West Virginia and Kansas had the lowest cost of living across all U.S. states, with composite costs being half of those found in Hawaii. This was according to a composite index that compares prices for various goods and services on a state-by-state basis. In West Virginia, the cost of living index amounted to 84.8 - well below the national benchmark of 100. Nevada - which had an index value of 100.1 - was only slightly above that benchmark. Expensive places to live included Hawaii, Massachusetts, and California Housing costs in the U.S. Housing is usually the highest expense in a household’s budget. In 2023, the average house sold for approximately 427,000 U.S. dollars, but house prices in the Northeast and West regions were significantly higher. Conversely, the South had some of the least expensive housing. In West Virginia, Mississippi, and Louisiana, the median price of the typical single-family home was less than 200,000 U.S. dollars. That makes living costs in these states significantly lower than in states such as Hawaii and California, where housing is much more expensive. What other expenses affect the cost of living? Utility costs such as electricity, natural gas, water, and internet also influence the cost of living. In Alaska, Hawaii, and Connecticut, the average monthly utility cost exceeded 500 U.S. dollars. That was because of the significantly higher prices for electricity and natural gas in these states.

There is more to housing affordability than the rent or mortgage you pay. Transportation costs are the second-biggest budget item for most families, but it can be difficult for people to fully factor transportation costs into decisions about where to live and work. The Location Affordability Index (LAI) is a user-friendly source of standardized data at the neighborhood (census tract) level on combined housing and transportation costs to help consumers, policymakers, and developers make more informed decisions about where to live, work, and invest. Compare eight household profiles (see table below) —which vary by household income, size, and number of commuters—and see the impact of the built environment on affordability in a given location while holding household demographics constant.*$11,880 for a single person household in 2016 according to US Dept. of Health and Human Services: https://aspe.hhs.gov/computations-2016-poverty-guidelinesThis layer is symbolized by the percentage of housing and transportation costs as a percentage of income for the Median-Income Family profile, but the costs as a percentage of income for all household profiles are listed in the pop-up:Also available is a gallery of 8 web maps (one for each household profile) all symbolized the same way for easy comparison: Median-Income Family, Very Low-Income Individual, Working Individual, Single Professional, Retired Couple, Single-Parent Family, Moderate-Income Family, and Dual-Professional Family.An accompanying story map provides side-by-side comparisons and additional context.--Variables used in HUD's calculations include 24 measures such as people per household, average number of rooms per housing unit, monthly housing costs (mortgage/rent as well as utility and maintenance expenses), average number of cars per household, median commute distance, vehicle miles traveled per year, percent of trips taken on transit, street connectivity and walkability (measured by block density), and many more.To learn more about the Location Affordability Index (v.3) visit: https://www.hudexchange.info/programs/location-affordability-index/. There you will find some background and an FAQ page, which includes the question:"Manhattan, San Francisco, and downtown Boston are some of the most expensive places to live in the country, yet the LAI shows them as affordable for the typical regional household. Why?" These areas have some of the lowest transportation costs in the country, which helps offset the high cost of housing. The area median income (AMI) in these regions is also high, so when costs are shown as a percent of income for the typical regional household these neighborhoods appear affordable; however, they are generally unaffordable to households earning less than the AMI.Date of Coverage: 2012-2016 Date Released: March 2019Date Downloaded from HUD Open Data: 4/18/19Further Documentation:LAI Version 3 Data and MethodologyLAI Version 3 Technical Documentation_**The documentation below is in reference to this items placement in the NM Supply Chain Data Hub. The documentation is of use to understanding the source of this item, and how to reproduce it for updates**

Title: Location Affordability Index - NMCDC Copy

Summary: This layer contains the Location Affordability Index from U.S. Dept. of Housing and Urban Development (HUD) - standardized household, housing, and transportation cost estimates by census tract for 8 household profiles.

Notes: This map is copied from source map: https://nmcdc.maps.arcgis.com/home/item.html?id=de341c1338c5447da400c4e8c51ae1f6, created by dianaclavery_uo, and identified in Living Atlas.

Prepared by: dianaclavery_uo, copied by EMcRae_NMCDC

Source: This map is copied from source map: https://nmcdc.maps.arcgis.com/home/item.html?id=de341c1338c5447da400c4e8c51ae1f6, created by dianaclavery_uo, and identified in Living Atlas. Check the source documentation or other details above for more information about data sources.

Feature Service: https://nmcdc.maps.arcgis.com/home/item.html?id=447a461f048845979f30a2478b9e65bb

UID: 73

Data Requested: Family income spent on basic need

Method of Acquisition: Search for Location Affordability Index in the Living Atlas. Make a copy of most recent map available. To update this map, copy the most recent map available. In a new tab, open the AGOL Assistant Portal tool and use the functions in the portal to copy the new maps JSON, and paste it over the old map (this map with item id

Date Acquired: Map copied on May 10, 2022

Priority rank as Identified in 2022 (scale of 1 being the highest priority, to 11 being the lowest priority): 6

Tags: PENDING

Important Note: This item is in mature support as of June 2023 and will be retired in December 2025. This map shows the average household income in the U.S. in 2022 in a multiscale map by country, state, county, ZIP Code, tract, and block group. Information for the average household income is an estimate of income for calendar year 2022. Income amounts are expressed in current dollars, including an adjustment for inflation or cost-of-living increases.The pop-up is configured to include the following information for each geography level:Average household incomeMedian household incomeCount of households by income groupAverage household income by householder age groupPermitted use of this data is covered in the DATA section of the Esri Master Agreement (E204CW) and these supplemental terms.

According to a recent study, Colombia had the lowest monthly cost of living in Latin America with 546 U.S. dollars needed for basic living. In contrast, four countries had a cost of living above one thousand dollars, Costa Rica, Chile, Panama and Uruguay. In 2022, the highest minimum wage in the region was recorded by Ecuador with 425 dollars per month.

Can Latin Americans survive on a minimum wage? Even if most countries in Latin America have instated laws to guarantee citizens a basic income, these minimum standards are often not enough to meet household needs. For instance, it was estimated that almost 22 million people in Mexico lacked basic housing services. Salary levels also vary greatly among Latin American economies. In 2022, the average net monthly salary in Brazil was lower than Ecuador's minimum wage.

What can a minimum wage afford in Latin America? Latin American real wages have generally risen in the past decade. However, consumers in this region still struggle to afford non-basic goods, such as tech products. Recent estimates reveal that, in order to buy an iPhone, Brazilian residents would have to work more than two months to be able to pay for it. A gaming console, on the other hand, could easily cost a Latin American worker several minimum wages.

As of 2022, Israel had the highest price level index among listed countries, amounting to 138, with 100 being the average of OECD countries. Switzerland and Iceland followed on the places behind. On the other hand, Turkey and India had the lowest price levels compared to the OECD average. This price index shows differences in price levels in different countries. Another very popular index indicating the value of money is the Big Mac index, showing how much a Big Mac costs in different countries. This list was also topped by Switzerland in 2023.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Rent of Primary Residence in U.S. City Average (CUUR0000SEHA) from Dec 1914 to Feb 2025 about primary, rent, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

At 8.07 U.S. dollars, Switzerland has the most expensive Big Macs in the world, according to the July 2024 Big Mac index. Concurrently, the cost of a Big Mac was 5.69 dollars in the U.S., and 6.06 U.S. dollars in the Euro area. What is the Big Mac index? The Big Mac index, published by The Economist, is a novel way of measuring whether the market exchange rates for different countries’ currencies are overvalued or undervalued. It does this by measuring each currency against a common standard – the Big Mac hamburger sold by McDonald’s restaurants all over the world. Twice a year the Economist converts the average national price of a Big Mac into U.S. dollars using the exchange rate at that point in time. As a Big Mac is a completely standardized product across the world, the argument goes that it should have the same relative cost in every country. Differences in the cost of a Big Mac expressed as U.S. dollars therefore reflect differences in the purchasing power of each currency. Is the Big Mac index a good measure of purchasing power parity? Purchasing power parity (PPP) is the idea that items should cost the same in different countries, based on the exchange rate at that time. This relationship does not hold in practice. Factors like tax rates, wage regulations, whether components need to be imported, and the level of market competition all contribute to price variations between countries. The Big Mac index does measure this basic point – that one U.S. dollar can buy more in some countries than others. There are more accurate ways to measure differences in PPP though, which convert a larger range of products into their dollar price. Adjusting for PPP can have a massive effect on how we understand a country’s economy. The country with the largest GDP adjusted for PPP is China, but when looking at the unadjusted GDP of different countries, the U.S. has the largest economy.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2023. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 117.5 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

Out of all 50 states, New York had the highest per-capita real gross domestic product (GDP) in 2023, at 90,730 U.S. dollars, followed closely by Massachusetts. Mississippi had the lowest per-capita real GDP, at 39,102 U.S. dollars. While not a state, the District of Columbia had a per capita GDP of more than 214,000 U.S. dollars. What is real GDP? A country’s real GDP is a measure that shows the value of the goods and services produced by an economy and is adjusted for inflation. The real GDP of a country helps economists to see the health of a country’s economy and its standard of living. Downturns in GDP growth can indicate financial difficulties, such as the financial crisis of 2008 and 2009, when the U.S. GDP decreased by 2.5 percent. The COVID-19 pandemic had a significant impact on U.S. GDP, shrinking the economy 2.8 percent. The U.S. economy rebounded in 2021, however, growing by nearly six percent. Why real GDP per capita matters Real GDP per capita takes the GDP of a country, state, or metropolitan area and divides it by the number of people in that area. Some argue that per-capita GDP is more important than the GDP of a country, as it is a good indicator of whether or not the country’s population is getting wealthier, thus increasing the standard of living in that area. The best measure of standard of living when comparing across countries is thought to be GDP per capita at purchasing power parity (PPP) which uses the prices of specific goods to compare the absolute purchasing power of a countries currency.

In economics, the inflation rate is a measure of the change in price of a basket of goods. The most common measure being the consumer price index. It is the percentage rate of change in price level over time, and also indicates the rate of decrease in the purchasing power of money. The annual rate of inflation for 2023, was 4.1 percent higher in the United States when compared to the previous year. More information on inflation and the consumer price index can be found on our dedicated topic page. Additionally, the monthly rate of inflation in the United States can be accessed here. Inflation and purchasing power Inflation is a key economic indicator, and gives economists and consumers alike a look at changes in prices in the wider economy. For example, if an average pair of socks costs 100 dollars one year and 105 dollars the following year, the inflation rate is five percent. This means the amount of goods an individual can purchase with a unit of currency has decreased. This concept is often referred to as purchasing power. The data presents the average rate of inflation in a year, whereas the monthly measure of inflation measures the change in prices compared with prices one year ago. For example, monthly inflation in the U.S. reached a peak in June 2022 at 9.1 percent. This means that prices were 9.1 percent higher than they were in June of 2021. The purchasing power is the extent to which a person has available funds to make purchases. The Big Mac Index has been published by The Economist since 1986 and exemplifies purchasing power on a global scale, allowing us to see note the differences between different countries currencies. Switzerland for example, has the most expensive Big Mac in the world, costing consumers 6.71 U.S. dollars as of July 2022, whereas a Big Mac cost 5.15 dollars in the United States, and 4.77 dollars in the Euro area. One of the most important tools in influencing the rate of inflation is interest rates. The Federal Reserve of the United States has the capacity to make changes to the federal interest rate . Changes to the rate of inflation are thought to be an imbalance between supply and demand. After COVID-19 related lockdowns came to an end there was a sudden increase in demand for goods and services with consumers having more funds than usual thanks to reduced spending during lockdown and government funded economic support. Additionally, supply-chain related bottlenecks also due to lockdowns around the world and the Russian invasion of Ukraine meant that there was a decrease in the supply of goods and services. By increasing the interest rate, the Federal Reserve aims to reduce spending, and thus bring demand back into balance with supply.

The American Community Survey (ACS) 5 Year 2016-2020 socioeconomic estimate data is a subset of information derived from the following census tables:B08013 - Aggregate Travel Time To Work Of Workers By Sex;B08303 - Travel Time To Work;B17019 - Poverty Status In The Past 12 Months Of Families By Household Type By Tenure;B17021 - Poverty Status Of Individuals In The Past 12 Months By Living Arrangement;B19001 - Household Income In The Past 12 Months;B19013 - Median Household Income In The Past 12 Months;B19025 - Aggregate Household Income In The Past 12 Months;B19113 - Median Family Income In The Past 12 Months;B19202 - Median Non-family Household Income In The Past 12 Months;B23001 - Sex By Age By Employment Status For The Population 16 Years And Over;B25014 - Tenure By Occupants Per Room;B25026 - Total Population in Occupied Housing Units by Tenure by year Householder Moved into Unit;B25106 - Tenure By Housing Costs As A Percentage Of Household Income In The Past 12 Months;C24010 - Sex By Occupation For The Civilian Employed Population 16 Years And Over;B20004 - Median Earnings In the Past 12 Months (In 2015 Inflation-Adjusted Dollars) by Sex by Educational Attainment for the Population 25 Years and Over;B23006 - Educational Attainment by Employment Status for the Population 25 to 64 Years, and;B24021 - Occupation By Median Earnings In The Past 12 Months (In 2015 Inflation-Adjusted Dollars) For The Full-Time, Year-Round Civilian Employed Population 16 Years And Over.

To learn more about the American Community Survey (ACS), and associated datasets visit: https://www.census.gov/programs-surveys/acs, for questions about the spatial attribution of this dataset, please reach out to us at GISHelpdesk@hud.gov. Data Dictionary: DD_ACS 5-Year Socioeconomic Estimate Data by CountyDate of Coverage: 2016-2020