20 States Where Your Money Goes the Furthest
Feel like your paycheck isn’t going quite as far these days? It might be the state you live in. Calling one of these 20 states your home can help you feel like you have more money in the bank.
Texas allows residents to live comfortably
Want to live in a state that gives you more bang for your paycheck? According to Huffingtonpost.com, El Paso, Texas, residents need just over $40,000 to live comfortably, which is an easy task for most residents, since the median income is just over $42,000. Even in a more expensive city, like Austin, the median salary is $1,991 higher than the expenses it takes to live with all your needs met. Don’t miss these 14 other budget-friendly cities.
Ohio has low housing costs
With the average home costing $130,900—over $80,000 less than the national average—you can get a lot of square footage for your money. Now might be a good time to invest in popular Ohio towns, as well, since Zillow.com predicts home values will rise 6.3 percent next year, making them the highest they have been in the last decade.
North Carolina is the best state to start a business
Equipped with low business costs and incentives, Forbes names North Carolina the best place to start a business. North Carolina also has the second smallest union workforce in the United States, resulting in labor costs that are 10 percent below the national average and the fifth lowest in the country.
Utah has the least amount of student loan debt
With student debt hitting $1.5 trillion in the first quarter of 2018, it might be worthwhile to move to a state with the lowest student debt average. Utah has a student loan debt average of only $19,975. In comparison, New Hampshire, the state with the highest student debt, has an average of $36,367 per student. These towns are so cheap you basically won’t have to work if you live there.
Hawaii has the lowest home insurance
Believe it or not, Hawaii’s average annual home insurance is $703, which is a bargain compared to Florida’s $6,892 annual home insurance bill. What makes it so cheap when everything else on the islands is expensive? It might have something to do with Hawaii’s balmy weather and lack of destructive winters. The state also pays the least amount in property taxes.
New Mexico has the cheapest healthcare
New Mexico was ranked the number one most affordable state for healthcare. The state has the lowest monthly premium for a Silver insurance plan and residents can get coverage for an average of $181 a month, as well as a low deductible of $2,000.
Alabama has low property taxes
The average American spends over $2,000 on annual property taxes, according to Wallethub.com. Alabama comes in second to Hawaii for the nation’s lowest property taxes. Based on a $185,000 home, the median annual property tax paid by Alabama homeowners is $791.
Florida really is the best place to retire
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Business Insider named Sarasota, FL, as the top place in the nation to retire. Florida ranked well for home affordability and health care costs and had a perfect score for happiness. Your nest egg can go further in Florida because residents do not have to pay personal income taxes. Don’t miss the 15 cheapest towns to retire in.
Arizona is a Right to Work state
Arizona is one of the 28 states that follows Right to Work laws, meaning employees can decline to join a union. Less employment-related fees mean your paycheck can go further. This impacts state and local government employees, public school teachers, college professors, as well as federal government employees, like individuals in the Postal Service.
Maine has affordable car insurance
While car insurance prices vary by each driver and their driving record, insurance prices can be determined by a state’s location, the rate of uninsured drivers, and crime statistics. Maine had the cheapest car insurance prices in the nation, with an average annual cost of $889. Compare that with the most expensive state, Louisiana, which costs an average of $2,536 per year.