10 Most Affordable States for Professionals

 

For the 'moderately affluent', these states offer the most bang for the buck.

prosperity and affordability

The COVID-19 pandemic increased remote working, with more employees moving to a commute and traditional office. Yet working remotely can affect a person's pay, as some companies tie 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 U.S. The most recent median price for a newly built, 2,400-square-foot home with four bedrooms, two full bathrooms and other quality amenities in about 260 urban areas in the U.S. was approximately $454,000 as of Q2 2022 costs. Living Index report by the Council for Community and Economic Research. But that price -- and that of staple items like groceries -- can vary greatly.

Highlighting those differences, the council's report sets the cost of living index to urban areas in the country 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 sectors, with figures of less than 100 indicating high after-tax affordability and above 100 indicating high spending. The index is designed to allow users to compare the cost of living associated with "moderately affluent professional and managerial families," such as two college-educated spouses and one child, with household income at the top. area in 20%.

According to the second-quarter report, the nation's most expensive urban area for this standard of living was Manhattan in New York City, with a subsistence index of about 238—more than double the national average. Manhattan was followed by Honolulu; San Francisco; Brooklyn in New York City; and the Los Angeles-Long Beach area. Except for Honolulu, the top 10 most expensive regions were all located on the east or west coasts. Four of the 10 territories were located in California.

By calculating the average cost of living index for all participating areas in a state, US News has compiled a list of the 10 most affordable states as depicted in the index data. These rankings include the median household value in the participating urban areas in the state, the state's median household income according to 2021 Census Bureau data, and the average cost of staple items such as a pound of ground beef, a half-gallon of milk and a dozen eggs.

Here are the U.S. for moderately affluent families. The 10 most affordable states in