Whether it’s New York or Georgia, America is home to a range of beautiful states. While some of these states are expensive with high-priced homes and a high cost of living, others offer affordable housing options to settle in.
5 Most Affordable States to Live in
The following are the five most affordable US states to settle in:
Georgia is home to 10.6 million Americans, making it one of the most populated US states. However, the cost of living in Georgia ranks significantly below the national average, making it one of the most affordable states to live in.
Georgia is well-known for its low taxes and budget-friendly housing options (sixteen percent lower than the national average). This state features fantastic outdoor spots like Wild Adventures and Chehaw Park. In addition, Georgia is home to top-notch companies, such as Delta Airlines and The Coca-Cola Company.
Georgia’s average home purchase price is $152,400, and the median monthly rent is $897. Moreover, the median household income is $58,700.
This state ranks among the most affordable places to buy a home for multiple reasons. Kansas is well-known for its affordable real estate and cost of living, making it a top choice among those wanting to buy a home. Moreover, this beautiful city is considered a top agricultural producer in America.
Kansas offers tons of career opportunities, featuring multinational companies like Synergy Group, YRC Freight, and so on. With a population of nearly 2.9 million, Georgia’s average home purchase price cost is $135,300, and the median monthly rent is $775.
Alabama is one of the best states to live in, featuring a variety of budget-friendly housing options. This state is renowned for its scenic views of the Red Mountains and Talladega National Forest. In addition, Alabama features a healthy job market, including industries like healthcare, engineering, manufacturing, and more.
Alabama is home to 4.9 million people. The average household income in this state is $50,536. Moreover, the median home cost is $128,500, with the average monthly rent hitting $728.
Michigan is one of the most populated US states, with nearly ten million Americans residing here. This state is renowned for its cost of living – which ranks significantly below the national average. In addition, Michigan is home to top-notch companies like Ford Motor Company.
Maxwell Drever of drever capital management highly recommends Michigan as your next home state as the average home purchase price is $127,800, with the median monthly rent touching $799. In addition, the average household income in Michigan is $57,144.
Indiana stands out as one of the most affordable states to live in, thanks to its housing cost – which ranks twenty-eight percent below the national average. This state is also well-known for its overall low cost of living, making it one of the best US states to settle in.
With around 6.7 million residents, the average household income in Indiana is $56,303. In addition, the median home cost is $126,500, and the average monthly rent is $758.
The Final Verdict
America is home to some beautiful yet affordable states to live in, from Indiana to Georgia. All these states are unique in their own ways, featuring affordable real estate and cost of living, and tons of employment opportunities. If you’re looking for an affordable US state to settle in, check out those mentioned.
Top 3 Least Affordable Cities in the USA
People living in and outside of the United States continue to argue that life in America keeps getting more expensive every year. The cost of affording living, housing, education, healthcare, and other basic consumer facilities continue to be at an all-time high.
This is why the percentage of people purchasing land or a house or enrolling themselves in college continues to go down. People simply are no longer able to afford these facilities.
While living anywhere in America can be challenging for people with low annual wages, affording life in these three particular American cities may seem like an unattainable dream to these people.
Which Three American Cities are the Least Affordable?
Tthree least affordable American cities are as follows:
1. New York
New York is often said to be the heart of America. Many people across the globe call New York life a true depiction of the American dream. The world also unanimously agrees that this dream is highly unattainable due to the high costs of living in New York that only someone with a substantially high annual salary can afford.
What makes living in New York so difficult to afford for many people? Some of the main reasons are as follows:
- New York has one of the best healthcare facilities in the world.
- New York is designed to offer its citizens unmatchable convenience.
The underground subway track is cleverly designed to wrap the city around in a way that a person can travel around with great ease.
- The average salaries in New York are much higher than in the rest of America. Since companies have to afford the high payroll, they have no choice but to sell their goods and services at high prices as well.
- The cost of construction in New York is also extremely high. Maxwell Drever of drever capital management suggests that while a house’s paint Job in Utah could be for 5000 USD, the same paint job would cost at least $15000 in New York.
2. San Francisco
The price of a house in San Francisco is almost double that anywhere else in California. Apart from housing, the average cost of education, healthcare, and basic consumer goods is also alarmingly high in San Francisco. Some reasons behind San Francisco being as expensive as it is are as follows:
- While the demand for moving and relocating to San Francisco is high, the supply is low. This is because housing is scarce, and the city simply does not have enough space to provide residence to everyone who wishes to live there.
As per the simple demand and supply rule of economics, the cost of living in San Francisco continues to go up.
- With several museums, music festivals, and jaw-dropping art displays, San Francisco is also called the hub of entertainment in California.
- San Francisco is known to have great career opportunities due to its massive technological boom. This makes the city all the more attractive and as a result, more expensive.
3. Los Angeles
From all the movies and television shows shot in this glamorous city, life in Los Angeles will forever be a dream to many. However, this dream is very costly. Here is why this is the case:
- Due to scarce housing and hotel facilities, and the ever-high consumer demand, the cost and rent of living continue to go up.
- Some of the biggest Hollywood celebrities live in Los Angeles. This factor makes the city all the more attractive and continues to push the cost of living
If one wishes to live in New York, San Francisco, or LA, they need to take a peek inside their wallet, as this wish is not always close to reality. The high costs of living and housing make all three of these cities the least affordable cities in the USA.