Study claims wealthy blue state is America's most affordable, beating states thousands are moving to (2024)

FAQs

What is the cheapest state to live in 2023? ›

1. Mississippi. Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.

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 three cheapest states to move to in terms of housing costs are: West Virginia, with an average price of $123,000; Mississippi, with an average price of $125,000; and Arkansas, with an average house price of 133,600. You can view the 10 cheapest states to move to below.

The ten most expensive states to live in are Hawaii, Massachusetts, California, New York, Alaska, Maryland, Oregon, Connecticut, New Hampshire, and Vermont. Hawaii is the most expensive state to live in, with a cost of living index of 184.

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.

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.

What is the most unaffordable state in the United States? ›

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.

No state income tax in Florida, cheaper real estate and the weather are the top reasons broker Melissa Cantway said people are still moving here.

Florida residents enjoy the 32nd-lowest cost of living in the United States, per MERIC data gathered in 2022.

Cape Coral, Fla. With its desirable climate and favorable tax status, Florida is filled with popular retirement destinations. Many of our favorite retirement spots in the Sunshine State can be found along the Gulf Coast including St. Petersburg, Sarasota and Punta Gorda.

According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Alaska, on the other hand, held last place in our ranking. The state was dragged down by back-of-the-pack scores in affordability and weather.

1. Sweden. Sweden is the top country in 2022 best quality of life rankings. The country stands out in the ranking of quality of life for health systems and well-developed public education, security, economic stability, and politics.

According to the Human Development Index, some countries provide a better quality of life than others. The Human Development Index (HDI) is calculated based on three main factors: life expectancy, education, and per capita income. In 2021, Switzerland was ranked first in the HDI, followed closely by Norway and Iceland.

1 best place to live in the world: Vienna, Austria. Vienna, Austria, ranked first as the best place to live in the world.

This statistic shows the best states to make living in the United States in 2019. In 2019, Wyoming was ranked as the best state to make a living in the United States, with the cost of living index at 90.5 value and the median income of 40,240 U.S. dollars.

What is the most overpriced state? ›

According to several studies on cost of living, Hawaii is the most expensive U.S. state to live in. Prices are typically double in Hawaii compared to those on the mainland, and the continued rise in inflation is making costs ranging from housing to health care much more expensive.

The top five states for healthcare access are: Hawaii. Connecticut. Massachusetts.

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."

Florida is one of the most expensive states for housing, and Miami is the least affordable city in the country, according to a report. High demand, short supply, increased migration trends since the pandemic and exploding mortgage rates, make for a pricey combination.

Rental properties in Florida start as low as $300 to $500 per week for two bedroom homes and up to $1,700 a month for some of the larger properties. Many of the rental properties overlook beach-side or oceanfronts and are located in quiet areas. The quiet and privacy is a big plus, often most desirable to vacationers.

What salary do you need to live comfortably in Florida? ›

The Takeaway

Florida can be an expensive place, mostly because the cost of renting or owning a home has gone up so much. But with a good salary — by one definition at least $60,000 for a single, childless person — and a solid spending plan, you can enjoy the laid-back Florida lifestyle.

To no major surprise, Los Angeles was found to be the least affordable. Two other California cities – Bakersfield and Modesto – found themselves among the top 10 least affordable cities in the U.S. Three Texas cities made the list as well.

Alaska is just expensive in general. With it being so far away from the rest of the Lower 48, it costs a lot to ship things up here. Additionally, businesses know people are traveling to Alaska and can increase prices because it's such an attractive place.

Ultra-wealthy people looking for a tax break and an escape from winter have been flocking to Florida for years. More high-earners moved to Florida than to any other state between 2019 and 2020, per an analysis by SmartAsset of IRS data.

The average home value in Florida is around $377,000 as of 2023. This is an increase of 11.8% compared to the previous year. The average home price can vary widely depending on the location within the state, with some areas being significantly more expensive than others.

There are no state taxes on social security, pension funds, IRAs, 401(k)s, or other retirement incomes, which makes the state specifically attractive to folks over the age of 65. Florida has no state income tax which is another upside for those who choose to move to the Sunshine State, whether they are retiring or not.

Singapore and New York City tied for the first rank amongst the world's most expensive cities in 2022, pushing Israel's Tel Aviv from the first place in 2021 to the third place in 2022.

The state offers a warm and sunny climate, a significant draw for many older adults looking to enjoy their retirement years in a comfortable environment. Additionally, Florida has a low state tax rate and a relatively low cost of living, making it a cost-effective place for retirees to live.

Lower Cost of Living

On the state level, Ohio beats Florida for lower costs in every category but transportation. The average median household income is similar in both states, with Ohio's at $58,642 and Florida's at $59,227.

What states are people moving to 2023? ›

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.

According to several studies on cost of living, Hawaii is the most expensive U.S. state to live in. Prices are typically double in Hawaii compared to those on the mainland, and the continued rise in inflation is making costs ranging from housing to health care much more expensive.

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.

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 full list is below.

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.

In 2022, hundreds of thousands of people moved to Florida, Texas, North Carolina and other Southern and Western states. But some states, including California and New York, lost residents. Net migration by population change. Net migration, based on Census data analyzed by NAR.

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."

1. Sweden. Sweden is the top country in 2022 best quality of life rankings. The country stands out in the ranking of quality of life for health systems and well-developed public education, security, economic stability, and politics.

St Louis, Missouri is the top-rated city in the U.S. for people looking to start over. New York City is the most difficult city to move to for a fresh start. Hartford, Connecticut has the best social scene score.

What is the most luxurious state in the United States? ›

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.

Is it expensive to live in Hawaii? Yes, Hawaii is known for its high cost of living due to factors such as housing, groceries, utilities, and transportation.

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.

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.

In 2023, prices are expected to decline by roughly 10% for used cars and by 2.5% to 5% for new cars.