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In these states, holiday shopping will cost you even more


Real estate also plays a role — if rents are more expensive ... That’s likely the case for places like Alaska and Hawaii, which import far more than other states due to their location.


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My MarketWatch Watchlist Alerts Games Log In Home Personal Finance Spending & Saving This state is the most expensive for holiday shopping By Jacob Passy Published: Dec 7, 2017 7:24 p.mET Share .st0{fill:#FFFFFF;} .st1{fill:#E12828;} .st2{fill:#FAEAEA;enable-background:new ;} .st3{fill:#FAD4D4;enable-background:new ;} The cost of gifts varies widely across the country window.videoDomain = 'https://video-api.wsj.com'; Getty Images Holiday gifts will be more or less expensive, depending on where you live. By JacobPassy Bad news for residents of the nation’s capital: Your holiday shopping will be far more expensive than the rest of the countryHoliday shopping in the District of Columbia costs more than in any of the 50 states, according a report from financial website Millennial Personal FinanceIn D.C., shoppers pay 289% more than the national average on giftsTo produce its ranking, Millennial Personal Finance used data from the U.SCensus Bureau cost of living index compiled by real-estate data firm Onboard AnalyticsThe index was based on the cost of a range of gifts including apparel, accessories, cash, recreation and household furnishings, among other items But you don’t need to live steps from the White House to be paying more when shopping for gifts than the national averageAlaskans pay nearly double the national average for presentsIn eight other states — Hawaii, New York, Michigan, New Jersey, California, Massachusetts, Connecticut and Maryland — people will fork over upwards of 20% more to buy gifts during the holidays Also see: These holiday gifts could increase the value of your friend’s home In some cities though, gifts can be even more expensiveStony Brook, N.Y., is the worst culprit in this regard — gift shopping there will cost a consumer more than 78 times the national averageNot far behind is East Lansing, Mich., where gifts are nearly 77 times more expensive than the national average As for the cheapest places to shop, West Virginia and Arkansas are the best at the state-level, with gifts costing 15% less than the national averageAnd Playa Vista, Calif., a suburb of Los Angeles, is the cheapest metropolitan area on the ranking — gifts there will be 44% cheaper than the national average Don’t miss: Help your children save for college and pay off student debt So why are some places cheaper than others when it comes to holiday shopping? There’s no one reasonSome point to the Balassa-Samuelson effect, which The Atlantic nicknamed the “nanny effect.” This economic theory suggests that as wages rise in a given location (whether a city, state or country), then prices of goods will also riseReal estate also plays a role — if rents are more expensive, stores will need to sell more goods or sell them for a higher price to make ends meetSimilarly, if fuel prices are higher in a given place, then transporting items gets more expensive, creating a similar trickle-down effectThat’s likely the case for places like Alaska and Hawaii, which import far more than other states due to their location More from MarketWatch How to give gifts that truly pay off for friends and family These gifts will improve your life more than a new sweater Read this before you buy someone bitcoin as a gift var SA = SA || []; SA.push({ container: "#sa_calc_1386", version: 1.1, data: { key: "npqzoaaw8ttdneqrelpmx2gdnehdyiog" } }); var smscript = document.createElement('script'); smscript.type = 'text/javascript'; smscript.async = true; smscript.src = 'https://smartasset.com/snippet.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(smscript, s); MarketWatch Partner Center Most Popular A bitcoin crash, a burst housing bubble — brace for these 30 risks, says giant bank Dow, S&P 500 end at records after stronger-than-expected jobs report Here’s why stocks will likely be even higher in December 2018 Jobs are everywhere, just not for people over 55 Can this robot make football safer? Mortgage Rates Powered by This advertisement is provided by Bankrate, which compiles rate data from more than 4,800 financial institutionsBankrate is paid by financial institutions whenever users click on display advertisements or on rate table listings enhanced with features like logos, navigation links, and toll free numbersDow Jones receives a share of these revenues when users click on a paid placement. Other NewsFrom Our Partners (!) Found: Top 3 Financial Advisors in Your Neighborhood SmartAsset.com Don't Settle for 0.01% on Your Savings Interest - Earn up to 1.30% SmartAsset.com This is the ONLY Way to Find a Top Financial Advisor SmartAsset.com This Free Mortgage Calculator Makes Home Buying a Breeze SmartAsset.com These Banks Offer Over 120x what the Big Banks Offer on Your Savings SmartAsset.com Data Provided By Today's Interest Rates Mortgage Equity Savings Auto Credit Cards 30 yr fixed Jumbo 4.12% 30 yr fixed 3.8% 15 yr fixed 3.14% 10 yr fixed 3.08% 30 yr fixed refi 3.79% 15 yr fixed refi 3.13% 5/1 ARM 3.54% 5/1 ARM refi 3.5% National averages from Bankrate.com $30K HELOC 1.97% $50K HELOC 3.28% $75K HELOC 3.24% $100K HELOC 3.28% $30K Home Equity Loan 5.8% $50K Home Equity Loan 4.54% $75K Home Equity Loan 4.54% $100K Home Equity Loan 5.61% National averages from Bankrate.com 5 yr CD 1.49% 2 yr CD 0.91% 1 yr CD 0.8% MMA $10K+ 0.3% MMA $50K+ 0.44% MMA Savings 0.34% MMA Savings Jumbo 0.47% National averages from Bankrate.com 60 Mo Used Car 3.43% 48 Mo Used Car 3.58% 36 Mo Used Car 3.6% 72 Mo New Car 3.71% 60 Mo New Car 3.85% 48 Mo New Car 3.74% 60 Mo Auto Refi 3.08% 36 Mo Auto Refi 2.79% National averages from Bankrate.com AvgAPR Last Week 6 Months Low Interest 12.89% 12.89% 12.73% Business 13.68% 13.68% 13.66% Balance Transfer 15.38% 15.38% 15.13% Student 15.70% 15.70% 14.04% Airline 16.07% 16.07% 15.77% Reward 16.24% 16.24% 15.86% Cash Back 16.40% 16.40% 15.99% Instant Approval 18.60% 18.60% 18.32% Bad Credit 23.46% 23.46% 23.23% Source: CreditCards.com Jacob Passy

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