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Old 08-24-2017, 05:45 AM
 
Location: Upstate, NY
607 posts, read 261,824 times
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Yet another brief article on cost of living for five best and worst states:

https://www.cnbc.com/2017/08/21/how-...aboolainternal
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Old 08-24-2017, 06:32 AM
 
4,346 posts, read 6,059,960 times
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Its not about how long my money would last where but how much enjoyment my money could bring me. If I lived in one of those five states, I'd be spending my dollars to get away from there.
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Old 08-24-2017, 06:53 AM
 
Location: Upstate, NY
607 posts, read 261,824 times
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Quote:
Originally Posted by seeriously View Post
Its not about how long my money would last where but how much enjoyment my money could bring me. If I lived in one of those five states, I'd be spending my dollars to get away from there.
Lol. Guess it depends. Some folks find Tennessee an ideal place. And Michigan, though brutal in the winter, was a surprise to me. Interesting to see where they rank, though. I was a bit surprised to see NY rank only fourth worst. I figured it would be one or two. They give a million bucks lasting only 17 years in NY. Eleven in Hawaii.
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Old 08-24-2017, 07:40 AM
 
Location: Idaho
4,628 posts, read 4,470,900 times
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Interesting. Validates my decision to relocate from one of the highest cost-of-living states to one of the lowest, while staying within the Rocky Mountains or west of them.
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Old 08-24-2017, 07:41 AM
 
3,715 posts, read 3,125,677 times
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The article appears to assume the very unlikely event of the million not being invested and also apparently only calculated for a single person. Not very helpful.
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Old 08-24-2017, 08:16 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,815 posts, read 54,486,657 times
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The other problem is that it assumes the same cost throughout the state. Here in WA for example, the Seattle area median priced home is over $600,000, but go two hours in any direction and you can find something for under $200k, even under $100,000. My property tax is $6,500/year, my parents about 2.5 hours away are paying less than $500.
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Old 08-24-2017, 10:10 AM
 
674 posts, read 839,994 times
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Quote:
Originally Posted by Hemlock140 View Post
The other problem is that it assumes the same cost throughout the state. Here in WA for example, the Seattle area median priced home is over $600,000, but go two hours in any direction and you can find something for under $200k, even under $100,000. My property tax is $6,500/year, my parents about 2.5 hours away are paying less than $500.
Excellent point
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Old 08-24-2017, 10:21 AM
 
Location: Sierra Nevada Land, CA
8,401 posts, read 9,148,021 times
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Quote:
Originally Posted by Hemlock140 View Post
The other problem is that it assumes the same cost throughout the state. Here in WA for example, the Seattle area median priced home is over $600,000, but go two hours in any direction and you can find something for under $200k, even under $100,000. My property tax is $6,500/year, my parents about 2.5 hours away are paying less than $500.
Quote:
Originally Posted by saralvr View Post
Excellent point
True. In my state living in the San Jose area the median home price is over $1M. 2.5 hours away is where I live and you can get a nice house for under $200K. And nearly everything else is less expensive, from what a car mechanic or a plumber charges to the cost of going to a play or eating out. Plus there is no "Keeping up with the Jones'" mindset here.
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Old 08-24-2017, 10:30 AM
 
Location: Florida -
8,767 posts, read 10,848,423 times
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The cost of living will impact the amount one must spend for comparable items in different areas. It does not dictate one's earnings, choices or spending habits. There are just as many 'broke' people in low COL areas as in high COL areas.
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Old 08-24-2017, 10:36 AM
 
Location: Upstate, NY
607 posts, read 261,824 times
Reputation: 753
According to the article:

The personal finance site [GoBankingRates] compared average expenses for people age 65 and older, including groceries, housing, utilities, transportation and health care in every state to come up with how long a nest egg of $1 million would really last.

Funny how they don't mention taxes.
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