The cost of living is represented as the amount of money required to maintain a certain standard of living by providing basic necessities such as accommodation, food, healthcare, and other essentials. In the US, the difference in cost of living varies significantly. The value 100 defines the average cost of living throughout the whole United States and anything below that means the cost of living is lower than average.
Here is the list of 50 US States Ranked by Cost of Living starting from the most affordable state.
Data of Cost of Living by States
|5. New Mexico||87.5|
|17. West Virginia||91.1|
|22. North Carolina||94.9|
|23. South Carolina||95.9|
|28. North Dakota||98.8|
|29. South Dakota||99.8|
|37. New Hampshire||109.7|
|41. Rhode Island||119.4|
|42. New Jersey||125.1|
|48. New York||139.1|
In order to determine affordable housing in each state, median housing prices were compared to median family incomes and mortgage interest rates. The cost index mostly depends on groceries, housing, transportation and other utilities. And, the index indicating, Housing is the most determining factor for the greater cost of living index.
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