The Top 10 Cheapest States to Live In
There are many factors to consider when moving to a new state including the cost of living, housing availability, and climate conditions among others. One of the most important is the cost of living. While uprooting your life for cheaper a house may not entirely be a good option, moving into a more budget-friendly state can help you save and better manage your finances. In this blog post, we will take a look at the 10 cheapest states to live in. Whether you are looking for a low-cost place to retire or raise a family, you will find what you are looking for here.
What is the Cost of Living?
The cost of living is the amount of money you need to maintain a certain quality of life in a given location. It is the amount of money you need to cover your basic living expenses in a certain location. These expenses may be housing and utilities, groceries, healthcare, and transportation among others.
What is the Cost of Living Index?
The cost of living index measures the relative cost of living in an area. It takes into account various factors such as housing costs, groceries, transportation, and other expenses and compares them to the national average. The higher the index number is, the more expensive it is to live in that particular state.
Cheapest States to Live in
Below are the top 10 cheapest states to live in the U.S;
Mississippi
- Cost of living index of 85.1
- Median household income: $46,511
- Living wage per hour: $21.09
- Average childcare: $10,960
- Average rent per month: $851
Mississippi has a cost of living index of 85.1, making it the cheapest state in the U.S. to live in. While it may not have the glamour found in other states, Mississippi is one of the cheapest states to settle in. The state has more than 50 colleges and universities and has a tightly-knit community. Mississippi has the lowest average housing costs at 33.7% below the national average. A single-family home averages around $140,818.
Despite the low cost of living, Mississippi has the highest poverty levels in the U.S. with 19.5 percent being below the poverty line. In addition to economic woes, the state also has a struggling education system and low quality of life.
Oklahoma
- Cost of living index of 86.2
- Median household income: $48,568
- Living wage per hour: $20.74
- Average childcare: $11,500
- Average rent per month: $851
Oklahoma is the second cheapest state in the U.S. with a cost of living index of 86.2. It is also one of the most affordable places to buy a house with median home prices at around $145,000 and rent averaging $851 per month. While Oklahoma can be quite affordable, it has an unemployment rate that is slightly higher than the national average at 4%. In addition, it has below-average education rankings and a large poverty rate of 16.5%.
The state has a wide range of attractions from the Oklahoma City National Memorial & Museum to the historic Route 66 and many more. However, its low cost of living may not be enough to overcome its other drawbacks.
Kansas
- Cost of living index of 86.9
- Median household income: $57,421
- Living wage per hour: $21.84
- Average childcare: $12,400
- Average rent per month: $859
Kansas is another one of the cheapest states in the country with an index score of 86.9. In addition to being budget-friendly, the state is known for its wide-open spaces, friendly locals and good education system. Kansas has a median home value of $142,000 and an average rent of $859 per month. It also has one of the lowest unemployment rates in the country at 3.3%.
The state is rich in cultural attractions such as art galleries, historical sites and museums. In addition, it offers plenty of outdoor activities such as hiking, camping and fishing. Despite its low cost of living however, the state has below-average health care rankings and a poverty rate that is slightly above the national average at 13%.
Alabama
- Cost of living index of 88.5
- Median household income: $46,257
- Living wage per hour: $20.96
- Average childcare: $10,530
- Average rent per month: $877
Alabama is the fourth cheapest state in the U.S. with an index score of 88.5 and a median home value of around $128,000. It has plenty of attractions to explore such as historical sites, museums and art galleries.
The state also offers great outdoor activities such as fishing, hunting and camping for travelers on a budget. Alabama has a below-average unemployment rate at 4% and average rent costs of $877 per month. In addition, it has one of the lowest cost of living in the U.S.
Despite its low cost of living, Alabama has a poverty rate that is higher than the national average at 17.3%. It also has below-average education rankings and a lack of job opportunities for skilled workers.
Arkansas
- Cost of living index of 88.7
- Median household income: $45,869
- Living wage per hour: $20.75
- Average childcare: $10,550
- Average rent per month: $754
Arkansas is another one of the cheapest states in America with an index score of 88.7 and a median home value around $118,000. The state offers plenty of attractions such as music festivals, historical sites and museums for travelers to explore on a budget. In addition, Arkansas has a low unemployment rate of 3.6% and average rent costs of $754 per month.
Despite its affordability, Arkansas has one of the highest poverty rates in the country at 17.8 percent. Its education system is also below-average compared to other states and there are not many job opportunities for skilled workers.
Arizona
- Cost of living index of 89.5
- Median household income: $55,673
- Living wage per hour: $23.25
- Average childcare: $12,300
- Average rent per month: $1,000
Arizona is the sixth cheapest state in the U.S. with an index score of 89.5 and a median home value of $187,000. The state has plenty of attractions to explore such as the Grand Canyon and Monument Valley. In addition, Arizona has a low unemployment rate at 4.3% and average rent costs of $1,000 per month.
Despite its affordability, Arizona still has a slightly higher than average poverty rate at 15.8%. It also ranks below-average when it comes to education ranking and job opportunity.
Georgia
- Cost of living index of 90.2
- Median household income: $53,559
- Living wage per hour: $20.40
- Average childcare: $9,400
- Average rent per month: $981
Georgia is another one of the cheapest states in the U.S with an index score of 90.2 and a median home value around $169,000. The state has plenty of attractions such as historical sites and museums for travelers to explore on a budget. In addition, Georgia has an unemployment rate of 3.8% and average rent costs at $981 per month.
Despite its affordability however, Georgia still ranks below-average when it comes to education ranking and job opportunities. It also has a slightly higher than average poverty rate at 15.2%.
Ohio
- Cost of living index of 90.7
- Median household income: $53,214
- Living wage per hour: $19.32
- Average childcare: $10,199
- Average rent per month: $914
Ohio is the eighth cheapest state in the U.S with an index score of 90.7 and a median home value around $141,000. The state offers plenty of attractions such as musical events, historical sites and museums for travelers to explore on a budget. In addition, Ohio has a relatively low unemployment rate at 4.2% and average rent costs of $914 per month.
Despite its affordability, Ohio still has a slightly higher than average poverty rate at 14.1%. It also ranks below-average when it comes to education ranking and job opportunity.
West Virginia
- Cost of living index of 91.7
- Median household income: $44,097
- Living wage per hour: $19.24
- Average childcare: $9,000
- Average rent per month: $827
West Virginia is the ninth cheapest state in the U.S with an index score of 91.7 and a median home value around $117,000. The state offers plenty of attractions such as music festivals and outdoor activities for travelers to explore on a budget. In addition, West Virginia has a low unemployment rate of 3.4% and average rent costs of $827 per month.
Despite its affordability however, West Virginia still has the highest poverty rates in the country at 19%. It also ranks below-average when it comes to education ranking and job opportunity.
Texas
- Cost of living index of 92.0
- Median household income: $56,565
- Living wage per hour: $21.50
- Average childcare: $10,200
- Average rent per month: $1,117
Texas is the last cheapest state in the U.S with an index score of 92.0 and a median home value around $162,000. The state has plenty of attractions to explore such as the Alamo, Big Bend National Park and the San Antonio Riverwalk. In addition, Texas has a low unemployment rate at 3.7% and average rent costs of $1,117 per month.
Despite its affordability however, Texas still has a slightly higher than average poverty rate at 14%. It also ranks below average when it comes to education ranking and job opportunity.
Final Word
Overall these cheapest states in the US offer affordable living standards with access to some great attractions while still offering low unemployment rates but unfortunately they all rank lower than average when it come to education rankings and job opportunities. Despite this, each cheapest states have something unique to offer which is why
