There are many factors that contribute to living in a happy state. Usually, it’s a combination of things like community, work environment, physical well-being, and overall quality of life.
But one factor that can really make or break whether you can have a future in any location you choose is the real cost of living.
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Earlier this year, GOBankingRates conducted a study and revealed how much it costs to live in America’s happiest states. This article takes a closer look at the top five happiest southern states and what it costs to live in each one.
Florida
- Happiness quotient: 59.3
- Median household income: $67,917
- Cost of living index: 100.7
- Total monthly cost of living: $4,368.41
Florida is the top southern state to live in based on the average person’s happiness.
Not only are there no taxes on personal and retirement income, but its education, culture, food, and overall diversity make it one of the top choices for many people.
The total monthly cost of living is roughly $4,368.41, which doesn’t include the cost of housing. Housing in Florida can range from $200,000 to upwards of a million dollars or more, depending on location.
Learn More: How Much Money Is Needed To Be Considered Middle Class in Every State?
South Carolina
- Happiness quotient: 55.3
- Median household income: $63,623
- Cost of living index: 95.3
- Total monthly cost of living: $3,633.22
South Carolina is a charming location to live.
With all four seasons of weather, you can truly enjoy each. Whether you want to live near the coast, in a historic town or closer to the mountains, there’s tons of variety in this state.
The cost of living is lower than the national average, with the average home value in South Carolina sitting at $296,987.
Georgia
- Happiness quotient: 54.1
- Median household income: $71,355
- Cost of living index: 90.8
- Total monthly cost of living: $3,792.47
From Savannah to Atlanta, it’s no surprise why anyone would choose to live in Georgia. With so many cute small towns in the mountains and big vibrant cities, there is a location to fit most people’s needs.
However, the cost of living is what really draws most people to Georgia. The average home value in Georgia is currently $328,526, so you can expect housing costs to be much lower compared to other states.
North Carolina
- Happiness quotient: 53.6
- Median household income: $66,186
- Cost of living index: 95.3
- Total monthly cost of living: $3,857.01
North Carolina offers a relatively cheaper lifestyle than other states, even though housing in some parts of the state is significantly more expensive than the national average.
It’s not only a popular choice for students due to its top universities but also a great place for growing families who need more land or retirees looking for a peaceful place to live.
With a total monthly cost of living at $3,857.01, it’s definitely a state to consider.
Kentucky
- Happiness quotient: 40.6
- Median household income: $60,183
- Cost of living index: 92.0
- Total monthly cost of living: $3,039.06
Did you know that the cost of living in Kentucky is 8% lower than the national average? With a nice median household income, this makes it one of the best places to live in the South.
With history, culture and tons of outdoor activities, Kentucky is an excellent option for those who want to be close to nature.
The Bottom Line
These five states are on the top list of happiest places to live in the southern United States, and it’s easy to see why.
While this gives an overview of what to expect, it’s always important to take the time and do your own research to see if it fits with your career and life goals.
Methodology: For this study, GOBankingRates analyzed all 50 states to find the average cost of living among the happiest of the states. First, GOBankingRates used the data from WalletHub’s Happiest States in the U.S. to find a ranking of states from the happiest to the least happy based on work environment, community and emotional/physical well-being. For each state, the cost-of-living indexes were sourced from Missouri Economic and Research Information Center’s State Cost of Living Indexes. Using the average expenditure costs for all residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs were calculated for each state. Using the Zillow Home Value Index, the average single-family home value was found for each state, and the 30-year fixed mortgage average was sourced from the Federal Reserve Economic Data; assuming a 10% down payment, the average mortgage was calculated for each state. The average mortgage and average expenditure costs were combined to find the total monthly average cost of living for each state. The total population, household population and median household income were all sourced from the U.S. Census American Community Survey. The happiness rating was scored and weighted at 1.00, the household median income was scored and weighted at 1.00, the average expenditure cost was scored, and weighted at 1.00, and the average mortgage cost was scored and weighted at 1.00. All the scores were summed and sorted to rank the states. All data was collected on and is up to date as of Apr. 16, 2024.
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This article originally appeared on GOBankingRates.com: What It Costs To Live in the 5 Happiest Southern States
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
