Lets compare the highest income state with the lowest, capital cities and what "standard of living" you get for your money.
Hartford, CT, $50K income, 5% income tax, 1.5% real estate tax, put down $5000, 5% interest rate on a 30 year mortgage, you can afford a $182K house. Lets look at single family homes in the range of $180K to 184K at realtor.com. In Hartford, there are no homes in this range. There are however several in the $120’s, since Hartford is actually a dumpy city I know, because I lived in the area). So we extend our search to the two nearest cities and
find 3 listings. The least expensive was built in 1955, has 3 bedrooms and 1 bathroom, and a single car garage. Air conditioning is by separate units, apparently window units.
Jackson, MS, $27K income, 5% income tax, 0.7% real estate tax, put down $2700, 5% interest rate on a 30 year mortgage, you can afford a $105K house. Lets look at single family homes in the range of $104K to $106K. Here
we find 11 listings in this range. The least expensive was built in 1978, has three bedrooms, two full bathrooms, a 2 car garage plus a carport. The exterior is brick and wood siding. It has central air conditioning, and
Comparing the two:
• The MS location has more choices, and those choices are actually in the City desired.
• The MS home is 32 years newer.
• The square footage for the MS home is not reported, but looking at the pictures it appears larger. That is likely the case since the according to Means Cost Data (a reference here in my office), the City cost index for Hartford is 1.05, verses 0.765 for Jackson. In other words, you can build 37% more home for a given dollar.
• The MS home has twice the number of bathrooms (a nice feature when you feed the family beans for supper).
• The kitchen in the MS home appears to have about twice the counter space and cabinetry.
• The MS home has ample interior or covered storage for your two cars, lawn equipment and your kids bicycles. In CT, your wife will love the fact that her car won’t fit in the garage, and you’ll be warming it up and shoveling snow off of it for her during the winter.