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North American Van Lines Conducts a Study to Determine the Cheapest States to Live in 2023 in the United States
News provided byNorth American Van Lines, Inc.
Jan 25, 2023, 1:15 PM ET
CHICAGO, Jan. 25, 2023 /PRNewswire/ -- North American Van Lines, a moving company based out of Fort Wayne, Indiana, recently conducted a study to determine the cheapest states to live in 2023 in the United States. The states chosen as the cheapest states offer a high quality of life at a low price point. When determining the most cost-effective American states to live in, North American Van Lines took into consideration average household income, median home price, average housing cost, average grocery costs, average utilities, inflation costs, and state income taxes. These factors were used to determine an index score for each state in the United States. The study was able to pinpoint which states make excellent options for Americans looking to stretch their current budgets further by organizing all 50 states into a ranked list that determines affordability.
The results of the study showed that the top 10 cheapest states to live in are New Hampshire, South Dakota, Tennessee, Alaska, Texas, Wyoming, Florida, Washington, Nevada, and North Dakota. New Hampshire received the lowest score, meaning it has the lowest living costs.
These index scores were calculated by averaging the following factors:
- Average household income
- Median home price
- Mortgage w/ 20% Down @ 7.47%
- Average Rent
- Calculated Average Housing Cost
- Average grocery costs
- Average utilities
- Nov 22 Inflation Costs in $ vs. Jan 2021
- State Income Tax Cost
- State Income Tax Rates
Average housing cost was figured assuming 65.4% homeownership vs. 34.6% renting (according to The Census Bureau's Housing Vacancy Survey (CPS/HVS) which reported the U.S. homeownership rate at 65.4% in the first quarter of 2022). Mortgage payments were figured off a 7.47% interest rate with 20% down, using the average home price for each state.
"Inflation is now at a 40-year high, so Americans all across the country are seeking more affordable options for housing and overall cost of living," said Kevin Murphy, VP/GM, North American Van Lines. "Because of this, we decided to compile this list to help people find the most cost-effective places to live in the United States."
For the complete study, please visit: https://www.northamerican.com/moving-resources/cheapest-states
North American Van Lines, Inc., established in 1933, is a wholly owned subsidiary of SIRVA Inc., a leader in providing relocation solutions to a well-established and diverse customer base around the world. The moving company, with headquarters in Fort Wayne, Indiana, and more than 500 agents and agent affiliates worldwide, handles corporate, government, military, and private relocations and operates in the U.S., Canada, and more than 100 countries worldwide.
Information on North American Van Lines (U.S. DOT No. 070851) can be found on the Internet at www.northamerican.com.
Contact: Laura McKay
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SOURCE North American Van Lines, Inc.