New research has revealed the states that have been struggling the most since the start of the cost-of-living crisis, and Florida ranks fifth.
Debt relief experts at TurboDebt examined 13 separate factors relating to the cost-of-living crisis. Each factor was given a weighting and an individual score out of 10 within the analysis, before being given an overall score out of 100 to determine which states are struggling the most.
Florida ranked fifth, with a final score of 61.86. On average, 26.79% of Floridian’s yearly income goes toward paying rent, which is the highest percentage of any state, resulting in a score of 10. Additionally, 50.09% of households—also the highest in the nation—spend more than 35% of their income on rent, earning another score of 10.
Furthermore, 27.01% of Florida households spend more than 35% of their income on monthly homeownership costs, such as mortgage payments and insurance, which received a score of 6.77 out of 10.
Louisiana is named as the state struggling the most in the cost-of-living crisis, with a final score of 68.76.
Louisiana scores a 10 in grocery spending, with residents allocating an average of 9.2% of their yearly salary, the highest in the nation. In contrast, Virginia residents spend only 4.43% on groceries, highlighting a 108% difference.
The state also receives a 10 for energy bill payment difficulties, with 27.66% of the population unable to pay their bills. Additionally, Louisiana has the third-lowest average income in the U.S., at $55,244 per year, earning a score of 9.22.
Mississippi ranks a close second with a final score of 68.57. In this state, 15.8% of adults live in households that sometimes or often do not have enough to eat in the past week, which is the highest percentage in the country.
This statistic contributes a score of 10 for this factor. Additionally, the state receives two more scores of 10: one because 45.09% of the population has difficulty paying their household bills, and another because the average yearly income is the lowest in the U.S. at $51,879.
South Carolina ranks third with a final score of 62.49. The state receives a high score of 8.49 out of 10 for its debt-to-income ratio, indicating that residents carry $1.64 of debt for every dollar earned. There has been a significant 48.8% increase in housing prices from the beginning of 2021 to the start of 2024, which contributes to a score of 8.69 out of 10. Furthermore, South Carolinians spend 8.61% of their annual income on groceries, earning the state another impressive score of 8.77 out of 10.
Alabama ranks fourth with a final score of 61.92. The state has the fifth-lowest average yearly salary at $58,600, which yields a score of 8.45 out of 10. This figure is 38% lower than New Jersey, where the highest average income is $95,141 per year.
Additionally, 24.22% of the population struggles to pay their energy bills, while 40.77% have difficulty covering household expenses. These issues receive scores of 7.19 and 7.61 out of 10, respectively.
West Virginia ranks sixth, with a final score of 58.19. The state has a significant energy affordability issue, as 27.08% of the population cannot pay their energy bills, which is the third-highest rate in the nation, resulting in a score of 9.53 out of 10. Additionally, West Virginia has the second-lowest average salary, with residents earning $53,842 per year, earning a score of 9.55 out of 10.
New Mexico ranks seventh with a final score of 58.06. On average, residents spend 7.45% of their yearly income on groceries, which results in a score of 6.34 out of 10. Additionally, 38.19% of the population faces challenges in paying household bills, earning a score of 6.19 out of 10.
Oklahoma ranked eighth, achieving a final score of 57.95. The state received a high score of 8.3 out of 10; however, it has one of the lowest average salaries in the U.S., at $59,212 per year. Additionally, 13.03% of adults live in households that sometimes or often did not have enough to eat in the past week, which resulted in a score of 6.76 out of 10.
Tennessee ranks closely in ninth place, with a final score of 57.67. The Volunteer State has experienced one of the largest increases in housing prices since 2021, which has risen by 48.77%. This surge contributes to a strong score of 8.68 out of 10. However, Tennessee also faces challenges with a high household debt-to-income ratio, scoring 8.09 out of 10; for every dollar earned, Tennesseans have $1.62 in debt.
Georgia ranks in the top ten, achieving a final score of 57.04. In the state, 43.03% of households spend more than 35% of their income on rent, which contributes to a score of 6.39 out of 10. Additionally, house prices in Georgia have risen significantly by 47.8% since the beginning of 2021, earning a score of 8.4 out of 10.
