published Mar 27, 2024
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These days, finding a space with affordable rent is no small task. In just February 2024 the average rent nationwide jumped by 2.5%. Amid these surging prices, there’s no denying that some states are kinder to your wallet overall than others. But in 2024 which states are the most affordable? To find out, USA Today compiled a report on the most affordable states, examining the overall cost of living by analyzing median incomes and major expenses like healthcare and income tax and seeing how much income is left over from that.
The most affordable U.S. state overall is Utah, in which the cost of living makes up 63.3% of average residents’ income. Coming in second place is Tennessee, in which the cost of living makes up 63.7% of average income. Meanwhile, Arizona comes in third place, with cost of living making up 64.1% of average income.
Here are the 10 most affordable U.S. states (and their total cost of living and cost as percentage of income) in 2024:
- Utah: $56,436 (63.3%)
- Tennessee: $41,554 (63.7%)
- Arizona: $47,805 (64.1%)
- Nevada: $46,400 (64.1%)
- Washington: $59,271 (64.9%)
- Wyoming: $45,485 (64.9%)
- Idaho: $47,641 (65.5%)
- New Hampshire: $58,985 (65.5%)
- Indiana: $44,014 (65.9%)
- Iowa: $45,869 (65.9%)
Of course, you can’t pinpoint the most affordable states without pointing out which states come with a higher price tag. New York tops the list of the most expensive states overall, in which the cost of living makes up 78.7% of average income. This is hardly surprising given that New York City is one of the most expensive cities in the world, placing sixth on Mercer’s report on the most expensive cities worldwide.
Here are the 10 least affordable U.S. states (and their total cost of living and cost as percentage of income) in 2024:
- New York: $62,644 (78.7%)
- California: $70,711 (77.2%)
- Hawaii: $71,380 (77.2%)
- Louisiana: $42,112 (76%)
- Oregon: $56,369 (74.5%)
- Massachusetts: $69,740 (73.8%)
- West Virginia: $39,507 (72.7%)
- Montana: $48,719 (72%)
- Mississippi: $37,949 (72%)
- Connecticut: $63,547 (71.9%)
You can check out USA Today’s full report here.
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