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    Ranking Each of the 50 States by Cost of Living

    Can you guess which state tops the list?

    If you’re hoping to become a homeowner this year, perhaps you’ve considered an out-of-state move. Even before imagining yourself exploring a new culture, settling into a new neighborhood and finding the perfect home, you’ll want to acquaint yourself with the state’s degree of affordability. Cost of living, or “the amount of money needed to cover basic expenses such as housing, food, taxes, and healthcare” (Investopedia, 2020) is an important metric you can use to measure and compare your state of choice. Home values, rent prices and household incomes can paint an even clearer picture of what living there might look like. If you’re planning an out-of-state move, or just want to understand your home state a bit better, read on for rankings by cost of living and other affordability details spanning the nation.

    1. Mississippi

    The Magnolia State is number one when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $133,213, a 4.5% increase over the past year (Zillow). Renters statewide paid a median of $777 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $45,792 (U.S. Census Bureau).

    2. Oklahoma

    The Sooner State is number two when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $140,511, a 7.1% increase over the past year (Zillow). Renters statewide paid a median of $814 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $54,449 (U.S. Census Bureau).

    3. Arkansas

    The Natural State is number three when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $141,095, a 6.0% increase over the past year (Zillow). Renters statewide paid a median of $742 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $48,952 (U.S. Census Bureau).

    4. Missouri

    The Show-Me State is number four when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $178,656, an 8.6% increase over the past year (Zillow). Renters statewide paid a median of $834 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $57,409 (U.S. Census Bureau).

    5. Michigan

    The Wolverine State is number five when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $190,042, a 9.2% increase over the past year (Zillow). Renters statewide paid a median of $888 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $59,584 (U.S. Census Bureau).

    6. Alabama

    The Yellowhammer State is number six when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $157,366, an 8.5% increase over the past year (Zillow). Renters statewide paid a median of $807 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $51,734 (U.S. Census Bureau).

    7. Tennessee

    The Volunteer State is number seven when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $285,068, a 9.5% increase over the past year (Zillow). Renters statewide paid a median of $904 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $56,071 (U.S. Census Bureau).

    8. Kansas

    The Sunflower State is number eight when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $166,254, a 7.4% increase over the past year (Zillow). Renters statewide paid a median of $862 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $62,087 (U.S. Census Bureau).

    9. Indiana

    The Hoosier State is number nine when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $171,240, an 8.5% increase over the past year (Zillow). Renters statewide paid a median of $840 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $57,603 (U.S. Census Bureau).

    10. Wyoming

    The Cowboy State is number 10 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $261,262, a 3.5% increase over the past year (Zillow). Renters statewide paid a median of $822 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $65,003 (U.S. Census Bureau).

    11. Georgia

    The Peach State is number 11 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $221,471, an 8.3% increase over the past year (Zillow). Renters statewide paid a median of $1,049 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $61,980 (U.S. Census Bureau).

    12. Texas

    The Lone Star State is number 12 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $222,237, a 6.9% increase over the past year (Zillow). Renters statewide paid a median of $1,091 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $64,034 (U.S. Census Bureau).

    13. Iowa

    The Hawkeye State is number 13 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $158,239, a 3.2% increase over the past year (Zillow). Renters statewide paid a median of $808 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $61,691 (U.S. Census Bureau).

    14. Kentucky

    The Bluegrass State is number 14 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $158,685, a 7.1% increase over the past year (Zillow). Renters statewide paid a median of $773 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $52,295 (U.S. Census Bureau).

    15. New Mexico

    The Land of Enchantment is number 15 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $226,941, a 10.1% increase over the past year (Zillow). Renters statewide paid a median of $847 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $51,945 (U.S. Census Bureau).

    16. Ohio

    The Buckeye State is number 16 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $166,358, a 9.6% increase over the past year (Zillow). Renters statewide paid a median of $813 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $58,642 (U.S. Census Bureau).

    17. Louisiana

    The Pelican State is number 17 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $178,041, a 4.4% increase over the past year (Zillow). Renters statewide paid a median of $866 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $51,073 (U.S. Census Bureau).

    18. Idaho

    The Gem State is number 18 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $339,238, a 16.7% increase over the past year (Zillow). Renters statewide paid a median of $880 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $60,999 (U.S. Census Bureau).

    19. North Carolina

    The Tar Heel State is number 19 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $222,909, an 8.3% increase over the past year (Zillow). Renters statewide paid a median of $931 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $57,341 (U.S. Census Bureau).

    20. West Virginia

    The Mountain State is number 20 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $113,124, a 4.2% increase over the past year (Zillow). Renters statewide paid a median of $727 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $48,850 (U.S. Census Bureau).

    21. Nebraska

    The Cornhusker State is number 21 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $190,827, a 6.9% increase over the past year (Zillow). Renters statewide paid a median of $859 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $63,229 (U.S. Census Bureau).

    22. Wisconsin

    The Badger State is number 22 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $211,598, an 8.8% increase over the past year (Zillow). Renters statewide paid a median of $867 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $64,168 (U.S. Census Bureau).

    23. Illinois

    The Prairie State is number 23 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $218,622, a 5.9% increase over the past year (Zillow). Renters statewide paid a median of $1,020 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $69,187 (U.S. Census Bureau).

    24. Utah

    The Beehive State is number 24 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $395,205, a 12.7% increase over the past year (Zillow). Renters statewide paid a median of $1,098 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $75,780 (U.S. Census Bureau).

    25. South Carolina

    The Palmetto State is number 25 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $204,967, a 7.3% increase over the past year (Zillow). Renters statewide paid a median of $922 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $56,227 (U.S. Census Bureau).

    26. Arizona

    The Grand Canyon State is number 26 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $309,122, a 14.8% increase over the past year (Zillow). Renters statewide paid a median of $1,101 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $62,055 (U.S. Census Bureau).

    27. North Dakota

    The Peace Garden State is number 27 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $238,112, a 2.3% increase over the past year (Zillow). Renters statewide paid a median of $804 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $64,577 (U.S. Census Bureau).

    28. Florida

    The Sunshine State is number 28 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $267,296, a 7.9% increase over the past year (Zillow). Renters statewide paid a median of $1,238 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $59,227 (U.S. Census Bureau).

    29. South Dakota

    The Mount Rushmore State is number 29 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $224,126, a 5.3% increase over the past year (Zillow). Renters statewide paid a median of $769 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $59,533 (U.S. Census Bureau).

    30. Pennsylvania

    The Keystone State is number 30 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $213,499, an 8.7% increase over the past year (Zillow). Renters statewide paid a median of $951 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $63,463 (U.S. Census Bureau).

    31. Minnesota

    The North Star State is number 31 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $279,516, a 7.2% increase over the past year (Zillow). Renters statewide paid a median of $1,016 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $74,593 (U.S. Census Bureau).

    32. Virginia

    The Old Dominion is number 32 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $305,509, a 6.9% increase over the past year (Zillow). Renters statewide paid a median of $1,254 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $76,456 (U.S. Census Bureau).

    33. Montana

    The Treasure State is number 33 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $320,351, a 9.1% increase over the past year (Zillow). Renters statewide paid a median of $831 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $57,153 (U.S. Census Bureau).

    34. Colorado

    The Centennial State is number 34 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $436,751, an 8.0% increase over the past year (Zillow). Renters statewide paid a median of $1,369 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $77,127 (U.S. Census Bureau).

    35. Delaware

    The First State is number 35 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $281,923, an 8.7% increase over the past year (Zillow). Renters statewide paid a median of $1,116 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $70,176 (U.S. Census Bureau).

    36. New Hampshire

    The Granite State is number 36 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $326,908, an 11.5% increase over the past year (Zillow). Renters statewide paid a median of $1,147 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $77,933 (U.S. Census Bureau).

    37. Washington

    The Evergreen State is number 37 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $463,856, a 12.5% increase over the past year (Zillow). Renters statewide paid a median of $1,359 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $76,687 (U.S. Census Bureau).

    38. Nevada

    The Sagebrush State is number 38 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $329,465, an 8.1% increase over the past year (Zillow). Renters statewide paid a median of $1,168 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $63,276 (U.S. Census Bureau).

    39. Maine

    The Pine Tree State is number 39 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $272,886, an 11.6% increase over the past year (Zillow). Renters statewide paid a median of $870 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $58,924 (U.S. Census Bureau).

    40. Vermont

    The Green Mountain State is number 40 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $275,472, a 5.4% increase over the past year (Zillow). Renters statewide paid a median of $980 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $63,001 (U.S. Census Bureau).

    41. New Jersey

    The Garden State is number 41 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $372,870, a 9.7% increase over the past year (Zillow). Renters statewide paid a median of $1,376 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $85,751 (U.S. Census Bureau).

    42. Rhode Island

    The Ocean State is number 42 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $337,100, an 10.6% increase over the past year (Zillow). Renters statewide paid a median of $1,043 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $71,169 (U.S. Census Bureau).

    43. Massachusetts

    The Bay State is number 43 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $470,610, a 9.8% increase over the past year (Zillow). Renters statewide paid a median of $1,360 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $85,843 (U.S. Census Bureau).

    44. Alaska

    The Last Frontier is number 44 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $300,283, a 0.7% increase over the past year (Zillow). Renters statewide paid a median of $1,201 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $75,463 (U.S. Census Bureau).

    45. Oregon

    The Beaver State is number 45 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $397,363, a 9.3% increase over the past year (Zillow). Renters statewide paid a median of $1,185 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $67,058 (U.S. Census Bureau).

    46. Maryland

    The Old Line State is number 46 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $338,169, a 7.8% increase over the past year (Zillow). Renters statewide paid a median of $1,401 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $86,738 (U.S. Census Bureau).

    47. Connecticut

    The Constitution State is number 47 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $285,853, a 10.4% increase over the past year (Zillow). Renters statewide paid a median of $1,177 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $78,833 (U.S. Census Bureau).

    48. New York

    The Empire State is number 48 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $346,973, a 7.0% increase over the past year (Zillow). Renters statewide paid a median of $1,309 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $72,108 (U.S. Census Bureau).

    49. California

    The Golden State is number 49 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $617,633, a 9.9% increase over the past year (Zillow). Renters statewide paid a median of $1,614 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $80,440 (U.S. Census Bureau).

    50. Hawaii

    The Aloha State is number 50 when it comes to cost of living (U.S. News & World Report). The state’s typical home value is $673,344, a 3.9% increase over the past year (Zillow). Renters statewide paid a median of $1,651 per month in 2019, when data was most recently reported (U.S. Department of Numbers). Median household income in the same year was $83,102 (U.S. Census Bureau).

    Whether you’re moving across town or across the nation, understanding how your home state of choice compares to the rest will make everything from budgeting to house hunting that much easier. Take some time to research local housing costs, gas prices and even grocery store staples, then compare those expenses to your income. You’ll have a clearer picture of affordability, regardless of state, in no time.

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