The study, conducted by North American Van Lines, named New Hampshire as the most cost-effective state to live in. The study said that Granite State residents are able to stretch their budget further than other states and can offer a higher quality of life for a lower overall price.
New Hampshire took the number one spot, followed by South Dakota, Tennessee, Alaska, and Texas.
New Hampshire was the only New England state to make the top 10 cheapest states. Vermont came in 16th place, Rhode Island in 18th place, Maine in 36th place, Connecticut in 41st place, and Massachusetts in 44th place.
To determine each state's affordability, the study analyzed data regarding average household income, median home prices, mortgage rates, average rent prices, the average spent on housing, the average spent on groceries, average utility cost, state income tax cost, and state income tax rates. The study also took into account inflation rates in November 2022 compared to costs in January 2021.
New Hampshire and Alaska are the only states that do not have state income tax or state sales tax, contributing to their high rankings.