Money
The Most Expensive States to Maintain a Home
Published
2 days agoon
Graphics/Design:
See this visualization first on the Voronoi app.
The Most Expensive States to Maintain a Home
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Buying a house is the American dream, but maintaining that property in good shape can be challenging for homeowners.
This map shows the 15 most expensive states in the U.S. to maintain a single-family home.
Hawaii is the Most Expensive State to Maintain a Home
The average annual cost of owning and maintaining a single-family home in the U.S. is more than $18,000 yearly, a 26% increase compared to 2020.
With an average annual cost of $29,015, Hawaii is the most expensive state to maintain a home.
California comes in second with an average annual ownership cost of $28,790, followed by Massachusetts with $26,313.
Rank | State | Average annual home ownership costs, 2024 | Percent change, 2020 vs. 2024 |
---|---|---|---|
1 | Hawaii | $29.0K | 38% |
2 | California | $28.8K | 32% |
3 | Massachusetts | $26.3K | 28% |
4 | New Jersey | $25.6K | 25% |
5 | Connecticut | $23.5K | 24% |
6 | Washington | $23.4K | 32% |
7 | New Hampshire | $23.3K | 29% |
8 | New York | $22.8K | 25% |
9 | Rhode Island | $22.0K | 27% |
10 | Colorado | $21.0K | 33% |
11 | Vermont | $19.8K | 29% |
12 | Maryland | $19.7K | 23% |
13 | Oregon | $19.2K | 24% |
14 | Florida | $19.2K | 33% |
15 | Utah | $19.1K | 44% |
U.S. Average | $18.2K | 26% |
Property taxes in New Jersey average $10,026 annually, the highest in the nation.
States with the Least Expensive Homeownership Costs
Kentucky is the least expensive place to own a home, with an average annual cost of $11,559, followed by Arkansas ($11,692) and Mississippi ($11,881).
If you enjoyed this post, be sure to check out this graphic, which shows what you need to earn to own a home in 50 American cities.
![This map shows the 15 most expensive states in the U.S. to maintain a single-family home.](https://www.visualcapitalist.com/wp-content/uploads/2024/06/The_Most_Expensive_States_to_Maintain_a_Home_Website_06182024-2.jpg)
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Money
Ranked: Countries With the Most Millionaires and Billionaires
The U.S. has more millionaires than Ireland has people. Here’s a list of other countries with the most millionaires.
![This graphic lists the top 12 countries by number of high net worth individuals (HNWIs).](https://www.visualcapitalist.com/wp-content/uploads/2024/07/Millionaires-Billionaires-by-Country_Site.jpg)
Published
1 day agoon
July 3, 2024By
Marcus Lu![A crop chart listing the top 12 countries by number of high net worth individuals (HNWIs).](https://www.visualcapitalist.com/wp-content/uploads/2024/07/Millionaires-Billionaires-by-Country_Shareable.jpg)
Ranked: Countries With the Most Millionaires and Billionaires
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
This graphic lists the top 12 countries by number of high net worth individuals (HNWIs). An HNWI is someone with liquid investable wealth of $1 million USD or more.
Importantly this excludes assets such as primary residences from counting towards wealth.
Data for this graphic is sourced from the Henley Private Wealth Migration Report 2024.
Where Do the Wealthy Live?
The U.S. leads the world with a massive millionaire (>$1 million USD) population of 5,492,400. To put this into perspective, the U.S. has more millionaires than Ireland has people.
Unsurprisingly, America also has the most centi-millionaires (9,850) and billionaires (788) as well.
Country | Millionaires (USD 1M+) | Centi-millionaires (USD 100M+) | Billionaires (USD 1B+) |
---|---|---|---|
🇺🇸 U.S. | 5,492,400 | 9,850 | 788 |
🇨🇳 China | 862,400 | 2,352 | 305 |
🇩🇪 Germany | 806,100 | 1,075 | 82 |
🇯🇵 Japan | 754,800 | 748 | 39 |
🇬🇧 UK | 602,500 | 830 | 75 |
🇫🇷 France | 506,000 | 605 | 55 |
🇨🇠Switzerland | 427,700 | 730 | 40 |
🇦🇺 Australia | 383,300 | 463 | 48 |
🇨🇦 Canada | 371,200 | 495 | 52 |
🇮🇳 India | 326,400 | 1,044 | 120 |
🇮🇹 Italy | 289,300 | 418 | 38 |
🇸🇬 Singapore | 244,800 | 336 | 30 |
Note: Data current to December, 2023.
Far behind the U.S. in all three metrics, China is the next country with the most millionaires (862,400) and billionaires (305).
However, despite ranking 11th in terms of millionaires, India has the world’s third-largest billionaire population (120).
Economic size is a clear indication of a country’s propensity to having more numbers of high net worth individuals. Nine of the top 12 countries with the biggest wealthy populations are also the top 10 countries by gross domestic product.
However, Switzerland and Singapore are two countries that punch above their weight, helped by their status as offshore financial centers. With their tax benefits, asset protection, and privacy, they tend to attract wealthy individuals at a higher rate. For smaller countries, attracting this outside wealth can dramatically increase economic activity.
![This graphic lists the top 12 countries by number of high net worth individuals (HNWIs).](https://www.visualcapitalist.com/wp-content/uploads/2024/07/Millionaires-Billionaires-by-Country_Site.jpg)
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