Do you work in one state, live in another? Maybe you shouldby Tim Manni
Businesses tend to be clustered around major metropolitan areas. In many cases those cities are close enough to two or three different states to give you a choice of where to live.
So let’s say you work in Philadelphia. Ideally, you could live in either Pennsylvania, New Jersey or Delaware.
But which one is best? In which state could you pay the least, but still enjoy the highest quality of life?
“Where you choose to live may save or cost you hundreds, if not thousands, of dollars on mortgage payments and taxes every year,” says HSH.com VP Keith Gumbinger.
“While choosing a place to live also includes personal and logistical considerations, HSH.com provides individuals with quantifiable data that should be a part of that decision.”
Our latest article on HSH.com examines 12 big cities which neighbor on two to three different states. Comparing tax rates (including income, sales and gas taxes), housing costs, mortgage rates, school performance, and general cost of living, we provided a Cost and Quality Scores for each surrounding state studied compared with that of its central metropolitan area.
Where’s the best place to live? Here are some of our results:
· Suburban New York: 2.48 percent better
· New Jersey: 7.67 percent better
· Connecticut: 9.84 percent better
Housing costs throughout this area are very expensive, which is why these scores are as close as they are. However, Connecticut benefits from having the lowest income tax of these three states.
· Suburban Illinois: 0 percent better
· Wisconsin: 5.62 percent worse
· Indiana: 14.65 percent better
No distinct data for the surrounding area of Illinois was available, which is why it got the same score as Chicago. Wisconsin’s higher income taxes and home prices made it a more costly alternative, while Indiana benefited chiefly from lower income taxes and more affordable housing.
· Suburban Ohio: 7.79 percent better
· Kentucky: 8.75 percent worse
· Indiana: 4.87 percent better
With all these Cost and Quality Scores within 10 percent of Cincinnati’s baseline, this is a pretty close decision. Suburban Ohio scored best chiefly because housing costs are considerably lower once you move outside the immediate vicinity of Cincinnati. According to HSH.com’s mortgage calculator, making this move would save you 30.9 percent on a monthly 30-year mortgage payment. By contrast, higher home prices were Kentucky’s chief downfall.
· Suburban Alabama: 1 percent better
· Florida: 9.17 percent better
Housing may be more expensive in Florida, but this is outweighed by the advantage of having no state income tax in the Sunshine State.
Be sure to read “Suburban bliss: Best places to live outside 12 big cities” in its to entirety read the rest of our analysis