North American Van Lines Conducts a Study to Determine the Cheapest States to Live in 2023 in the United States

Rhea-AI Summary

North American Van Lines, based in Fort Wayne, Indiana, has released a study identifying the cheapest states to live in 2023 in the United States. The study evaluates states based on average household income, median home price, housing costs, grocery prices, utilities, inflation, and state income taxes. The top ten affordable states are New Hampshire, South Dakota, Tennessee, Alaska, Texas, Wyoming, Florida, Washington, Nevada, and North Dakota, with New Hampshire noted as the most cost-effective. The study aims to assist Americans grappling with rising living costs due to inflation.

Positive

• The study identifies the top 10 cheapest states for living, which could guide potential relocations.
• Factors considered in the study reflect a broad assessment of living costs, enhancing its credibility.

Negative

• The study does not provide specific financial metrics impacting North American Van Lines' operations directly.
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CHICAGO, Jan. 25, 2023 /PRNewswire/ -- North American Van Lines, a moving company based out of Fort Wayne, Indiana, recently conducted a study to determine the cheapest states to live in 2023 in the United States. The states chosen as the cheapest states offer a high quality of life at a low price point. When determining the most cost-effective American states to live in, North American Van Lines took into consideration average household income, median home price, average housing cost, average grocery costs, average utilities, inflation costs, and state income taxes. These factors were used to determine an index score for each state in the United States. The study was able to pinpoint which states make excellent options for Americans looking to stretch their current budgets further by organizing all 50 states into a ranked list that determines affordability.

North American Van Lines Conducts a Study to Determine the Cheapest States to Live in 2023 in the United States.

The results of the study showed that the top 10 cheapest states to live in are New Hampshire, South Dakota, Tennessee, Alaska, Texas, Wyoming, Florida, Washington, Nevada, and North Dakota. New Hampshire received the lowest score, meaning it has the lowest living costs.

These index scores were calculated by averaging the following factors:

• Average household income
• Median home price
• Mortgage w/ 20% Down @ 7.47%
• Average Rent
• Calculated Average Housing Cost
• Average grocery costs
• Average utilities
• Nov 22 Inflation Costs in $ vs. Jan 2021
• State Income Tax Cost
• State Income Tax Rates

Average housing cost was figured assuming 65.4% homeownership vs. 34.6% renting (according to The Census Bureau's Housing Vacancy Survey (CPS/HVS) which reported the U.S. homeownership rate at 65.4% in the first quarter of 2022). Mortgage payments were figured off a 7.47% interest rate with 20% down, using the average home price for each state.

"Inflation is now at a 40-year high, so Americans all across the country are seeking more affordable options for housing and overall cost of living," said Kevin Murphy, VP/GM, North American Van Lines. "Because of this, we decided to compile this list to help people find the most cost-effective places to live in the United States."

For the complete study, please visit: https://www.northamerican.com/moving-resources/cheapest-states

North American Van Lines, Inc., established in 1933, is a wholly owned subsidiary of SIRVA Inc., a leader in providing relocation solutions to a well-established and diverse customer base around the world. The moving company, with headquarters in Fort Wayne, Indiana, and more than 500 agents and agent affiliates worldwide, handles corporate, government, military, and private relocations and operates in the U.S., Canada, and more than 100 countries worldwide.

Information on North American Van Lines (U.S. DOT No. 070851) can be found on the Internet at www.northamerican.com.

Contact: Laura McKay
laura.mckay@northamerican.com

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SOURCE North American Van Lines, Inc.

FAQ

What are the cheapest states to live in 2023 according to North American Van Lines?

The cheapest states are New Hampshire, South Dakota, Tennessee, Alaska, Texas, Wyoming, Florida, Washington, Nevada, and North Dakota.

How did North American Van Lines determine the cheapest states to live in?

They used factors like average household income, median home price, average housing costs, and inflation to create an index score.

Why did North American Van Lines conduct this study?

The study was conducted to help Americans find more affordable living options amid rising costs due to inflation.

When was the study on the cheapest states released by North American Van Lines?

The study was released on January 25, 2023.

What factors influence the cost of living rankings in the North American Van Lines study?

Factors include average household income, median home price, average grocery costs, inflation, and state income taxes.