It’s no surprise that cost of living varies widely across the United States. From the high home prices of California to the tax shelter that is Florida; costs vary based on state. There are several factors that account for these variables and different states yield different results. The most affordable state in the country? It might surprise you.
A recent report by US News sought to rank the top 10 most affordable states in the country. The report looked at key indicating factors, including housing affordability and the cost of household goods.
Housing affordability weighed the cost of a 2400 sq ft home in relation the state’s median income. The cost of goods were curated using data from the Council For Community and Economic Research.
Here are the results:
The Most Affordable States In the Country
Missouri ranks 11th in housing affordability and 10th overall in cost of living.
9. West Virginia
West Virginia ranks 8th in housing affordability and 14th in overall cost of living.
Kentucky ranks 2nd in overall cost of living. Relatively low cost of goods helps keep the cost of living manageable. Housing is likewise affordable, with an overall ranking of 12th in the nation.
This state benefits from affordable housing (7th in the country), however the cost of living can be high in some of the larger urban areas. Kansas ranked as the 7th most affordable state in the country but with a cost of living ranking of 18th overall.
Oklahoma ranks in the top 6 in both measured categories. 5th in overall cost of living and 6th in housing affordability. As a middle of the road state on this list, Oklahoma is not a bad place to consider moving to.
Nebraska has affordable housing (4th in affordability), but a cost of living that is higher at 13th. Still, Nebraska has a lot to offer in affordable household goods.
Michigan ranks in the top 10 in both measured categories, 8th in overall cost of living and 5th in housing affordability. Some of the affordability is likely due to the economic downturn of 2008 which all but decimated Detroit home prices. However, an economic resurgence is revitalizing the city and now is a good time to get in on affordable housing and a relatively low cost of living.
One of the more rural states on this list, Iowa is one of the most affordable states in the country (2nd overall in housing affordability). The overall cost of living ranked 12th in the US News study.
Indiana ranks top 7 in both categories. 3rd in housing affordability and 7th in overall cost of living. As a state, Indiana combines relatively low costs with urban conveniences. In fact, Carmel, Indiana was ranked as the best place to live in America by 24/7 Wall Street.
Carmel is a suburb of Indianapolis and offers affordable housing and a relatively low cost of living just a stone’s throw away from the big city.
Ohio ranks number one on US News’ list with an overall cost of living rank of 11 and the most affordable housing in the country (#1). In fact, three cities in Ohio ranked in the top 10 of housing markets nationwide.
From Ohio to Missouri; your location matters when it comes to cost of living. These 10 most affordable states in the country are based on two factors, but there are others to consider if you’re looking to move.
City vs City is a powerful cost of living tool that can help you determine the real cost of living in your city. We examine home prices, state and local taxes, savings, after-tax income, and more to give you an accurate look at what you’re really paying.
Whether you’re thinking of moving to Missouri, Ohio, or any state in-between; City vs City empowers you to know your costs before you go. For more information, download the City vs City App today!