The search is on for the best places to live that offer a fantastic deal in terms of affordability and quality of life, and in 2023, there are cities across the United States that provide this winning combination. With low cost of living, favorable tax structures, and attractive amenities, the opportunities to live well and on a deal may hold some surprises. Greg Womack, founder of Womack Investment Advisers, Inc. applies his financial knowledge and expert insights to examining the list of best places to live for a deal in 2023.
Miami: More Than Just a Soccer Destination
Recently, Lionel Messi’s decision to join Miami FC, the last-place team in the MLS’s Eastern Conference, made headlines. This announcement led to a surge in ticket sales and increased ticket prices. However, Miami isn’t just making waves in the soccer world; it’s also in the news for its cost of living. A study by SmartAsset examined how far a $100,000 salary would go in 76 U.S. cities after taxes. According to the study, Memphis, Tennessee; El Paso, Texas; Oklahoma City, Oklahoma; Corpus Christi, Texas; and Lubbock, Texas offer the most favorable living conditions for this salary. While Miami ranks at #57 in terms of affordability, it still stands out as a more economical option than more extensive and more expensive locales.
“Miami’s vibrant culture, beautiful beaches, and warm climate make it an attractive choice for those seeking a high quality of life, even if it may not be the most affordable city,” says Womack.
Miami is a reported bargain for the wealthy, with another study by SmartAsset revealing that individuals with a $250,000 income who relocate from New York City to Miami would have 32 percent more disposable income due to lower taxes and a lower cost of living. Similarly, people from San Francisco would gain 24 percent, while those from Chicago would only have one percent more.
Womack notes, “Miami’s advantageous tax structure and the ability to enjoy a luxurious lifestyle at a fraction of the cost compared to other major cities make it a compelling option for high-income earners.”
Seeking the Ultimate Bargain
If you’re truly in pursuit of the best bargains, some of the least expensive cities in the U.S., according to Brownsville, Texas; Dayton, Ohio; Wichita Falls, Texas; South Bend, Indiana; and Toledo, Ohio. These cities offer affordable living options without compromising on basic amenities or a strong sense of community.
“For those looking to stretch their dollars further, these cities provide a cost-effective way to enjoy a good standard of living,” says Womack.
Beyond the Numbers: Considering Quality of Life
While affordability is a critical factor, it’s equally important to consider other elements that contribute to a high quality of life. Job opportunities, access to healthcare, education, recreational activities, and overall community engagement all play vital roles in creating a fulfilling living experience. When evaluating potential places to live, it’s essential to consider factors beyond just financial aspects. A well-rounded analysis will ensure you find a place that saves you money and offers a rewarding and enjoyable lifestyle.
Considering these various elements that collectively contribute to overall well-being and satisfaction may add layers to the decision-making process, but ultimately, taking into account all factors leads to the best decision. Striking the right balance between affordability and these other crucial aspects is vital for fostering a prosperous and harmonious living environment for individuals and communities alike. By acknowledging the interconnected nature of these factors and implementing comprehensive policies and strategies, we can work towards creating a more sustainable and inclusive society, where everyone has the opportunity to thrive and lead fulfilling lives.
In 2023, several cities across the United States offer excellent opportunities for individuals seeking the best deals in terms of affordability and quality of life. While Miami may not be the most affordable city on the list, its unique blend of culture, stunning beaches, and advantageous tax structure make it an attractive option for those seeking a vibrant lifestyle. Remember, the best place to live for a deal goes beyond financial considerations; it encompasses a balance between affordability and a fulfilling life experience.
About the Expert
Gregory Womack founded Womack Investment Advisers, Inc., in 2000 and has registered his company as an investment advisory firm with the Indiana, Oklahoma, California, Illinois, and Texas Department of Securities. In his early life, Womack owned a landscaping business and even worked as a butcher before joining MetLife in the 1980s. This position opened a door for him into the financial services industry.