Question 1

What is a cost of living index?

Accepted Answer

A cost of living index measures the relative price levels for consumer goods and services across different areas. The national average is set at 100. A city with an index of 120 is 20% more expensive than average, while one at 85 is 15% cheaper.

Question 2

How is cost of living calculated?

Accepted Answer

Cost of living is calculated by comparing prices of a standardized basket of goods and services across locations. This includes housing, groceries, utilities, transportation, healthcare, and miscellaneous expenses, weighted by typical household spending patterns.

Question 3

How much does it cost to live in the US per month?

Accepted Answer

The average monthly cost of living in the US is approximately $3,200-$4,500 for a single person, depending on location. This includes housing ($1,200-$2,500), food ($300-$500), transportation ($100-$200), utilities ($100-$200), and healthcare ($300-$500).

Question 4

Should I rent or buy a home?

Accepted Answer

The rent vs. buy decision depends on location, how long you plan to stay, and current interest rates. Generally, buying is favorable if you plan to stay 5+ years in an affordable market. In expensive metros, renting often makes more financial sense.

Question 5

What is a good salary to live comfortably in the US?

Accepted Answer

A 'comfortable' salary varies enormously by location. In affordable cities like Memphis or Oklahoma City, $50,000-$60,000 provides a comfortable life. In expensive metros like San Francisco or New York, you may need $100,000-$150,000+ for a similar lifestyle.

#	Location	Cost Index	Median Rent	Home Price	Median Income
1	West Virginia	84.1 — Very Low	$800	$155,000	$50,884
2	Mississippi	84.8 — Very Low	$850	$171,400	$48,610
3	Arkansas	86.9 — Very Low	$850	$197,500	$52,528
4	Oklahoma	87.1 — Very Low	$900	$200,000	$55,826
5	Alabama	88.1 — Very Low	$950	$232,100	$56,929
6	Kansas	88.7 — Very Low	$950	$215,000	$64,521
7	Kentucky	89.0 — Very Low	$900	$205,000	$55,573
8	Missouri	89.8 — Very Low	$1,000	$240,700	$61,043
9	Indiana	90.1 — Below Average	$1,000	$232,400	$61,944
10	Iowa	90.2 — Below Average	$900	$210,000	$65,573
11	Louisiana	90.6 — Below Average	$950	$212,000	$52,800
12	Tennessee	90.7 — Below Average	$1,200	$332,000	$59,695
13	Ohio	90.8 — Below Average	$950	$225,000	$59,855
14	New Mexico	91.3 — Below Average	$1,050	$290,000	$53,992
15	North Dakota	91.5 — Below Average	$900	$255,000	$68,131
16	Michigan	91.7 — Below Average	$1,050	$245,000	$63,498
17	Nebraska	91.8 — Below Average	$1,000	$260,000	$66,644
18	Texas	92.1 — Below Average	$1,350	$301,000	$67,321
19	South Dakota	92.7 — Below Average	$900	$290,000	$63,920
20	South Carolina	93.2 — Below Average	$1,200	$300,000	$59,318
21	Wisconsin	93.3 — Below Average	$1,050	$275,000	$67,080
22	Georgia	93.4 — Below Average	$1,300	$325,700	$64,994
23	Illinois	93.4 — Below Average	$1,200	$260,000	$72,205
24	North Carolina	95.0 — Below Average	$1,250	$332,000	$62,891
25	Wyoming	95.0 — Below Average	$950	$325,000	$65,003
26	Minnesota	97.1 — Average	$1,200	$340,000	$77,706
27	Pennsylvania	97.6 — Average	$1,150	$280,000	$67,587
28	Idaho	97.7 — Average	$1,200	$425,000	$65,988
29	Montana	98.3 — Average	$1,100	$440,000	$60,560
30	Arizona	102.2 — Average	$1,380	$389,800	$65,913
31	Florida	102.8 — Average	$1,600	$404,100	$63,062
32	Utah	103.5 — Above Average	$1,400	$493,500	$79,449
33	Virginia	103.7 — Above Average	$1,500	$380,000	$80,615
34	Delaware	104.0 — Above Average	$1,250	$350,000	$72,724
35	Nevada	104.2 — Above Average	$1,450	$425,000	$63,276
36	Colorado	105.0 — Above Average	$1,650	$539,000	$82,254
37	Maine	109.1 — Above Average	$1,200	$360,000	$64,767
38	New Hampshire	112.6 — Above Average	$1,500	$450,000	$83,449
39	Vermont	112.9 — Above Average	$1,250	$380,000	$63,477
40	Oregon	113.1 — Above Average	$1,450	$488,000	$70,084
41	Rhode Island	113.3 — Above Average	$1,350	$425,000	$71,169
42	Washington	115.8 — High	$1,700	$575,000	$82,228
43	Connecticut	117.0 — High	$1,450	$385,000	$83,771
44	Maryland	118.2 — High	$1,650	$420,000	$90,203
45	New Jersey	120.5 — High	$1,650	$503,000	$87,726
46	Alaska	127.1 — High	$1,280	$329,000	$77,790
47	Massachusetts	135.0 — Very High	$1,850	$596,100	$89,645
48	New York	139.1 — Very High	$1,700	$449,900	$74,314
49	California	149.9 — Very High	$2,050	$793,600	$84,097
50	Hawaii	193.3 — Very High	$2,150	$900,000	$84,857

Cost of Living by State

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