Yahoo Finance Cities in Every State Where Your Paycheck Stretches the Furthest
In a world where it feels like however much you earn is never enough, plenty of Americans will spend most of their lives dreaming about financial stability. This has come to the front of mind for even more people, with the coronavirus pandemic leaving a huge swath of the U.S. wholly dependent on unemployment insurance for the foreseeable future.
The circumstances of this lockdown also help illustrate an important financial lesson: it’s not just what you make — where you live matters a lot, too. Because, while you might never be earning as much as you’d like, reducing your basic cost of necessities can function like getting a raise. Securing a roof over your head and enough for your family to eat can cost significantly more (or less) than in communities a town or two over.
To help make your existing lifestyle cost less, GOBankingRates gathered data for the five biggest cities in each state and found the one where the combination of good wages and low cost of living allows you to stretch your paycheck the farthest.
A cost-of-living index score from Sperling’s Best Places was used to help with this assessment. This score, using 100 as the baseline, compares the cost of living in a respective city to the national average; so, for example, a cost-of-living index score of 110 would mean the city has costs 10% higher than the national average.
All of the data was then scored to determine which locale has the ideal combination of higher earnings and lower costs.
So, if you’re looking for a way to make that paycheck last longer, take a long look at which city in your state provides the most opportunities to earn more and spend less.
Last updated: Sept. 2, 2020
Alabama: Huntsville
Median household income: $53,840
Median monthly homeowner costs: $1,253
Median rent: $804
Cost-of-living index: 86
Alaska: Knik-Fairview
Median household income: $88,644
Median monthly homeowner costs: $1,799
Median rent: $1,406
Cost-of-living index: 121.6
Arizona: Chandler
Median household income: $80,716
Median monthly homeowner costs: $1,633
Median rent: $1,246
Cost-of-living index: 113
Arkansas: Springdale
Median household income: $50,192
Median monthly homeowner costs: $1,130
Median rent: $762
Cost-of-living index: 86
California: Fresno
Median household income: $47,189
Median monthly homeowner costs: $1,518
Median rent: $969
Cost-of-living index: 102.6
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Colorado: Colorado Springs
Median household income: $61,324
Median monthly homeowner costs: $1,504
Median rent: $1,072
Cost-of-living index: 104.5
Connecticut: Waterbury
Median household income: $41,617
Median monthly homeowner costs: $1,598
Median rent: $959
Cost-of-living index: 93.8
Delaware: Middletown
Median household income: $89,354
Median monthly homeowner costs: $1,710
Median rent: $1,202
Cost-of-living index: 123.1
Florida: Jacksonville
Median household income: $52,576
Median monthly homeowner costs: $1,341
Median rent: $1,029
Cost-of-living index: 93.5
Georgia: Columbus
Median household income: $45,389
Median monthly homeowner costs: $1,262
Median rent: $877
Cost-of-living index: 74.4
Hawaii: Hilo
Median household income: $60,120
Median monthly homeowner costs: $1,510
Median rent: $1,013
Cost-of-living index: 130.3
Look: This Is the Living Wage You Need in All 50 States
Idaho: Idaho Falls
Median household income: $50,482
Median monthly homeowner costs: $1,116
Median rent: $748
Cost-of-living index: 87.7
Illinois: Naperville
Median household income: $118,187
Median monthly homeowner costs: $2,624
Median rent: $1,462
Cost-of-living index: 129.6
Indiana: Carmel
Median household income: $116,867
Median monthly homeowner costs: $2,013
Median rent: $1,199
Cost-of-living index: 113.9
Iowa: Cedar Rapids
Median household income: $59,152
Median monthly homeowner costs: $1,246
Median rent: $751
Cost-of-living index: 81.6
Kansas: Olathe
Median household income: $85,318
Median monthly homeowner costs: $1,687
Median rent: $990
Cost-of-living index: 104.2
Kentucky: Lexington-Fayette
Median household income: $54,918
Median monthly homeowner costs: $1,321
Median rent: $864
Cost-of-living index: 89.1
Louisiana: Lafayette
Median household income: $50,182
Median monthly homeowner costs: $1,401
Median rent: $874
Cost-of-living index: 87.7
Maine: Auburn
Median household income: $48,924
Median monthly homeowner costs: $1,371
Median rent: $758
Cost-of-living index: 86.5
Maryland: Columbia
Median household income: $105,815
Median monthly homeowner costs: $2,344
Median rent: $1,687
Cost-of-living index: 121.6
Massachusetts: Springfield
Median household income: $36,730
Median monthly homeowner costs: $1,392
Median rent: $847
Cost-of-living index: 89.7
Michigan: Sterling Heights
Median household income: $63,126
Median monthly homeowner costs: $1,408
Median rent: $1,000
Cost-of-living index: 101.4
Minnesota: Rochester
Median household income: $70,749
Median monthly homeowner costs: $1,428
Median rent: $942
Cost-of-living index: 94.1
Find Out: How Does Your Salary Measure Up To the Average American Income?
Mississippi: Southaven
Median household income: $61,181
Median monthly homeowner costs: $1,203
Median rent: $1,025
Cost-of-living index: 87.2
Missouri: Independence
Median household income: $48,331
Median monthly homeowner costs: $1,136
Median rent: $839
Cost-of-living index: 84
Montana: Butte-Silver Bow
Median household income: $42,174
Median monthly homeowner costs: $1,039
Median rent: $619
Cost-of-living index: 80.1
Nebraska: Grand Island
Median household income: $52,642
Median monthly homeowner costs: $1,201
Median rent: $737
Cost-of-living index: 85
Nevada: Henderson
Median household income: $69,940
Median monthly homeowner costs: $1,641
Median rent: $1,226
Cost-of-living index: 117.7
New Hampshire: Rochester
Median household income: $58,427
Median monthly homeowner costs: $1,598
Median rent: $998
Cost-of-living index: 93.5
New Jersey: Toms River
Median household income: $77,401
Median monthly homeowner costs: $2,115
Median rent: $1,405
Cost-of-living index: 105.8
Read: How Far a $100,000 Salary Goes in America’s 50 Largest Cities
New Mexico: Roswell
Median household income: $43,481
Median monthly homeowner costs: $1,009
Median rent: $772
Cost-of-living index: 78.6
New York: Buffalo
Median household income: $35,893
Median monthly homeowner costs: $967
Median rent: $757
Cost-of-living index: 79.5
North Carolina: Winston-Salem
Median household income: $44,311
Median monthly homeowner costs: $1,167
Median rent: $782
Cost-of-living index: 81.3
North Dakota: West Fargo
Median household income: $81,051
Median monthly homeowner costs: $1,631
Median rent: $859
Cost-of-living index: 94.1
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Ohio: Akron
Median household income: $37,533
Median monthly homeowner costs: $987
Median rent: $735
Cost-of-living index: 69.5
Oklahoma: Broken Arrow
Median household income: $72,686
Median monthly homeowner costs: $1,352
Median rent: $1,026
Cost-of-living index: 90.9
Oregon: Hillsboro
Median household income: $78,144
Median monthly homeowner costs: $1,755
Median rent: $1,358
Cost-of-living index: 122.1
Pennsylvania: Erie
Median household income: $36,882
Median monthly homeowner costs: $995
Median rent: $698
Cost-of-living index: 74.6
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Rhode Island: Warwick
Median household income: $70,490
Median monthly homeowner costs: $1,704
Median rent: $1,132
Cost-of-living index: 101.5
South Carolina: Columbia
Median household income: $45,663
Median monthly homeowner costs: $1,272
Median rent: $910
Cost-of-living index: 84.3
South Dakota: Aberdeen
Median household income: $49,471
Median monthly homeowner costs: $1,191
Median rent: $669
Cost-of-living index: 78.6
Tennessee: Clarksville
Median household income: $53,007
Median monthly homeowner costs: $1,175
Median rent: $946
Cost-of-living index: 85.6
Related: 10 Best and Worst Things To Do When Looking For a Place To Retire
Texas: San Antonio
Median household income: $50,980
Median monthly homeowner costs: $1,351
Median rent: $958
Cost-of-living index: 89.7
Utah: West Jordan
Median household income: $75,481
Median monthly homeowner costs: $1,568
Median rent: $1,191
Cost-of-living index: 115.3
Vermont: Rutland
Median household income: $45,229
Median monthly homeowner costs: $1,446
Median rent: $776
Cost-of-living index: 83.3
Virginia: Chesapeake
Median household income: $75,790
Median monthly homeowner costs: $1,828
Median rent: $1,235
Cost-of-living index: 106.4
Washington: Spokane
Median household income: $47,822
Median monthly homeowner costs: $1,266
Median rent: $842
Cost-of-living index: 92.3
Also See: 30 Best Cities for Young Professionals
West Virginia: Wheeling
Median household income: $42,489
Median monthly homeowner costs: $977
Median rent: $646
Cost-of-living index: 75.9
Wisconsin: Green Bay
Median household income: $47,797
Median monthly homeowner costs: $1,156
Median rent: $701
Cost-of-living index: 82.3
Wyoming: Rock Springs
Median household income: $75,441
Median monthly homeowner costs: $1,478
Median rent: $883
Cost-of-living index: 96.2
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Methodology: GOBankingRates looked at the five biggest cities in each state by population and scored each on four factors to determine where your paycheck will stretch the furthest. Each city was scored on: (1) median annual household income, (2) median monthly homeowner costs, including mortgage, (3) median monthly rent and (4) cost-of-living index score. Population data and factors No. 1-3 were taken from the United States Census Bureau American Community Survey’s 2018 five-year estimates, and factor No. 4 was taken from Sperling’s Best Places. Factors No. 2 and 3 were weighted at half the other factors. All data was collected on and up to date as of May 29, 2020.
This article originally appeared on GOBankingRates.com: Cities in Every State Where Your Paycheck Stretches the Furthest
