Despite Rising Costs, Families In South Dakota Keep More Cash

It's the ultimate bad news, good situation.

The down side?

In South Dakota, we're spending nearly two-thirds of what me make to pay for life's essentials (food, housing, insurance, taxes, etc.) each month.

The up side?

After covering all of those expenses, we have more money left over than almost any other state in America.

READ MORE: National Publication Calls South Dakota 'Most Underrated State in U.S.'

According to data from the Common Sense Institute, the average family of four in the U.S. has about 25 percent of their take home pay left over after paying the bills, but that number is nearly ten percent higher in the Mount Rushmore State.

In fact, only Iowa's 34.7% rate surpasses South Dakota's rate of 34.6% left over cash.

Share of Income Left After Expenses and Taxes

1. Iowa 34.7%
2. South Dakota 34.6%
3. North Dakota 33.5%
4. Kansas 33.4%
5. Alaska 33.3%
6. Ohio 31.7%
7. Missouri 31.5%
8. Wyoming 31.3%
9. Mississippi 30.9%
10. Kentucky 29.5%

Hawaii families are most strained, with 9% of income left, followed by California at 10.9%.

Since 2019, essential expenses have risen by about $15,400 per year for the average family. While incomes increased 30.7% over the same period, most of those gains were offset by higher costs:

• Shelter and utilities: +33.9%
• Groceries: +25.1%
• Health insurance: +22.8%
• Car insurance: +40.9%
• Gas: +16.5%
• Childcare: +39%

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