Considering median home price, average household income, housing costs, grocery costs, utilities, inflation, and state income taxes, New Hampshire takes the No. 1 spot as the most economic state to live for 2023, according to United Region Van Lines’ recent study.
Based on an affordability index score, New Hampshire has the lowest living costs with an average housing cost figured assuming 65.4% homeownership versus 34.6% renting. The average housing costs for the study were determined using the U.S. Census Bureau’s Housing Vacancy Survey, and mortgage payments were calculated using the average home price for each state (assuming a 7.47% interest rate and 20% down).
The list of top 10 most economical states includes:
- New Hampshire
- South Dakota
- Tennessee
- Alaska
- Texas
- Wyoming
- Florida
- Washington
- Nevada
- North Dakota
At No. 2, South Dakota is considered the most cost-effective state to live in with no state income tax and an abundance of natural attractions. Tennessee ranked highly for affordable housing and utility costs, while Alaska’s generous dividend program offsets its higher housing and grocery costs. Particularly in areas like Houston and San Antonio, Texas also offers a low cost of living.
The findings highlight Americans’ desire to find more affordable options in housing and the overall cost of living. United Region Van Lines is a long-distance moving company established by a team of friends with over two decades of extensive experience in the industry.
