America’s most affordable states to live in this year.

South Dakota: The⁢ Most Affordable Place to​ Live ⁢in America

When​ it comes to ‌housing, living expenses, taxes, insurance,⁣ and even grocery costs, South Dakota is the winner for the most affordable place to live in‌ America. In its “Cheapest States to Live in 2023“‌ report, Scholaroo, a college scholarship search platform, analyzed all ⁣50 states using 31 metrics, which also‍ included cable, internet, utility, medical, transportation, and even haircut and manicure costs. Indiana came in second,‌ followed‍ by Arkansas, ‍Mississippi, ​and ⁢Nebraska.

Scholaroo spokesperson Abigail ​Da Costa told The Epoch‌ Times that this is the first time they have conducted a report on the average cost of living⁤ in all 50 states.

“While individual preferences and‍ economic circumstances ‌will ‌inevitably‌ influence personal costs, the ​primary aim of ‌this report is to serve as ‌a comprehensive guide on the estimated expenses of‍ living in each state,” she explained. “Prospective homebuyers can‍ also benefit from this study, as ⁤it ⁤provides‍ valuable insights into the most suitable locations to purchase​ property based on their financial situation.”

Hidden Gem: South Dakota’s Affordability

Amy Stockberger, broker and owner of Amy Stockberger⁣ Real Estate in Sioux⁣ Falls, South Dakota, wasn’t ⁢surprised that her state was named the most affordable in the nation.

“We’re⁤ a little hidden gem and everything from‍ groceries to ‌utilities and gas prices is reasonable, plus in ⁢Sioux Falls, job wages are ⁣comparable to other larger metro areas,” she told The Epoch Times.

With a median single-family ‌home price of $312,000 inside ⁤Sioux Falls,⁢ the area has been attracting buyers​ from California, Minnesota, and the Northeast. Last year, the state’s largest city saw an influx of about 7,000 people.

“We‌ do get a strong population of people who want to retire here,” she said. “We ⁣have a low crime rate, a​ lower cost of living, ⁣and no⁢ pollution. In ⁢fact,​ for the first time in ⁢my 23-year career, I’ve seen siblings and‍ relatives of relocating families also following them to move here.”

Another incentive to move to South Dakota, noted Ms.⁤ Stockberger,​ is the fact⁤ that they have no state income tax. “It’s a great place to ⁢start ⁤a business as well,” ‍she said.

With four seasons, the state offers attractive outdoor activities like hiking, ​biking, and sledding. Sioux Falls alone⁢ has over 80 parks and 30 miles​ of​ bike trails.

“We’ve been listed many times‌ as one of ⁢the best places to raise a family,” Ms. Stockberger added.

West‍ Virginia: Affordable ‍Home Buying Options

While South Dakota scored the overall⁣ best ‍location for affordability, the Scholaroo report names West Virginia the ⁤leader in affordable home buying options, with the average monthly ‍mortgage cost⁢ for a single-family home at $879, followed by Arkansas ​at $947 and‌ Alabama at $970. On the ‌other end, the average mortgage payments for California, New York, New Jersey, Connecticut, Massachusetts, and Hawaii are all above $2,000. California⁣ had the highest cost with an average of $2,402.

Joshua McGrath, CEO of ​BHG Real Estate Central in Charleston, West‍ Virginia, has ⁤been selling residential real‍ estate for almost 25 years.

“Since the pandemic, I’ve seen more and ⁢more people relocating ‍to West Virginia,” he told The Epoch ⁣Times. “In addition to affordability, people are looking⁢ for more spacious ‍land. They don’t‌ want a tight community with no yard.”

McGrath is currently working with a couple from Colorado who have decided ​to move back to their West Virginia roots. ‌”They can sell their home there, relocate here, ‌reduce costs by about 50 percent, and still have ‍a comparable house,” he said.

One ​of‌ McGrath’s recent listings for⁤ a 3-bedroom, 2-bath home on 3 acres ​had 26 showings and 6 offers in just 48 hours. “We’re still seeing bidding wars here, and ⁣the accepted offer was well over the $289,000 asking ⁤price,” he added.

Low taxes are another reason that West Virginia scores‌ high on the affordability ⁣charts—the average taxes ‌on a single-family home are less than $2,000 a year. Outdoor activities like hiking,⁤ zip-lining, and ‍white-water rafting are another draw to the area.

While Charleston is the state’s capital, it’s considered a smaller city but is just‍ a ‍few⁤ hours away from major metropolitan areas such as Lexington, Kentucky, and Cincinnati, Ohio.

Affordability‌ Across the Nation

In‌ terms of median home value, Scholaroo ⁢reports ⁣that Mississippi has the lowest in the nation, followed closely by West Virginia, Arkansas, ‌Oklahoma, and Kentucky. ⁣Conversely, Washington State came in with the highest home ⁢value, followed​ by ⁢Massachusetts, New⁤ York,⁣ California, and Hawaii.

Maryland‌ takes the lead ​for⁢ the highest annual median household income at $91,431, followed closely by⁣ New Jersey at‌ $89,703 and ​Massachusetts at ​$89,026. Mississippi holds the number one spot for the lowest ‌annual median⁤ income at just $49,111. West Virginia, Louisiana,​ Arkansas, and New Mexico are also included on the list of annual ​household median⁤ incomes under $60,000.

For‍ apartment dwellers, ‌West Virginia ranked first ⁣in terms of the least expensive state. The current one-bedroom apartment median rentals stand at $732 per month. Arkansas is a close second with monthly rentals⁣ of $760, followed by South Dakota at $761. Kentucky rents ‌garner $783 and⁤ Mississippi, closing out the top five affordable locations, comes in ⁤at $789.

Meanwhile, Hawaii takes the⁤ lead for the most expensive rents, with an average⁢ of $1,651. California comes in second with an average rent of $1,586, and Maryland is ‍third with $1,415. Rounding‌ up the top five most expensive rental states are New ⁢Jersey and Washington State, both with rents above $1,300. “The⁣ reality ‌is that there were no surprises here,” added Ms. Da‍ Costa. “It ⁤was expected that the states located in the Midwest region ‌would ⁤be the ⁢most affordable, and the states located on the coasts, such as California, New York, or Hawaii, the most ⁢expensive.”

Realtor.com’s newly released June Rental Report shows prices dropping nationwide by one percent year-over-year, ‍but the median asking rent in the 50 largest metro areas

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