According to a study examining the cost of living in all 50 states using a variety of metrics, North Carolina ranks as one of the most affordable states to live in the country this year.
Cost of living means exactly what it sounds like—the amount it costs to live somewhere. It takes all sorts of expenses into account, like housing, groceries, utilities, transportation, health care, and services.
It can be a major factor when deciding where to live. In this case, it is necessary to know which are the most affordable states or which are the places with the cheapest houses in the country. Knowing the cost of living can help you make informed decisions that suit your lifestyle and financial situation. Whether you’re moving for a job change or simply looking for a more budget-friendly place to live, understanding the cost of living is essential.
Scholaroo ventured to discover the cost of living of all 50 states across nine key indicators: Living Expenses, Personal Expenses, Taxes and Income, and the average cost of Health, Education, Loans & Credit Card Bill, Insurance, Telecommunications and Travel.
North Carolina ranked 16th overall. South Dakota ranked as the cheapest and California the most expensive. Virginia ranked 27th and South Carolina 18th.
Here’s how North Carolina rated in each of the indicators, with number one considered the best and 50 the worst.
#18 Living Expenses: $1328 average monthly expense. This category reflects basic living expenses, such as rent, groceries, utilities, etc.
#4 Personal Expenses: $157 average monthly expense. This category reflects basic personal expenses, such as gym, manicure, haircut, etc.
#36 Income: $60,516 average annual income. This category reflects the median annual income in each state.
#37 Health Cost: $930 average monthly expense. This category reflects the basic healthcare expenses, such as health insurance, visits to the doctors, etc.
#15 Insurance Cost: $3563 average cost. This category reflects the basic insurance expenses, such as life insurance, car insurance, etc.
#22 Loans & Credit Card Bill: $1745 average cost per month. This category reflects the basic loans and credit card expenses, such as mortgage, car loan, etc.
#15 Telecommunications Cost: $354 average cost per month. This category reflects the basic telecommunications expenses, such as cellphone, cable and internet, etc.
