An estimated 34 million people smoke tobacco in the United States. That’s about 10% of the total population.
In 2018 the Census Bureau reported 327 million people in the U.S.
Aside from the health issues that have been linked to smoking… it’s also pretty expensive. About $300 billion dollars a year.
Personal finance website, WalletHub released a report, "The Real Cost of Smoking by State" to encourage people to quit the habit by sharing how much it costs.
First off, WalletHub found that smoking is pretty inexpensive in South Carolina when compared to other states... our neighbor North Carolina is the cheapest.
Now, the total cost per year, per smoker in South Carolina comes to just over $24,000. That’s a brand new Honda Civic.
Health related care costs per smoker… Over $130,000. That’s a little two bedroom/two bath home.
Other costs associated with smoking, things like lighters, new furniture because of burn holes… WalletHub found those cost upwards up $12,000.
If you are a smoker, this report may not drive you to quit today or next week or next month… but it may get you crunching your numbers when it comes to smoking.
The WalletHub full report is below:
With the economic and societal costs of smoking totaling more than $300 billion a year and rising, the personal-finance website WalletHub today released its report on The Real Cost of Smoking by State as well as accompanying videos.To encourage the estimated 34.2 million tobacco users in the U.S. to kick the dangerous habit, WalletHub calculated the potential monetary losses — including the lifetime and annual costs of a cigarette pack per day, health care expenditures, income losses and other costs — brought on by smoking and exposure to secondhand smoke.The Financial Cost of Smoking in South Carolina (1=Lowest, 25=Avg.):
Out-of-Pocket Cost per Smoker – $91,400 (Rank: 5th)
Financial-Opportunity Cost per Smoker – $801,282 (Rank: 5th)
Health-Care Cost per Smoker – $131,271 (Rank: 8th)
Income Loss per Smoker – $213,408 (Rank: 9th)
Other Costs per Smoker – $12,526 (Rank: 29th)
Total Cost Over Lifetime per Smoker: $1,249,887
Total Cost per Year per Smoker: $24,508
For the full report, please visit:https://wallethub.com/edu/the-financial-cost-of-smoking-by-state/9520/
To encourage the estimated 34.2 million tobacco users in the U.S. to kick the dangerous habit, WalletHub calculated the potential monetary losses — including the lifetime and annual costs of a cigarette pack per day, health care expenditures, income losses and other costs — brought on by smoking and exposure to secondhand smoke.
States with the Lowest Smoking Costs States with the Highest Smoking Costs
1. North Carolina 42. Washington
2. Georgia 43. Vermont
3. Missouri 44. Minnesota
4. Mississippi 45. Hawaii
5. South Carolina 46. Alaska
6. Tennessee 47. Rhode Island
7. Alabama 48. Massachusetts
8. North Dakota 49. District of Columbia
9. Wyoming 50. Connecticut
10. Idaho 51. New York
The estimated financial cost of smoking over a lifetime is just above $1.6 million per smoker.
The out-of-pocket cost per smoker is $124,023 over a lifetime.
Smokers in New York will pay the highest cost, $194,899, which is 2.3 times higher than in Missouri, where smokers will pay the lowest cost at $86,001.
Each smoker will incur an average of $253,013 in income loss over a lifetime.
Smokers in the District of Columbia will lose the highest amount, $347,628, which is 1.9 times higher than in West Virginia, where smokers will lose the lowest amount at $179,916.
Each smoker will incur an average of $170,991 in smoking-related health-care costs over a lifetime.
Smokers in Connecticut will pay the highest amount, $290,896, which is 2.6 times higher than in Arkansas, where smokers will pay the lowest amount at $113,392.