Looking for Cheapest States to live in America? In the United States, the cost of living varies from state to state. Living costs refer to how much money it takes to sustain a certain standard of living. Among the costs of living are housing, food, taxes, and healthcare. The cost of living in a state correlates strongly with its per capita income.
Depending on how far a dollar goes in each state, cost of living varies by state. One example is the housing cost in each state. Two dollars spent on rent in Hawaii are worth $0.61 in value, while a dollar spent on rent in Arkansas is worth $1.58.
The following are the ten Cheapest States to live in America.
1. Mississippi
Index of Cost of Living: 84.8
Index of housing costs: 66.7
Mississippi has the lowest cost of living in the United States. Overall, Mississippi has a lower cost of living than the national average by about 15%. Living wages in Mississippi are only $48,537, and personal necessities are the lowest in the country. The cost of housing in Mississippi is about $795 a month, and childcare is about $2,869 a year. Most of the nation’s necessities, such as food, health care, and other necessities, are affordable.
2. Oklahoma
Index of Cost of Living: 86.8
Index of Housing Costs: 70.1
The cost of living in Oklahoma is the second-lowest in the nation. Mississippi and Arkansas are among the lowest-cost states when it comes to housing, with an average home price of $124,800, an index of 54, and a two-bedroom apartment averaging $879. Oklahoma City has an overall cost of living 15.4% below the national average. With indexes of 95.8 and 94.1, utilities and groceries are even lower than average. The overall cost of living in Oklahoma City is 15.4% below the national average.
3. Indiana
Cost of living index average: 90.57
Income per household: $56,603
It can be a breeze to drive through the Crossroads of America, since Indiana gas prices are about 30% lower than in San Francisco. Once you’re home, you’ll pay about half the rent you’d pay in Chicago.
4. Kansas
Index of Cost of Living: 87.9
Index of Housing Costs: 71.8
The state of Kansas is the fourth-cheapest in the United States.
Compared to the rest of the country, Kansas has a low cost of living and an average household income of $41,644. Kansas’s median home value is $137,700, and a two-bedroom apartment costs $821 a month. A half-gallon of milk costs just $1.39 and a pound of ground beef costs $3.79 in Kansas, too.
5. Tennessee
Index of Cost of Living: 90.2
Index of housing costs: 82.6
The highest cost of living in Tennessee was $50,152, and the highest household cost is $810. Tennessee has a housing index of only 82.6, even though it is one of the most populated states. Tennessee has low taxes, no income taxes and a low cost of living. The average cost of living in cities like Morristown is 13% less than the national average. Similarly, the cost of transportation is 12.3% less than the national average.
6. Alabama
Index of Cost of Living: 89.4
Index of Housing Costs: 70.2
Alabama has the seventh lowest cost of living in the country. In Alabama, taxes and utilities are relatively high (cost index of 103.3); however, housing compensates for this. Alabama’s median home value is $129,300, and a two-bedroom apartment rents for $698. Alabama has a living wage of $50,585, lower than some of the other states ranked above it.
7. New Mexico
Index of Cost of Living: 89.6
Index of housing costs: 80.4
Compared to other states in the country, New Mexico is the eighth-cheapest. A little higher than the national average is the cost of groceries, but the cost of utilities and housing is much lower. In New Mexico, a two-bedroom home costs an average of $762 per month, and the median home cost is $193,200. Transportation, utility, and health care costs in the southern part of New Mexico are significantly lower than the rest of the state and country.
8. Georgia
Index of Cost of Living: 89.4
Index of Housing Costs: 71.3
Georgia has the sixth cheapest cost of living in America. In Georgia, the low total cost of living is largely attributed to low housing costs. Compared to 100 national benchmarks, its housing index is 71.3 versus 100 in cities with the worst traffic. There are 56,183 people living in Georgia. The median house price is $180,679. In most of the country, except for Atlanta, the rent rates for one-bedroom and two-bedroom apartments are lower. Also, the national average for food and gas prices is lower.
9. Arkansas
Index of Cost of Living: 87.8
Index of Housing Costs: 75.2
Arkansas’s average rent or mortgage cost is $708 per month, half the amount many pay, and a home costs $128,800 on average. Its housing costs are the lowest in the nation.
However, the second-lowest wage in America comes with the third-cheapest cost of living. The living wage in Arkansas is $49970. This is due to the state’s diverse geography. Wal-Mart headquarters are located in Arkansas, which is the state with the most Wal-Mart jobs. Major productivity industries include Tyson Foods and Baptist Health.
10. Missouri
Index of Cost of Living: 88.9
Household Cost Index: 71.6
Missouri is the fifth-least expensive state in the United States. In Joplin, Missouri, a four-bedroom house can cost just over $200,000, the lowest in the country. A dozen eggs in Joplin, Missouri, cost only $1.32, a significant discount over other places in the country. Springfield and Joplin both have an overall cost of living that is 14.1% below the national average.
Conclusion!
Therefore, the purpose of this article is to summarize the ten cheapest states to live in the USA in 2024. We weren’t too surprised by the usual suspects in the top ten, such as Mississippi and Arkansas. Hopefully, we will be able to examine the inflammation, housing, and transportation rates in these states in the near future.
3 Comments