The cost of attending a U.S. four-year public college has risen on average by 30% since 2005.
In some states, the cost takes a big chunk out of households’ median annual income, according to a recent report from WalletHub, the personal finance website.
“As a result, people have been forced to take out more and more loans, with the average student loan debt now standing at nearly $42,000,” Chip Lupo, a WalletHub analyst, said in a statement.
To determine where education is the most and least expensive, WalletHub analyzed the price of in-state undergraduate tuition, room and board and other college costs in 49 states, then compared the total to the median household income. Alaska was omitted from the sample because of data limitations.
ThinkAdvisor used data from the Federal Reserve Bank of St. Louis’ 2024 Real Median Household Income by State, updated Sept. 9.
See the accompanying gallery for the 12 states where a college education at a public institution costs the most.
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