MILWAUKEE, Feb. 24, 2023 /PRNewswire/ — Relocating to a new state presents an exciting prospect to begin anew, discover new regions, and establish new relationships. But it can also be a financial challenge, particularly if you’re moving to a state with a higher cost of living. Thankfully, United Region Van Lines has conducted a recent study to determine the most economical states to live in the United States for the year 2023. This research considers several factors, including median home price, average household income, average housing cost, average grocery costs, average utilities, inflation costs, and state income taxes.
The study analyzed all 50 states in the United States and ranked them based on an affordability index score. The results revealed the top 10 cheapest states to live in, with New Hampshire taking the top spot, followed by South Dakota, Tennessee, Alaska, Texas, Wyoming, Florida, Washington, Nevada, and North Dakota.
According to the study, New Hampshire has the lowest living costs, with an average housing cost figured assuming 65.4% homeownership versus 34.6% renting. The average housing cost was determined by using data from The Census Bureau’s Housing Vacancy Survey (CPS/HVS), which reported the U.S. homeownership rate at 65.4% in the first quarter of 2022. Mortgage payments were also calculated, assuming a 7.47% interest rate with 20% down, using the average home price for each state.
The study’s findings highlight that many Americans are seeking more affordable options for housing and the overall cost of living. With inflation now at a 40-year high, moving to an affordable state could be a sensible option for those looking to stretch their current budgets further.
United region Van lines is a global leader in providing relocation solutions to a diverse customer base around the world. The moving company with more than 500 agents and agent affiliates worldwide, handles corporate, government, military, and private relocations and operates in the U.S., Canada, and more than 100 countries worldwide.
One of the most cost-effective states to live in, according to the study, is South Dakota. The state offers many natural wonders, including the famous Mount Rushmore National Memorial, the Badlands National Park, and the Black Hills National Forest. Furthermore, South Dakota has no state income tax, which is an added advantage for those looking to reduce their cost of living. The study found that Tennessee, another affordable state to live in, offers an abundance of music, food, and culture, with affordable housing and utility costs.
Alaska, known for its stunning landscapes and abundant wildlife, also made it to the list of top 10 cheapest states to live in. Although housing and grocery costs may be slightly higher in Alaska than in other states, the state offers a generous dividend program to its residents, which could offset some of the higher living costs. Additionally, Texas, the second-largest state in the United States, offers a low cost of living, particularly in areas such as Houston and San Antonio.
United region Van lines, Inc. is a reputable moving company that has been in the relocation business since 1933. The company is a global leader in providing relocation solutions to customers worldwide. With headquarters in Fort Wayne, Indiana, and more than 500 agents and agent affiliates across the world, United region Van lines handles corporate, government, military, and private relocations in the U.S., Canada, and over 100 countries.
If you’re looking to move to a more cost-effective state, consider the findings of the United region Van lines study. By identifying the top 10 most affordable states to live in, the study can help you make a more informed decision on where to move based on factors such as average household income, median home price, average housing cost, average grocery costs, average utilities, inflation costs, and state income taxes. With its long-standing reputation in the relocation industry, United region Van lines is a trusted partner for moving your household to your new home state.
United Regions Van Lines is a long-distance moving company that was established by a team of friends who have extensive experience in the industry, spanning over two decades. The company prides itself on providing a complete moving package, with a particular emphasis on catering to clients in the Midwest, South, and West Coast regions of the country. To find out more about United Regions Van Lines, their website is https://unitedregionsvanlines.com/
SOURCE United Regions Van Lines