Top 10 Most Affordable States for Veterans
Top 10 States to Live in After the Military Based on Affordability
One of the challenges many military families make when deciding to transition out of the military is where to live. Some families will move back home and some families want to find a new home. Whether you retired out of the military or separated before retirement you will want to make sure to live in a state where your money will go far.
We have compiled a list of the top 10 states to live in based on cost rank which consists of what it costs to live in each state based on grocery, housing, utilities, and transportation expenses. When deciding where to live it is also important to consider if there are any veteran benefits the state offers, companies that hire veterans, and what you can expect to pay to purchase a home or to rent. Some states on our list even offer free college.
Please note that the higher the number for Cost of Living, the more expensive it is to live there.
#1 Mississippi
Cost of Living: 86.1
Median Household Income: $43,567
Median Home Value: $130,200
Median Rent: $762
Combined State and Local Tax Rate: 7.07%
Top Benefit: Homestead exemption
Top Veteran Employer: Huntington-Ingalls
#2 Arkansas
Cost of Living: 86.9
Median household income: $45,726
Median Home Value: $129,500
Median Rent: $729
Combined State and Local Tax Rate: 9.47%
Top Benefit: State Tax Exemption on Military Retirement Pay
Top Veteran Employer: The State of Arkansas
#3 Oklahoma
Cost of Living: 87
Median household income: $51,424
Median Home Value: $125,400
Median Rent: $793
Combined State and Local Tax Rate: 8.94%
Top Benefit: 100% Veteran Disability Tax Exemption
Top Veteran Employer: For more information click here
#4 Missouri
Cost of Living: 87.1
Median household income: $53,560
Median Home Value: $163,700
Median Rent: $809
Combined State and Local Tax Rate: 8.18%
Top Benefit: State Veterans Services Program
Top Veteran Employer: Boeing
#5 New Mexico
Cost of Living: 87.5
Median household income: $48,059
Median Home Value: $197,400
Median Rent: $828
Combined State and Local Tax Rate: 7.82%
Top Benefit: Veterans Property Tax Exemption
Top Veteran Employer: Veterans Business Development Division
Veteran Tuition Benefit: Wartime Veteran Scholarship Fund
#6 Tennessee
Cost of Living: 88.7
Median household income: $50,972
Median Home Value: $170,800
Median Rent: $841
Combined State and Local Tax Rate: 9.53%
Top Benefit: Property Tax Relief For Disabled Veterans
Top Veteran Employer: Fedex Express World Hub
Veteran Tuition Benefit: Helping Heroes Grant
#7 Michigan
Cost of Living: 88.9
Median household income: $54,938
Median Home Value: $154,500
Median Rent: $850
Combined State and Local Tax Rate: 6.00%
Top Benefit: Michigan Veterans Trust Fund (MVTF)
Top Veteran Employer: DTE and Consumers
#8 Kansas
Cost of Living: 89
Median household income: $57,422
Median Home Value: $141,500
Median Rent: $831
Combined State and Local Tax Rate: 8.68%
Top Benefit: Hunting and Fishing Fee Discount
Top Veteran Employer: The State of Kansas
#9 Georgia
Cost of Living: 89.2
Median household income: $55,679
Median Home Value: $193,500
Median Rent: $968
Combined State and Local Tax Rate: 7.31%
Top Benefit: Free License Plates for Veterans
Top Veteran Employer: The Southern Company.
# 10 Wyoming
Cost of Living: 89.3
Median household income: $62,268
Median Home Value: $236,100
Median Rent: $843
Combined State and Local Tax Rate: 5.34%
Top Benefit: Veterans and Surviving Spouses Property Tax Credit
Top Veteran Employer: Walmart
Veteran Tuition Benefit: Free tuition for overseas combat veterans, surviving spouses, and their dependents.
Choosing a state that allows your hard-earned money to go further is an advantage in making sure you are financially secure in retirement. If you are going to school after transitioning out of the military and planning on using your GI Bill, check out the Basic Allowance For Housing (BAH) Calculator by College Recon.
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About the author
Lori Waddell serves as Co-director of an emergency response COAD in Montana, a freelance writer, and an Air Force Key Spouse. She is passionate about empowering communities and individuals through knowledge and resources. She currently lives in Montana with her husband and two children.
