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And winter sports are a thing —Michiganders love ice fishing, skiing and hockey. The cost of living there is 9. On the flip side, the cost of living is likely even cheaper than Morgantown in the mountains of southern and western West Virginia.
Rent in West Virginia has likely gone up since then. West Virginia has a big mining industry and beautiful outdoor areas. People in Indiana aka Hoosiers also pay around average for transportation and utilities. But what about housing? Take a look:. Indiana has everything from sand dunes up north to forests and limestone caves down south. This state also grows lots of popcorn—so bring your movie collection along!
The cost of living in Missouri is 9. In Missouri—or Miz-ur-uh, as the locals say—there are plenty of small towns where you can put down roots. You can choose from grassy plains, farmland or the Ozark Mountains. Arkansas has amazing natural hot springs, caves and forests.
And you can live on the plains or in the mountains, just like in Missouri. But unlike Missouri—or anywhere else—you can actually find real diamonds in Arkansas at Crater of Diamonds State Park. Last but not least, New Mexico!
Each index is compared against a national average score of in each category. For example, the score of would be the national average for housing costs. Any state with a housing cost index below is relatively affordable compared to the national average. Our ranking of the 12 cheapest states to live in was curated by weighing these different indexes.
The scores can change year-over-year and do not consider personal preferences such as available industries or climate. Without further ado, the U. Keep reading to take a quick tour of the United States, as we make a pit stop at 12 different states to explore why they are the most affordable in the nation. Mississippi is ranked the most affordable state in the U. At With grocery and transportation costs below the national average as well, Mississippi offers plenty of southern charm.
The overall cost of living in Oklahoma is Coming in third for overall cost of living at This state offers low housing, health care, and transportation costs. With a housing cost index of Its overall cost of living score is Rather than comparing the dollar to dollar costs, a cost of living index sets the national average monthly cost to When tallying up the average costs of living for different states, or in some cases different cities, that number is then compared to the national average.
For example, the state with the highest cost of living is Hawaii, which scores a This means the cost of living is If a state scores below on the index then it is considered to have a cheaper cost of living than the national average. Higher rates of poverty and unemployment are common factors in many of these less expensive states and it is important to note that lower cost of living usually also means lower wages. Housing availability can also be an issue, so look and see what is available to purchase and to rent.
Be sure to compare what those monthly costs can get you as well. Which leads us to the last factor, location. The cost of living index for each state is based on the average cost of each expense factor across the state, including their urban centers, which are likely to have higher housing costs in particular and less availability.
Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of It also has the lowest average housing costs in the nation at That being said, the state also boasts the highest poverty rate in the country at Economic troubles coupled with a struggling education system and an overall low quality of life also put Mississippi high up on the list of worst states to live in. The great state of Kansas is the second cheapest state to live in with a score of The state also boasts one of the lowest unemployment rates in the country, a good sign for their economy.
Alabama the beautiful comes in third for overall lowest cost of living with a Transportation and healthcare costs are also among the lowest in the country, although it still ranks as one of the states with the highest percentage of folks living below the poverty line.
That being said, the unemployment rate is quite low at 2. Housing is the most significant driver behind the cost of living, as costs related to housing account for the largest portion of the average household’s income.
Proximity to urban areas impacts the cost of living significantly, with the highest costs of living found in major metropolitan areas where housing costs tend to be the highest. Other factors that influence the cost of living include proximity to resources, taxes, and transportation options.
Researchers, employers, and policymakers use the cost of living index to determine which states have the lowest cost of living. The cost of living index is a tool that compares the prices of basic needs in different regions. The first step in creating the index is determining the average cost of living in the country. This baseline, set at , is then used to compare costs across the country. Any index below represents a cost of living cheaper than the national average.
The lower the index, the further a dollar goes. The states with the lowest cost of living tend to be in the Southern and Midwestern regions. The most expensive regions to live in are the Northeast, Pacific Coast, and the non-contiguous states. To better understand the relative cost of living in the cheapest states, it’s helpful to have a better picture of the baseline. Mississippi is the cheapest state to live in in the United States.
Housing costs in Mississippi are the lowest in the nation. If a state has a cost of living that is less than , it costs less than average and is more affordable. If a state has a cost of living that is more than , it costs more than average and is less affordable. Experian’s state-by-state list is based on the average cost of living for all participating metropolitan areas in each state, as calculated by the Missouri Economic Research and Information Center.
When determining which state would be most affordable for you and your family, look at your own circumstances and consider the factors that are most important to you. Are you hoping to have a short commute or afford a larger home for your growing family? Take the general data points we’ve listed as a starting point, then look into the particulars that will affect your financial life in that state.
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What is the most affordable state to live
The state with the lowest cost of living is Mississippi, though states like Arkansas, Oklahoma, and Tennessee are also among states with the. Mississippi is the cheapest state to live in in the United States. Overall, costs in the state are 17% lower than the national average. 12 Most Affordable States To Live In · 1. Mississippi. Mississippi is ranked the most affordable state in the U.S. overall. · 2. Oklahoma. The overall cost of.
– 11 Affordable States to Live in �� | Extra Space Storage
Our reports include city demographics, real estate information, quality-of-life factors and more. Schools If you have school-age children, you will need to consider the schools. To round out our top 10 is the great state of Indiana with a score of
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