Are you considering relocating to a new state in the US? With 50 states to choose from, it can be overwhelming to decide which one is the best fit for you and your family. One of the most important factors to consider when making this decision is the cost of living. In this article, we will explore the best and worst states to live in based on cost of living data, helping you make an informed decision about your next move.
Methodology
To determine the best and worst states to live in, we analyzed data from the Council for Community and Economic Research (C2ER) on the cost of living index for each state. The cost of living index takes into account the prices of groceries, housing, utilities, transportation, and other necessities to provide a comprehensive picture of the cost of living in each state.
The Best States to Live In
Based on our analysis, the top 5 best states to live in based on cost of living are:
1. Oklahoma: With a cost of living index score of 88.3, Oklahoma is the most affordable state to live in. The median home price is around $120,000, and the average rent for a two-bedroom apartment is $700.
2. Arkansas: Arkansas has a cost of living index score of 89.1, making it the second most affordable state. The median home price is around $140,000, and the average rent for a two-bedroom apartment is $600.
3. Tennessee: Tennessee has a cost of living index score of 90.1, making it the third most affordable state. The median home price is around $170,000, and the average rent for a two-bedroom apartment is $800.
4. Alabama: Alabama has a cost of living index score of 90.4, making it the fourth most affordable state. The median home price is around $140,000, and the average rent for a two-bedroom apartment is $700.
5. Kentucky: Kentucky has a cost of living index score of 90.6, making it the fifth most affordable state. The median home price is around $140,000, and the average rent for a two-bedroom apartment is $600.
The Worst States to Live In
On the other hand, the bottom 5 worst states to live in based on cost of living are:
1. Hawaii: With a cost of living index score of 196.3, Hawaii is the most expensive state to live in. The median home price is around $640,000, and the average rent for a two-bedroom apartment is $1,800.
2. New York: New York has a cost of living index score of 146.4, making it the second most expensive state. The median home price is around $340,000, and the average rent for a two-bedroom apartment is $1,400.
3. California: California has a cost of living index score of 144.4, making it the third most expensive state. The median home price is around $650,000, and the average rent for a two-bedroom apartment is $1,700.
4. Oregon: Oregon has a cost of living index score of 134.2, making it the fourth most expensive state. The median home price is around $340,000, and the average rent for a two-bedroom apartment is $1,200.
5. Massachusetts: Massachusetts has a cost of living index score of 132.6, making it the fifth most expensive state. The median home price is around $380,000, and the average rent for a two-bedroom apartment is $1,600.
When considering a move to a new state, the cost of living is a crucial factor to take into account. By analyzing the cost of living index data, we can see that states like Oklahoma, Arkansas, and Tennessee offer the most affordable living options, while states like Hawaii, New York, and California are the most expensive. Whether you're looking for a affordable place to retire or a new place to start your career, this guide can help you make an informed decision about which state is the best fit for you.
Note: The cost of living index scores and median home prices/rents mentioned in this article are subject to change and may vary depending on the source and methodology used. It's always a good idea to research and visit a state before making a decision about moving there.
