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  • Research from Click Storage highlights the top 10 budget-friendly states for 2024, with Utah at number one, followed by Tennessee and Arizona. 

As the cost of living increases, buyers across the country are looking for places that allow them to make the best use of their income in the present while preparing for the future. 

To help with that, an article from Click Storage highlights the ten most affordable states in 2024, based not only on home prices but on a mix of economic and lifestyle factors that make for the ideal mix of economic advantages and quality of life. 

At the top of that list is Utah, followed by Tennessee, with an annual median income of $65,254, and Arizona, where the typical homeowner has $26,763 in leftover income. 

The top 10 states for budget-conscious buyers in 2024

Here’s the list of all ten of the most affordable states, with three tying pairs: 

  1. Utah
  2. Tennessee
  3. Arizona
  4. Nevada
  5. Washington (tied with Wyoming)
  6. Wyoming
  7. Idaho (tied with New Hampshire)
  8. New Hampshire 
  9. Indiana (tied with Iowa)
  10. Iowa

#1. Utah

Utah takes the lead as the most budget-friendly state for buyers in 2024. The cost of living here takes up about 63.3% of the median income, leaving residents about $32,732. 

It helps that typical homeowner costs in Utah are at the low end at $21,864 a year. And despite the state income tax of $4,414, living here is still highly affordable. 

Utah also has a robust job market, with a vibrant tech industry. Residents here enjoy a high quality of life with easy access to breathtaking natural landscapes. 

#2. Tennessee

Next up is Tennessee, where the cost of living takes up 63.7% of the median income. There is no state tax here, which is a draw, and the low total cost of living ($41,554) yields a hefty $23,700 in leftover income. 

Also attractive to migrating homebuyers is Tennessee’s rich cultural tapestry, from Nashville’s music scene to the captivating beauty of the Great Smoky Mountains. 

#3. Arizona

At number three on the list, Arizona presents buyers with an attractive balance of affordable living and a growing economy. 

The cost of living here takes up 64.1% of the median income, and the job market offers significant opportunities, especially in the technology and healthcare industries. 

With a median income of $74,568, the cost of living in Arizona, leaves residents earning the median income with $26,763. Residents also enjoy the warm climate, along with the variety of outdoor recreational activities (golf being one of the most popular for the area). 

#4. Nevada

Nevada takes the number four spot with its cost of living taking up 64.2% of the state’s median income. Like Tennessee, Nevada has no state income tax, which is partly why the typical resident has $25,933 left after living expenses. 

One major draw for Nevada is its entertainment industry, with Las Vegas playing a lead role. This state also offers favorable weather and the scenic beauty of natural attractions like Lake Tahoe. 

#5 and #6. Washington & Wyoming (Tie)

Washington state and Wyoming are neck-and-neck for the fifth spot (though we’re listing Womying at #6). In both states, residents spend 64.9% of the median income on living expenses.  

In Washington, the higher median income ($91,306) and considerable leftover income ($32,035) weigh against the higher homeowner costs. Wyoming, on the other hand, has a significantly lower cost of living ($45,485) and no state income tax. 

Both are strong selling points that make Wyoming a haven for buyers seeking a more affordable and slower-paced lifestyle surrounded by natural beauty and wide-open spaces.

#7 and #8. Idaho & New Hampshire (Tie)

Idaho (#7) and New Hampshire (#8) are also tied. Idaho residents earning the median income spend 65.5% of it on living expenses while enjoying the state’s thriving economy and gorgeous landscapes. The Snake River area, for example, is a must for anyone who enjoys whitewater rafting. 

New Hampshire, for its part, has no state income tax, and the median income is a hefty $89,992. Both of these states offer low crime rates, close-knit communities, and an outstanding quality of life. 

#9 and #10. Indiana & Iowa (Tie)

The tie between Indiana and Iowa rounds out the top 10, both with a cost of living that takes up 65.9% of the median income. 

Indiana has low homeownership costs and enviable healthcare services, while Iowa offers low gasoline and grocery costs. Residents in both states enjoy a balanced lifestyle with excellent schools, healthcare, and community amenities

Affordable living and more besides

All 10 of the states described here offer a variety of other benefits aside from their relative affordability.  Utah, Arizona, and Washington have job opportunities in abundance, especially in the tech and healthcare industries. 

Tennessee and Nevada residents enjoy a variety of entertainment options and cultural attractions. And any outdoor enthusiast would appreciate Wyoming, Idaho, and New Hampshire for their breathtaking landscapes and outdoor recreational activities. 

If you serve any of these markets, what are you telling buyers moving into the state in search of a better quality of life at a lower cost?