A study from North American Moving Company examines every state in the nation to determine the most affordable. The analysts point out that, while affordability is not the only consideration, it is one that has significantly influenced migration patterns in the past year.
They revealed that New Hampshire is the country’s least expensive place to live, all things considered.
Analysts looked not only at median house prices, but also at average household incomes, average housing cost, average grocery costs, average utilities, inflation costs, and state income taxes.
The researchers explain that, for those with the flexibility to relocate, these states offer a “high quality of life at a lower price point.”
The states at the top of the list could be perfect for those just starting on their own or looking to downsize and save money in retirement, the analysts suggest.
“With inflation near a 40-year high, many people across the country are seeking more affordable options for housing, groceries, and other necessities,” note the authors. “That's why we've compiled a list of the most cost-effective states to call home.”
New Hampshire is followed by South Dakota, Tennessee, Alaska, and Texas. Wyoming, Florida, Washington, Nevada, and North Dakota round out the top 10.
The authors of this study point out that affordability is not the only consideration for home shoppers.
“There are many factors to consider when choosing which state to live in,” the analysts say.
That might include weather, quality of schools, availability of cultural and recreational activities, and the proximity to family and friends.
“Others may be more concerned with the political climate or the state's history and culture,” they say.
Experts who worked on the study advise that it can be helpful for house hunters to list their priorities and then research different states to see how they compare in terms of each factor.
“[Homebuyers] may also want to visit a few states before making a final decision,” they add, “or talk to people who have lived in different states to get their perspective.”
North American Moving Company also publishes a migration map, which keeps track of where Americans are moving each year. They determined that in 2022, most movers left high cost-of-living areas for warmer climates and more affordable housing conditions.
See the full list of relatively affordable states and the migration map at northamerican.com.