These Are the Most and Least Affordable States to Move to in 2023 (2024)

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These Are the Most and Least Affordable States to Move to 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.

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.

Hawaii is the most expensive state to live in, with a cost of living index of 184. Massachusetts is ranked second, with a cost of living index of 149.7, followed by California at 137.6, and New York at 134.5.

Cheapest vs most expensive state

The cost of living in America varies dramatically between each state. From Mississippi being the cheapest state to live in with a median household income of $46,511 to Hawaii being the most expensive state with a median household income of $83,173.

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.

Georgia. With Atlanta voted as the best place to move in 2023, The Peach State is expecting to see a lot of growth. This Southern state boasts an unemployment rate significantly lower than the national average at only 2.9%.

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.

Hawaii is the state with the highest cost of living in the US, with a cost of living index of 184. The state's high cost of living is mainly due to the high cost of housing, which is among the highest in the nation.

Where is the most unaffordable place to live? ›

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.

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.

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.

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.

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.

And secondly, they are also states where housing is more affordable and available than in parts of the country that lost residents. The states that attracted the most new residents in 2022 are Florida, Texas, North Carolina and South Carolina, followed by other states in the South and West.

Based on the number of homicides, the ten safest states in America are New Hampshire, Vermont, Wyoming, Maine, Rhode Island, North Dakota, South Dakota, Hawaii, Idaho, and Alaska. New Hampshire is the safest state in the US, with just 20 reported homicide incidents.

Where is the best place to live in America 2023? ›

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."

Utah takes No. 1 in rankings that measure health care, education and economy. WASHINGTON, May 2, 2023 /PRNewswire/ -- Utah is the Best State in the country, according to the 2023 Best States rankings.

Texas emerges as the leader in the fastest-growing cities in the United States, with Georgetown retaining its position as the fastest-growing city overall.

The most liberal state in the country is Massachusetts, where the equally progressive city of Boston is located. Next is Hawaii, followed by Rhode Island, California, New York, Vermont, Maryland, New Jersey, Connecticut, and Oregon.

Texas. Texas isn't just one of the largest states in the United States and one of the few states without state income taxes, Texas is actually also one of the more affordable states given its 2022 Second Quarter Cost of Living Index of 90.9.

In the three presidential elections since 2008, Indiana and North Carolina went back to supporting Republicans. Virginia has continued voting for the Democratic presidential nominees (as well as increasingly electing Democrats at the state level), leading to its being reclassified as a blue state in recent years.

The most expensive rental market in the US remains to be New York. The average monthly rent for a one-bedroom is roughly $3,260. This is about a $500 decrease from 2021, however as demand continues to increase prices are likely to follow.

The cost of living in Tennessee is 10% lower than the national average. Housing is 20% lower than the national average, while utilities are 6% lower. When it comes to basic necessities such as food and clothing, groceries are around 6% lower than in the rest of the country, while clothing costs 6% lower.

Is Montana expensive to live? ›

Find out what income you need to maintain your standard of living in a different city and how much more or less money you need to budget for basic expenses. The cost of living in Montana is 2% higher than the national average. Housing is 5% higher than the national average, while utilities are 10% lower.

Hong Kong is the least affordable market, with a median multiple of 18.8. Sydney was the second least affordable at 13.3, Vancouver at 12.0, Honolulu at 11.8, San Jose at 11.5, Los Angeles 11.3, Auckland 10.7, Melbourne at 9.9, Toronto at 9.5 and San Diego at 9.4.

After Hong Kong, New Zealand and Australia were the least affordable countries overall in the study which looked at the U.S., Canada, the UK, Hong Kong, Singapore, Australia, New Zealand and Ireland. This chart shows the places where it's hardest to afford a home (2023).

According to worldpopulationreview.com, Hawaii is the most expensive state to live in, with its housing costing three times the national average. New York and California rank as the second and third most expensive states in which to live, respectively.

Cost of living

Georgia has an overall score of 93.4, about 10% less than Florida's 102.8. This means that, on average, living in Georgia is slightly more affordable than living in Florida.

The bottom line is Florida is a far less expensive state to live in than California because it has less expensive homes, lower sales tax on things you buy, and lower income taxes on money you earn.

Washington. Washington state has the highest quality of life in all 50 states. The state has no income tax, a thriving job market, and great international business opportunities.

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.

How much money do you need to live comfortably in Florida? ›

You may find it challenging, especially when it comes to finding a place to live. But if you share a home and other expenses, find affordable health care, and budget carefully, $30,000 a year could be enough to get by on in Florida.

If you are looking for a place to spend your golden years, look no further. Florida was ranked the second-best state to retire to in 2022, due primarily to low taxes and great weather.

Not only is Texas 8% cheaper than Florida overall, but housing, utilities and groceries all cost significantly less in the Lone Star State. (Utility costs in the two states are about equal.) Overall, living in Texas is more affordable than living in Florida.

The "slowing economy is likely to bring the yearly inflation rate down to around 4.0 percent by the end of 2023," Kiplinger predicted.

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.

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.

With the main causes of high inflation now running in reverse gear, the economy is set to receive a large deflationary impulse. 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.

Higher Prices for Services Are Now Driving Inflation

A stacked bar chart showing the contributions of each of the following categories to the overall inflation rate from 2018 to March 2023: food, goods, services and energy. Services have now overtaken goods as the primary contributor to inflation.

While some areas may experience an increase in housing prices, others may experience a decline. In Dallas, TX, housing prices are expected to decrease by 0.1% as of April 2023, followed by a further decline of 0.3% in June 2023, but are projected to increase by 0.7% by March 2024.

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.

What will 2023 look like financially? ›

In 2023, economic activity is projected to stagnate, with rising unemployment and falling inflation. Interest rates are projected to remain high initially and then gradually decrease in the next few years as inflation continues to slow.

Food prices are projected to rise in 2023, albeit at a slower pace than they did in 2022, according to the USDA.