How Many Millions Does Smoking Cost A New Yorker?

There are an estimated 49.2 million tobacco users across the United States, this a statistic of recent data, and some may be surprised, shocked even, at the amount that the habit can cost someone in a lifetime.

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Smoking Cost Statistics, State By State

A recent report released by WalletHub shared the 'real cost of smoking by state' - calculating potential monetary losses brought on by smoking and/or exposure to secondhand smoke. In the study, WalletHub indicated the following:

The economic and social impacts [of smoking] are equally staggering. Each year, smoking costs the U.S. over $600 billion in medical expenses and lost productivity.

 

While New York (thankfully) didn't claim the top spot, we weren't that far down, at number three only behind Maryland and the District of Columbia.

SEE ALSO: Hochul Allocates $68 Million Across NY For Housing Assistance

Just How Much Are NY'ers Spending On Smoking Habits Over A Lifetime?

According to the data collected by WalletHub, New Yorkers average cost, as a smoker, over a lifetime totals $5,788,994. This number is all inclusive of the habit, and can be filtered out into different categories below.

To break that down even more, that includes $254,916 out-of-pocket cost, nearly $4.5million in financial opportunity cost, nearly $320,000 in cost of health care for smokers (individual), an estimated income loss of $730,754, and finally a 'other costs per smoker' category totaling just shy of $18,500.

Per year, New Yorkers are spending about $120,604 total, falling short of the District of Columbia at $122,260, and Maryland at $121,732.

Overall, New Yorkers are most impacted by 'financial opportunity cost' - aka - how much the average person loses by smoking away their money instead of investing it, this according to WalletHub.

Spending $255,000 on cigarettes in New York will unfortunately slash your retirement budget by a whopping $4.5 million, assuming you would have otherwise invested money in the S&P 500.

To access the full study and compare New York to other states, click here.