Should a family choose to rent, they'll spend an average of $995 a month for a two-bedroom apartment. The average single-family dwelling in the state costs $176,898. Housing is especially cheap, with an index of 72.6. The cost of living index in Kansas is 86.5, the second-lowest in the nation. Mississippi is also consistently ranked as one of the worst states to live. Despite the low cost of living, the poverty rate in Mississippi is the highest in the nation nearly 20% of Mississippi residents live in poverty. Meanwhile, the median income for a family of four is $70,656. The living wage in Mississippi is $80,523 for a family of four. Mississippi also has the lowest transportation costs in the nation. The median price for a single-family home in Mississippi is $140,818, and the average rent for a two-bedroom apartment is $991. Most notably, Mississippi's housing index is 66., the lowest in the country. Mississippi has the lowest cost of living in the U.S., with a cost of living index of 83.3. States with the Lowest Cost of Living Index Mississippi The living wage for the United States is $68,808 annually for a family of four. Nationwide, the median household income is $67,521 a year, while personal income for individuals is $35,805. The average monthly cost for utilities in the U.S. Food, including groceries and eating out, costs another $7,317 a year or $609.75 a month. Annual healthcare costs average another $5,177 annually. The average American household dedicates a further 16% of spending to transportation, an average of $9,826 a year. Nationwide, the average rent for a two-bedroom apartment runs $1,154 a month. The median price of a single-family home in the United States is $273,992. On average, 34.9% of spending, or roughly $1,784 a month, is dedicated to housing and housing-related costs. The average household in the United States spends $61,334 a year on expenses. The Cost of Living in the United StatesĪ closer look at the national costs of living is needed to better understand costs across states. Likewise, living in a state with an index of 50 will cost about half the national average. For example, a state with a cost of living index of 200 is twice as expensive as the national average. States are then measured against this baseline. When comparing costs across states, the average cost of living in the United States is used as the baseline set at 100. Individuals also use these metrics when considering relocating, especially for a job.Ĭost of living indexes are calculated by first determining a baseline for comparison. Cost of living indexes are used by employers when determining wages or government agencies when determining the need for interventions, such as annual adjustments to Social Security benefits. Cost of living indexes help a person better understand and quantify these differences. However, costs of living can vary significantly across regions. Cost of living refers to the amount needed to cover basic expenses, such as food, shelter, transportation, and healthcare.
0 Comments
Leave a Reply. |