Your biggest expenses will cost you most of your income if you live in New Mexico. But not if you live in New Hampshire.
Average household income, home prices, and childcare costs are the best in New Hampshire, making it the best state to live a rich life, according to GOBankingRates. By that metric, New Mexico is the worst state in the union.
Rankings were determined by jobs and income, median home listing prices, health care, safety, and other factors. In New Hampshire, median household income is $66,779, average home price is $278,000, and there’s less than two violent crimes per 1,000 people. The unemployment rate in the state is 2.9 percent — much lower than the national rate of 4.3 percent.
Wyoming came in second place, as violent crimes are just slightly higher here than New Hampshire. Household income and median home list price are lower here, but so is the cost of child care and average health insurance premiums. Check out other states in the map below…
When it comes to the worst states, people in New Mexico are committing more crimes while the state also has one of the lowest median household incomes in the country. Insurance premiums are also higher here than on average.
Louisiana isn’t doing much better in the second-to-last place spot. “Louisiana’s median household income is the seventh lowest in the U.S.,” GOBankingRates.com says. “The average family health insurance premium is higher than in about half of the states. Its schools have the sixth-lowest grade on our list. And the state has the third-worst safety score.”
California has the second-highest median home list prices in the entire country, which makes living “richer” pretty hard in this state. Child care is among the highest while insurance is above average as well. With income ninth-highest in the nation, it might sound like living in California would be worth it, but with high-ticket costs in homeowning and child care, it’s not.
Texas is third-worst since they have one of the lowest health care scores in the rankings, while Washington and Florida round out the top 5 worst states. Washington has high child care costs; Florida has one of the lowest household incomes.
Not great where you live? Move
Wherever your state landed on the list, chances are moving somewhere else is better for your bank account.
Middle America and the South are the best places to live right now to save money. It’s the coasts — particularly California, New York, and Florida — that are the most expensive places to live. If you want to stay at least in the state, see where the most expensive zip codes are in yours — then stay away from them.
If you’re seriously considering homebuying in another state, stay away from the big cities. They might look tempting with their dense urban areas, but they are more expensive than their suburban neighborhoods.
You may not want to move at all if you don’t need to. Rising mortgage rates will hurt your homebuying chances this year — whether it’s your first time buying a home or your fifth.
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