And for your main course, a New York steak is also cheaper in Atlanta than it is in New York — by almost a dollar, based on averages. You can rent an apartment in Albuquerque for about one-third of what you would pay in Bethesda, Maryland.
If your idea of a Sweet Home is roughly 2, square feet, 4 bedrooms and 2 baths on a decent sized lot in Auburn, Alabama, expect to pay roughly one-third of what you would pay for a similar home in Orange County, California. Your monthly energy bill in Norman is about half what you would pay in New Haven, Connecticut.
If Dorothy Gale were alive today — and her little dog, too — taking Toto to the veterinarian in Dodge City would cost half what it would cost in New York City. Got a hankerin' for a hamburger? How about that? When I learned about 9Kilo, my worries evaporated and I was able to do everything step-by-step.
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Professional movers will contact you within one business day. Mississippi Average cost of living index: Arkansas Average cost of living index: See also : Moving to Arkansas [Relocation Guide] 3.
Oklahoma Average cost of living index: Missouri Average cost of living index: See also : Moving to Missouri 5. Tennessee Average cost of living index: Michigan Average cost of living index: Kansas Average cost of living index: Georgia Average cost of living index: See also: Moving to Georgia — Relocation Guide 9.
Alabama Average cost of living index: Indiana Average cost of living index: Iowa Average cost of living index: Kentucky Average cost of living index: Ohio Average cost of living index: West Virginia Average cost of living index: See also: 13 Reasons to Move to the Southeast Texas Average cost of living index: State Income Tax and Property Taxes Taxes are a big consideration when it comes to choosing an affordable state to live in.
When looking for an affordable place to move, consider these 2 factors that will help keep your tax bill low: State Income Tax exemptions: Qualifying for certain tax exemptions can lower your property or state income taxes.
Job Market The job market varies significantly from state to state. Education Schools and Universities When it comes to deciding on a state, many people are concerned with the quality of education that their children will receive. Average Household Income The average household income of the state is another important factor when choosing an affordable state to live in America.
Cost of Living Index The cost of living index determines how expensive the essential goods and services are, in comparison to how they cost in another state. The Cost of living index is often used as an indicator for economic strength because higher costs indicate that people earn higher salaries but also suggests difficulty meeting basic needs A low-cost of living index indicates that goods and services are typically less expensive than average while a high-cost of living index implies that these things tend to be much more pricey than usual.
Health Care Costs Health care costs are one of the biggest factors to consider when choosing an affordable state. Grocery Costs Grocery costs are sometimes overlooked when considering affordability. Therefore, when looking for an affordable place to move to, always factor in the grocery costs.
Which US city has the lowest cost of living? Tampa, Florida. Newark, New Jersey. According to the Council for Community and Economic Research , the average price of a four-bedroom house in the U. Housing costs vary greatly depending on where you live. In some expensive zip codes, a comparable home could even cost a few million dollars. Are you looking to lower your cost of living? By researching some of the most affordable states to live in, those looking for a new home can strategically save thousands by simply choosing a location with an affordable cost of living.
In this article, Fortune Builders navigates the cheapest states to live, what determines state affordability, as well as a few of the most expensive states to live in.
Learn how to get started by registering to attend a FREE real estate class offered in your area. Housing affordability is no longer just about the price of a property. Outside of the cost of living, other factors might play a role in how affordable a piece of property might be state by state. The main factors that affect determining the most affordable states to live in include:.
Cost of Living: Cost of living refers to the average price of everyday and basic necessities within an area. This includes food, utilities, transportation, clothing, and healthcare costs. Cost of living is the amount of money someone would need to access the minimum standard of living within a particular area. Average Household Income: Household income is the amount of money collected within the combined incomes of all people sharing a residence. All forms of income are included, such as salaries, investments, retirement funding, and any investment gains.
Housing and Property Costs: The baseline of how many view the affordability of a location is the price of standard housing. This includes the average amount it would cost to rent an apartment or purchase a home in a particular area.
The Council for Community and Economic Research is an organization that measures cost of living across the United States. Their Cost of Living Index is a well-regarded and often-cited resource for comparing living costs from state to state. 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 Below are the ten states with the cheapest cost of living. Mississippi Cost of Living Index : Oklahoma Cost of Living Index : Arkansas Cost of Living Index : Kansas Cost of Living Index : Missouri Cost of Living Index : Georgia Cost of Living Index : Alabama Cost of Living Index : New Mexico Cost of Living Index : Tennessee Cost of Living Index : Indiana Cost of Living Index : Here are the 10 states with the lowest cost index: Mississippi
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