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As remote work remains prevalent, more and more are fleeing crowded urban centers for the suburbs and beyond. But picking up and moving your life can be a financial challenge for many—more so in the event you have to move to a higher-cost area.
Knowing this, United Region Van Lines has released a new study of the most economical states to live in the country if you move in 2023 based on a variety of factors including median home price, average household income, average housing costs, average grocery costs, utilities, inflation, and the impact that state income taxes will have on your budget. Mortgage payments were also calculated, assuming a 7.47% interest rate with 20% down, using the average home price for each state.
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.
As inflation is now at 40-year highs, the information in this report is for those who need to move yet want to stretch their budget as far as possible.
“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,” United Region Van Lines said. “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,” they concluded. “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.”
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