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.
North American Van Lines Conducts a Study
to Determine the Cheapest States to Live in 2023 in the United States.
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
laura.mckay@northamerican.com
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SOURCE North American Van Lines,
Inc.
