Iowa Ranked 3rd Best State for Middle Class
USNews.com puts together a list of the best states in a wide range of categories. They just released the 10 Best States for the Middle Class and Iowa lands in third! Iowa ranks first for affordability and is the fourteenth best state among all of the states!
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How did Iowa get this ranking?
The ranking looks at homeownership and affordability across the state. The reason Iowa ranks so highly on these lists is the cost of living. Iowa is an affordable state compared to others across the country, especially when it comes to comparing housing.
Ice Skating Rink in the Cedar ValleyAnother important aspect of the cost of living are the recreational opportunities offered. The cost of living that is too low can suggest that there is a lack of interest and development in a certain area. Iowa lands in the sweet spot, offering many great things to do at an affordable price compared to many other states.
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Check out Live the Valley’s cost of living calculator just to compare our area to others from across the country. Compare here!
“Iowa, Nebraska, Indiana, Wisconsin, South Dakota and Minnesota are among the top 10 of the Best States for the Middle-Class report, published earlier this month by personal finance company SmartAsset. A single Northeastern state and a trio of Mountain states also ranked in the top 10.
Tennessee, the best state for the middle class south of the Mason-Dixon Line, ranked 12th overall, with South Carolina, the next closest, at 15th.
The report ranks individual states on median home value, homeownership rates, the percentage of households considered to be in the middle class within a given state, and median household income adjusted for local costs of living, among other factors.
Its authors found considerable variability in the strength of the middle class from state to state. In Idaho and South Dakota, nearly half of all households are considered to be middle-income earners, which the report defines as households with incomes between $35,000 and $100,000. But in higher-earning states such as Massachusetts, New Jersey, New York, Connecticut, California, Maryland and Hawaii, fewer than 2 in 5 households are considered middle class.
Although the report’s methodology differs from the U.S. News Best States rankings, several of the states that were strong performers according to SmartAsset were also among the best when U.S. News looked at factors such as employment and affordability.