In this article, we will discuss the 30 cheapest places to live in the US in 2024 and take a detailed look at the cost of living crisis in the country. You can skip our detailed analysis on the subject, and head over directly to the The cost of living has increased significantly in the United States, with American consumers facing the burgeoning impact of rising prices like never before. According to a 2023 report in CNBC, commodities prices over the past 3-4 years have spiked nearly as much as they did in the decade before the coronavirus.
. High inflation, coupled with the depletion of savings during the pandemic, has led to an increasing number of Americans being at a loss for funds, and having to tap into their 401(k) accounts. A recent survey by Vanguard called revealed that the percentage of Americans who made hardship withdrawals from their 401(k) accounts rose from 2.
8% in 2022 to 3.6% in 2023. Moreover, Bankrate’s new Down Payment Survey has revealed that 51% of aspiring homebuyers find the rising cost of living an obstacle in their plans to buy a home, whereas 54% believe that their incomes have not kept pace with rising housing prices in the US.
Redfin Corporation (NASDAQ: ) reported in September 2023 that a record 26% of Americans were looking to move to different parts of the country, with most of these relocations driven by their search for affordability. Retailers in the US have also come under scrutiny over their pricey offerings, forcing them to roll out ne.
