With record-high inflation and cost-of-living increases, Americans are looking for ways to save money.
According to a report, Americans are moving to states with the lowest cost of living to find a better quality of life and to save money.
Utah
The report analyzed data from each state on 18 factors related to the cost of living, including housing prices, groceries, transportation, and healthcare.
Utah has the lowest cost of living overall, followed by Florida and Nevada.
Alaska came last on the list, with New Hampshire ranking as the state with the highest cost of living.
What Factors Affect the Cost of Living?
One of the most critical factors affecting the cost of living is the cost of goods and services.
Alaska and Hawaii are consistently ranked as the highest cost-of-living states due to the expense of shipping goods to them.
Another major factor that affects the cost of living is the cost of housing. States with a high demand for housing tend to have higher costs, and a housing shortage can also lead to inflated prices.
High Housing Prices
California and New York are two states with a high demand for housing that have also seen some of the highest prices in the country.
To save money while living in a state, it’s essential to research what expenses are common and how much they typically cost.
For example, many residents in the Northeast see snow removal service as a required expense, while others in warmer climates would never consider the cost of such a service.
Credit Score Impact
Choosing where you live can also have an effect on your credit score. A new study from Upgraded Points recently shared the results of its newest in-depth data study of 60 American cities, ranking them from best to worst for credit score impact.
The Best U.S. Cities To Boost Credit Scores
New York State has three cities in the top 10 rankings, but surprisingly, New York City was not among them.
Rochester ranks third with an overall score of 36.38 and an extremely low unemployment rate of 2.3%. The capital city of New York, Albany, sits in the fourth spot with an overall score of 33.29. And Albany is the only small city to make it into the top 10 rankings with a city size of 99,224.
Syracuse
Syracuse is the third city in New York State to make the top 10 with an overall score of 30.8. All three cities have an average cost of living index of 70.29, meaning it is 30% cheaper to live in one of these cities than the national average. This allows workers to pay down debt far faster.
The Worst U.S. Cities To Boost Credit Scores
No one wants their city to be on the “worst” list, but the data is clear.
With one of the lowest minimum wages in the country ($7.25/hour) and extremely high unemployment rates, Texas has the dubious distinction of having the top three worst cities for boosting credit scores.
In fact, half of the top ten worst cities are located in Texas. Ranking number two and number three are El Paso and Dallas, respectively. While Atlanta, Oklahoma City, and New Orleans are all in the top ten as well.
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A Dime Saved
Hi! I am a millennial mom with a passion for personal finance. I have always been “into” personal finance but got inspired to start my blog after a period of extended unemployment. That experience really changed the way I viewed my relationship with money and the importance of accessible personal finance education.