5 States with Highest Minimum Wage and Low Cost of Living

4. Connecticut

Minimum Wage: $15

Cost of Living Index: 113.9

Score: 0.1317

Connecticut is one of the richest states in the US, and it comes as no surprise that it has the third highest minimum wage rate in the country. In September 2023, Governor Ned Lamont announced to increase the hourly rate to $15.69 starting January 1, 2024. This will be Connecticut’s first-ever automatic wage adjustment after it was tied to inflation rates.