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NEWS & EVENTS

Missouri's Affordable Lifestyle: Ranking 5th in Lowest Cost of Living!




Missouri has recently been ranked as the 6th state with the lowest cost of living in the United States. This is great news for residents of Missouri, as it means that the state offers a more affordable lifestyle compared to many other states in the country.


The ranking was determined by the Missouri Economic Research and Information Center (MERIC), which looked at the cost of housing, groceries, transportation, healthcare, and other factors in each state. Missouri's overall score was boosted by the state's low housing costs, which were ranked as the 5th lowest in the country.


According to MERIC, the Annual Average Wage in Missouri for 2020 was $51,504. This represents an increase of 2.4% from the previous year. This is a positive sign for the state's economy, as it indicates that wages are increasing, and workers are earning more money.


However, it's important to note that the Annual Average Wage can vary widely depending on the industry and location. For example, workers in the professional and business services industry had an average wage of $69,833 in 2020, while workers in the accommodation and food services industry had an average wage of $20,155.


The Missouri Annual Average Wage is an important economic indicator that provides insight into the state's overall economic health. The Annual Average Wage is calculated by taking the total earnings of all employees in Missouri and dividing it by the number of workers.


Understanding the Annual Average Wage can be useful for both employers and employees. For employers, it can provide insight into industry trends and help them make decisions about salaries and wages. For employees, it can help them understand how their salary compares to others in their industry and whether they are being paid a fair wage.





Reference:
Missouri Economic Research and Information Center. (2021). Cost of Living Data Series | Missouri Economic Research and Information Center. Meric.mo.gov. https://meric.mo.gov/data/cost-living-data-series
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