | 185.8 | $100,745 | 11.00% | Savings Goal Calculator |
Methodology
How we collected and ranked the data
States are ranked by the composite C2ER Cost of Living Index (via MERIC), Q2 2026 (ascending): a lower cost of living means savings cover more months of expenses. Median household income (Census Bureau) shows how much residents can realistically save, and the top state income tax rate shows how much of each raise they keep. The ideal savings state has a low cost of living AND a decent income.
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View all 107 state comparisonsFrequently Asked Questions
Which state is best for building savings?
Low prices and no state income tax on wages help most. Among the states that do not tax wage income, Tennessee (89.7), Texas (90.8), and South Dakota (93.5) have the lowest cost-of-living index (C2ER Cost of Living Index (via MERIC), Q2 2026; 100 = the national average). Overall, the lowest-cost states are Oklahoma (83.0), Alabama (86.0), and Iowa (86.1). How much more you can save there depends on your own income and spending, which the savings goal calculator works through.
How much should I have in savings?
A common guideline is an emergency fund of 3-6 months of essential expenses, then saving toward retirement from each paycheck. What 3-6 months means depends on where you live: rent alone, six months of HUD's FY2027 two-bedroom Fair Market Rent, is $6,846 in Oklahoma and $16,290 in California. Add your own food, utilities, transportation, insurance and debt payments to get your target.