The cost associated with smoking cigarettes doesn't end with the price of a pack. A new study looks deeper in all 50 states plus DC.
Highest financial opportunity cost/year*: New York $42,056
*Based on calculation of the amount of return a person would have earned by instead investing that money in the stock market over the same period.
Highest income loss-per-smoker/year*: Maryland $6313
*For this value Wallet Hub assumed an average 8% decrease in median household income for each state. The 8% is based on a recent study from the Federal Reserve Bank of Atlanta which found that smokers earn 20% less than nonsmokers, 8% of which is attributed to smoking and 12% to other factors.
The true per-person monetary cost of smoking doesn't end with the price of a pack of cigarettes. A recent analysis by the personal finance web site Wallet Hub of the 50 states plus the District of Columbia calculated a range of potential monetary losses for individual smokers over the span of a year and of a lifetime. It turns out that smokers in Connecticut face the overall highest cost of tobacco use per person. Study metholology is available here.In the slides below offer a snapshot from the Wallet Hub report of the 5 states ranked highest and lowest per person/per year for: Total cost of smoking Financial opportunity lost Income loss Healthcare cost