Affluent Savvy
Photo: Charles Parker
Here are the 10 most affordable states in the U.S. for moderately affluent households: Tennessee. Average cost of living index: 89.5. ... Iowa. Average cost of living index: 89. ... Indiana. Average cost of living index: 88.9. ... Missouri. Average cost of living index: 88.6. ... West Virginia. ... Georgia. ... Alabama. ... Kansas. More items... •
The 5 Fastest Ways To Become Rich, According To Experts Avoid (and Pay Down) Debt. Debt is not necessarily bad in all instances, but it is...
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The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.
Learn More »The COVID-19 pandemic led to a surge in remote work, with more employees untethered to a commute and traditional office. Yet working remotely may affect a person's pay, as some companies have tied compensation to an employee's location. And that means where you live can help determine how wealthy you are – and what you can afford. For example, the recent average price of a newly built, 2,400-square-foot home with four bedrooms, two full bathrooms and other quality features across approximately 260 urban areas in the U.S. was nearly $454,000, according to the 2022 second-quarter Cost of Living Index report by the Council for Community and Economic Research. But that price – and the price of staple goods like groceries – can vary significantly. Shedding light on those differences, the council's report assigns urban areas in the country a cost of living index based on the cost of common consumer goods and services in that area. An index score of 100 reflects a national average across all participating areas, with figures less than 100 indicating higher after-tax affordability and those above 100 indicating higher expenses. The index is designed to allow users to compare the costs of a standard of living associated with “moderately affluent professional and managerial households,” such as those with two college-educated spouses and one child, with the household’s income in the top 20% for the area. According to the second-quarter report, the most expensive urban area in the country for this standard of living was Manhattan in New York City, with a cost of living index of almost 238 – more than twice the national average. Following Manhattan were Honolulu; San Francisco; Brooklyn in New York City; and the Los Angeles-Long Beach area. With the exception of Honolulu, the top 10 most expensive areas were all located on the East or West coasts. Four of the 10 areas were located in California. By calculating the average cost of living index for all participating areas in a state, U.S. News has compiled a list of the 10 most affordable states as reflected in the index data. These rankings also explore the average home price across participating urban areas in a state, the state’s median household income according to 2021 Census Bureau data, and the average cost of staple goods such as a pound of ground beef, a half-gallon of milk and a dozen eggs. Here are the 10 most affordable states in the U.S. for moderately affluent households:
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The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.
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