Housing is by far the most significant cut in the American budget representing roughly one-third of household spending. You can get a lot of property for a small investment if you decide that living in West Virginia is right for you.
The median home value in the state is currently less than $100,000. The average home for sale is below $150,000 compared to the $200,000 average home cost in the United States. The price makes it a lot easier for someone to establish residency. It is 14% cheaper to live here than average in the United States.
Renting is relatively affordable, as well. It might cost over $1,100 per month to rent a one-bedroom apartment in Charleston, but that’s the most expensive region you will find. If you decide to live in Morgantown, Beckley, or Martinsburg, you’ll pay about 50% less than that. An obvious cost reducer would be to purchase or rent a cheaper place, but if you’re able to change locations, you can accelerate how much you save.
An example would be a man’s haircut. The haircut I get usually costs around $25 at various shops in West Virginia. However, when I’ve spent time in Washington, D.C., or other big cities, the haircut cost can be double that. Housing prices affect the rest of the economy. When housing rates are high, everything else will be more expensive as a result.
This is a chart showing the most expensive and cheapest places to live in the United States. As you can see, large coastal cities tend to be more costly than smaller towns in the center of the country. You’ll get more bang for your buck by buying a home in Oklahoma City or Sioux Falls than by living in San Francisco or Washington, D.C. It’s not just coastal cities, though. There are expensive pockets throughout the U.S. from Flagstaff, Arizona, to Hot Springs, Arkansas. And some coastal cities like Boston, Houston, Seattle, and Tampa are relatively inexpensive.
Obviously, there’s more to picking a place to live than pure price. When you choose a city to call home, you do so because of the climate, the opportunities, and the people. People want to live close to friends and family, they want an excellent school district, and they want people who think and act the same as them. For those reasons, San Francisco might not be the right place for them, and West Virginia would be a smarter choice.
West Virginia is not the cheapest place to live in, but it’s pretty close. The overall cost of living index puts West Virginia at 83, while the rest of the United States is at 100. The cost of living can wreak havoc on your pursuit of financial freedom. Or it can help you achieve your goals sooner than you thought possible.
Almost Heaven, Almost Hell 