Smoking burns up as much as $2 million in a lifetime

Smoking costs the average smoker at least $1.1 million over a lifetime, according to a WalletHub state-by-state analysis of the financial cost of the habit.

Alaska had the highest total cost per smoker at a little more than $2 million, followed by Connecticut at almost $2 million and New York at $1.9 million. South Carolina had the lowest per-smoker costs at almost $1.1 million and West Virginia and Kentucky at a little more than $1.1 million."It's Tobacco-Free Awareness Week. Also paired with that, it's New Year's resolutions season, (so) we figured people who aren't too inspired to quit by the health risks at least the financial costs should raise some awareness," said Jill Gonzalez, spokeswoman for the personal-finance website.

This year Tobacco-Free Awareness Week is Jan. 18 to 24, according to the federal Centers for Disease Control and Prevention.

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"I and most people really just think of the cost of cigarettes and taxes on the packs," Gonzalez said. "But if you think about the health-care costs, which can totally be avoided, health-care insurance premiums and in the workplace bias against smokers, that can ... add up."

The research is broken down by specific categories:

• The cost of tobacco is based on one pack a day for 51 years plus the amount of money a person would have earned if that money were invested instead.

• Health-care costs were calculated by taking CDC data and dividing that amount by the number of adult smokers in a state.

• Income loss per smoker is based on a Federal Reserve Bank of Atlanta report that found smokers earn 8% less than nonsmokers, specifically because of their habit.

• Other costs include secondhand-smoke exposure costs and losing out on the 5% to 15% homeowner's insurance credit that nonsmokers usually get.

"We did this to demonstrate how far this money could go," Gonzalez said. "They're losing the money that could've been earning interest. You could rule out a lot of your debt. It would be great to own your house, own your cars. Those would be the first things on my lists."

Tony Payne, 46, of Westland, Mich., was astounded by the almost $1.5 million figure that WalletHub calculated as the cost to a Michigan smoker over a lifetime.

"That sucks," the mortgage underwriter said during a mid-afternoon smoking break in downtown Detroit. "It freaks me out."

Payne, who has been smoking since age 18 except for 10 years when he quit, did question why he can't spend money the way he wants. Others spend that amount on other pastimes.

More than 18% — 42.1 million Americans age 18 or older — smoke, according to the CDC's most recent data.The financial cost of smoking by state

WalletHub's calculations go from least expensive South Carolina at $1,097,690 total costs per smoker to most expensive Alaska at $2,032,916. (Graphic:WalletHub)