America: Cost of Living Index by City 2023 (2024)

FAQs

America: Cost of Living Index by City 2023? ›

The ten states with the lowest cost of living are Mississippi, Oklahoma, Kansas, Alabama, Georgia, Missouri, Iowa, Indiana, West Virginia, and Tennessee.

The ten states with the lowest cost of living are Mississippi, Oklahoma, Kansas, Alabama, Georgia, Missouri, Iowa, Indiana, West Virginia, and Tennessee.

The average household in the United States spends $61,334 a year on expenses. On average, 34.9% of spending, or roughly $1,784 a month, is dedicated to housing and housing-related costs. The median price of a single-family home in the United States is $273,992.

In its report, Niche also ranked the cheapest places to live in the U.S. At the top of the list this year is Brownsville, Texas. Brownsville has been steadily rising in Niche's Lowest Cost of Living ranking over the past few years, placing number six in 2021, number three in 2022 and finally, number one in 2023.

Each year, the Social Security Administration applies a COLA to payments made to those receiving Social Security and Supplemental Security income (SSI). For 2023, the COLA increase is 8.7%, which is significantly larger than the COLAs in recent years.

Mississippi has the lowest cost of living in the United States. With a cost of living index of 83.3, expenses are nearly 17% less than the national average. Mississippi's housing costs are the lowest in the nation.

What is the easiest state to live in financially? ›

But Massachusetts and Minnesota, the economists posit, have the best balance across components of a living standard metric, also known as a welfare measure. The study found the two states with the lowest living standards are Alabama and Mississippi.

Regarding affordability, the report indicates that Connecticut, Massachusetts, and New Jersey are the most affordable states with Arizona, Nevada, and Florida being the least affordable. The researchers came to this conclusion by using features such as credit score, mortgage debt, paid family leave, and median income.

Amritsar, Punjab. Amritsar, the city of the famous Golden Temple is ranking on the top among the top 10 cheapest places to live in India for the year 2023. It is one of the most affordable places to live in India. The average cost of living in Amritsar is the least expensive in comparison to the other cities of India.

Try living in Portugal

Definitely one of the cheapest and safest places to live in the world, Portugal is very popular among people leaving the US to move abroad. Transportation is very sophisticated and easy to use all over Portugal, and you can travel cheaply around the country by train or bus.

Social Security benefits and Supplemental Security Income (SSI) payments will increase by 8.7% in 2023. This is the annual cost-of-living adjustment (COLA) required by law.

To acquire the full amount, you need to maximize your working life and begin collecting your check until age 70. Another way to maximize your check is by asking for a raise every two or three years. Moving companies throughout your career is another way to prove your worth, and generate more money.

For 2024, using current inflation data from the Consumer Price Index, it's estimated there will be a 3.1% COLA increase in 2024, according to The Senior Citizens League. The 3.1% COLA increase would be the lowest increase since 2020 when there was a 1.3% increase.

Based on migration data from the U.S. Census Bureau, Americans are moving to Austin, Texas; Raleigh, North Carolina; Orlando, Florida; Dallas, Texas; and Phoenix, Arizona. The most moved-to cities are based on percentage increases in population since 2010.

What is the cheapest state to retire in 2023? ›

Rather, Alabama is the most affordable state to retire in, according to WalletHub's “2023 Best States to Retire.” The analysis compared all 50 states across three key categories: health care, quality of life and affordability.

Georgetown, Texas: The Fastest-Growing City in the Nation

With an impressive growth rate, Georgetown leads all cities and towns with a population of at least 50,000.

1. Hawaii. Hawaii is truly a paradise, but it is also the most expensive state in America to live in. The cost of living in Hawaii overall is 86% higher than the national average, and the cost of housing in Hawaii is a jaw-dropping 207% above the national average.

West Virginia has the second cheapest housing among all the states in the US. The average house price in the Mountain State is 31.2% lower than the national average. The lower housing prices are due to the state's rural nature, which means that there are fewer large cities and lower demand for housing.

Is it expensive to live in Florida? Though the state has long had a reputation for being an inexpensive place to live, housing costs are high. Rents and sale prices are both well above national averages. However, the overall cost of living in the state is about on par with the national average.

In addition to being home to the most expensive city to live in worldwide, New York is the least affordable U.S. state to retire in. That's according to WalletHub's “2023 Best States to Retire,” which compared all 50 states across three main categories: affordability, quality of life and health care.

Overall, LA is about 24% less expensive than NYC. The cost of living in LA is lower than in NYC thanks to far lower housing prices. On average, housing in LA is 34% cheaper than in New York City. Additionally, prices for groceries, as well as restaurant prices, are lower in Los Angeles than in NYC.

Overall, Canada is more affordable than the US, but the US has a higher median income. Comparing the cost of living in both countries is tricky because living costs vary dramatically within each city. It's important to consider the hidden costs and savings of public goods and services when comparing costs of living.

What is the best state to live in with no income tax? ›

Which Are the Tax-Free States? As of 2022, Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming are the only states that do not levy a state income tax.

Monocle's Quality of Life Survey

The 2022 Monocle Survey determined the world's most livable city was Copenhagen, followed by Zurich, Lisbon and Helsinki.

The latest edition of the Best States rankings project finds a new No. 1 and a strong showing from the West and Midwest in the top 10. Utah has taken the No.

Massachusetts was crowned the top state to raise a family in, followed by Minnesota, New York, North Dakota, and Vermont. New Hampshire checked in at sixth on the list, while Connecticut ranked 10th, Rhode Island ranked 11th and Maine ranked 16th. Mississippi was ranked the worst state to raise a family in.

Topping the 2023-24 list: Green Bay, Wisconsin. The magazine called Green Bay "The perfect mix of big-city amenities complemented with a Midwestern, small-town feel."

What are the most beautiful places to live in the US? ›

Bottom Line. Living on $1,000 per month is a challenge. From the high costs of housing, transportation and food, plus trying to keep your bills to a minimum, it would be difficult for anyone living alone to make this work. But with some creativity, roommates and strategy, you might be able to pull it off.

Pakistan tops the list of the cheapest countries in the world, with a cost of living index of $294. Sri Lanka and Nepal come in second and third on the list, with cost of living indexes of $316 and $385 respectively. Several African countries also feature on the list of the cheapest countries in the world.

Well, our friends over at Casino.org did a study and the answers are in — it may come as no surprise that California topped the list of the best states to live in 2023. In a survey of over 5,000 people who live in the U.S., there is one state that came out on top.

Key points. Inflation seems to be slowing, and some things could start to get cheaper in 2023. The cost of real estate, rental, cars, and gas could fall, at least a little. Don't get too excited about potential price drops, as there's still a lot of uncertainty about the economy.

Wyoming topped the list as least expensive state for people to live out their golden years with a senior poverty rate of 6.7%, classification as “most tax friendly,” and an average annual medicare spending rate of $10,274 per beneficiary, well below the national average.

What states are people leaving the most? ›

Top states residents are leaving

The annual 2022 United Van Lines National Movers study is out! But it wasn't good news for New Jersey or New York. A similar report from United Van Lines showed New Jersey as the top outbound state, followed by Illinois, New York, Michigan, and Wyoming.

The top three countries for American expats are Mexico, Canada, and the United Kingdom, which are all popular for their proximity to the States and lower cost of living.

The top five states to retire, according to the site, are Virginia, Florida, Colorado, Wyoming and Delaware, in that order. You can see the rest of the state rankings in WalletHub's report. WalletHub uses 47 “key indicators” in three areas — affordability, quality of life and healthcare — to calculate its rankings.

Social Security benefits and Supplemental Security Income (SSI) payments will increase by 8.7% in 2023. This is the annual cost-of-living adjustment (COLA) required by law.

Food prices are expected to grow more slowly in 2023 than in 2022 but still at above historical-average rates. In 2023, all food prices are predicted to increase 6.2 percent, with a prediction interval of 4.9 to 7.5 percent.

After peaking at 6.2% in 2022, we expect inflation to fall to 3.5% for 2023. Over 2024 to 2027, we expect inflation to average just 1.8%—below the Fed's 2% target.

Increases in the prices of eggs, butter, meat, and more are going to make grocery shopping extra expensive this year. Brittany Leitner has been a beauty, lifestyle, and health editor for 10 years.