The cost of living in Kalamazoo is 21.6% below the U.S. average.
Median income is higher too, but by a slimmer margin.Given the state's reputation for hoops – NBA legend Larry Bird was known as the Hick from French Lick (Indiana) – it should come as no surprise that athletes and sports competitors are among the best-paid professions there. Los Alamos, New Mexico – best known for the world-famous Los Alamos National Laboratory – seems like an unlikely place to find a lot of millionaires. Again, comparatively low home prices lead the way in making the state affordable. And the average property tax rate in the Hawkeye State is the 12th-highest in the nation.Florida's popularity as a retirement destination helps boost its concentration of millionaires.
Housing, in particular, is pricey. Anesthesiologists, obstetricians and gynecologists are also within the top 10."While the total number of high-net-worth households grew, these increases were largely seen in the wealthiest states, reinforcing the broader ongoing wealth-gap issues the country faces," says Carl Uttaro, VP of financial services research at Phoenix MI.Relatively low prices for housing and transportation help keep the Palmetto State's cost of living under control.
Folks also save on utilities and groceries.On the other hand, the ratio of median income to median home values is very favorable.
And yet it remains one of the 20 cheapest large U.S. cities in which to live.Mississippi consistently ranks as the state with the lowest concentration of millionaire households per capita in the U.S., but don't feel bad for the Magnolia State.It almost goes without saying that California is a pricey place to live. Both the number of the world’s billionaires and their total wealth dwindled.In 2019, there are 2,153 billionaires, which is 55 less than last year. No wonder that top-paying jobs in the Cowboy State include engineering managers and industrial production managers.More than 6.4% of Pennsylvania's 5 million-plus households have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships.
A high concentration of them live in the part of the greater Jackson, Wyoming, area that spills into Idaho.But you don't have to go to Las Vegas to rub elbows with the Silver State's millionaires.
Virginia's cost of living is only 2% higher than the national average.Kentucky has fewer than 84,000 millionaire households. That's up from 6.21% in 2018 and just 5.81% in 2017.For the second year in a row, New Jersey is the top spot for millionaires per capita in the U.S.Louisiana's 90,000 millionaires, whose income depends on the state's economic staples, are likely to be feeling a pinch.With more than 28,000 millionaire households out of 420,830, Rhode Island has a merely in-line concentration of millionaires. Breckenridge, Glenwood Springs and Boulder punch well above their weights in the millionaire rankings as well.At the other end of the spectrum, Michigan is home to one of the least expensive places to live in the U.S. So you can have high confidence that it can keep up with short-term expenses and long-term financial obligations.From the greater Boston area to the tip of Cape Cod, Massachusetts has more than its fair share of millionaire households.For those looking to attain millionaire status in Kentucky, the folks with the highest salaries are surgeons, anesthesiologists and obstetricians.The cost of living in Washington is 7.8% higher than the national average, according to the BEA. Property taxes for a $400,000 home in the state would run at an estimated $7,695 per year.Medical specialists, CEOs and dentists are among the top-paid jobs in the state. But more than 1 in 20 households have at least $1 million in investable assets. That makes it easier for everyone along the wage scale to put a roof over their heads.Philip Anschutz – a mogul whose interests span oil, railroads, telecom, real estate and entertainment – tops the state's rich list with a net worth of $11.6 billionFrom Hilton Head Island to the Midlands region to the Blue Ridge Mountains, South Carolina has something for everyone. Jim Kennedy, chairman of conglomerate Cox Enterprises, is the state's wealthiest citizen with a net worth of $8.7 billion.A good deal of Montana's wealth stems from its abundance of natural resources. The state's gas tax is now the 11th-highest in the country.Fortunately, you don't need to be a millionaire to live well.