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August 23, 2022 |8 min read August 23, 2022 |8 min
read How far does your dollar go? It depends on where you live. If you move to a place with a lower cost of living, your budget can stretch further than it would in cities with high costs of living. If you’re concerned about living
expenses and considering a relocation, check out this list of 11 affordable places to live in America. Key Takeaways The Cheapest States to Live InThis article uses data from the Missouri Economic Research and Information Center (MERIC) and the U.S. Census Bureau that breaks down the cost of living in each state. An assessment of the costs of certain goods and services creates a price index averaged across all of America. And every state’s score is measured out of a national average of 100. The goods and services analyzed include:
Keeping the scores in mind, here’s a list of the most affordable states to live in. 11. West VirginiaWest Virginia comes in as the 11th cheapest place to live. While its housing and utility costs are low, the transportation costs within the state are higher than average. The Beckley area has the lowest median rent prices at $491 per month, according to research by the Census Bureau, which also reports a median income in the state of $48,037. Cost of living indexes:
10. MichiganMichigan ranks as number 10 with its cost of living, although it ties with Arkansas for the overall cost of living index score. It has relatively low housing costs but is much closer to the national average on utilities and health care costs. The Bay City area has a median rent of $572, and the state as a whole has a median income of $59,234. Cost of living indexes:
9. ArkansasArkansas has the same overall average cost of living as Michigan, but for different reasons. It’s cheaper to pay for health care and utilities than in Michigan but faces higher grocery and miscellaneous costs. The state has a median income of $49,475, and the Pine Bluff metropolitan area has the lowest median rent at $521. Cost of living indexes:
8. TennesseeTennessee is up next, having low average costs of housing and transportation. It edges closer to the national average costs for groceries and utilities. The state reports a median income of $54,833. Morristown has the lowest median rent, coming in at about $529. Cost of living indexes:
7. IndianaIndiana comes in with a slightly lower average cost of living, thanks in part to its low housing costs. However, it does sit above the national average for utility costs. The Terre Haute area has the lowest median rent of $540. The state median income is $58,235. Cost of living indexes:
6. GeorgiaGeorgia comes in at number six, also fueled heavily by its low housing costs. Health care and miscellaneous costs are among the most expensive parts of living within the state. The Albany region contains the lowest metropolitan rent, with the median monthly rent sitting near $531. Its median income is $61,224, which is the second highest median income on this list. Cost of living indexes:
5. IowaIowa edges out Georgia with both a lower cost of living and a higher median income. The state has low housing and transportation costs but nears the national average for groceries and health care. The median income is the highest on this list, coming in at $61,836. The metropolitan area with the lowest median rent is Cedar Rapids at $627 per month. Cost of living indexes:
4. AlabamaAlabama is up next. While the cost of living is low for housing and transportation, the state’s average utilities cost is above the national average. The Florence-Muscle Shoals area has the cheapest metropolitan rent at $472 per month. The median income comes in at $52,035. Cost of living indexes:
3. KansasWhile it has cheaper costs for housing and groceries than number two on this list, Kansas has some areas where expenses are substantially higher than you might expect. Utilities cost nearly as much as the national average, and health care costs are above the national average. The median rent in Topeka is $621 per month, making it the cheapest metropolitan rent in the state. Kansas boasts a median income of $61,091, the third highest on this list. Cost of living indexes:
2. OklahomaOklahoma has low average costs for housing and transportation, with slightly higher costs for groceries and utilities. Its metropolitan area with the lowest median rent is Enid at $601 per month. The median income for residents of the state is $53,840. Cost of living indexes:
1. MississippiMississippi tops this list as the cheapest place to live in the United States. It has the lowest housing costs of any state listed above and remains well below the national average in every other category. At a median price of $614 per month, Hattiesburg is the metropolitan area with the lowest median rent in Mississippi. But the state also has the lowest median income of any state on this list at $46,511. Cost of living indexes:
What Cities Have the Lowest Cost of Living?There are a number of cities—some outside of these 11 states—that also offer inexpensive costs of living. According to The Council for Community and Economic Research, the following cities have the lowest cost of living in America:
The Cheapest Places to Live in a NutshellIf you’re looking for the cheapest places to live in the U.S., Mississippi has the lowest cost of living for any state and Kalamazoo, Michigan, has the lowest cost of living for a city. However, there are many other factors to consider about an area before moving—like job opportunities, public education and the local lifestyle. Looking for more information on affordable living? Check out this guide on budgeting for the most common cost of living expenses. We hope you found this helpful. Our content is not intended to provide legal, investment or financial advice or to indicate that a particular Capital One product or service is available or right for you. For specific advice about your unique circumstances, consider talking with a qualified professional. Capital One does not provide, endorse or guarantee any third-party product, service, information, or recommendation listed above. The third parties listed are solely responsible for their products and services, and all trademarks listed are the property of their respective owners. August 23, 2022 |8 min read Related Content
article | March 28, 2019 | 14 min read article | January 7, 2020 | 8 min read article | January 14, 2021 | 12 min read Which US city has the lowest cost of living?It can be extremely expensive to live in big cities like New York, San Francisco, or Los Angeles. However, living in places, like Fort Wayne, Indiana, or Brownsville, Texas, can be more affordable. Fort Wayne, Indiana, was named the city with the lowest cost of living for 2022.
Where is the cheapest and safest place to live in USA?Augusta, a small city near Georgia's border with South Carolina, is one of the cheapest and safest places to live in the USA. It has a low crime rate and a low cost of living, making it perfect for those looking to live comfortably and save money.
What are the 10 cheapest places to live in the United States?The 10 cheapest places to live in the USA in 2022/23. Huntsville, Alabama.. Quad Cities, Illinois and Iowa. ... . Fort Wayne, Indiana. ... . Pittsburgh, Pennsylvania. ... . Beuamont, Texas. ... . Fayetteville, Arkansas. ... . Peoria, Illinois. ... . Youngstown, Ohio. The city is going through an entrepreneurial boom especially in its downtown core. ... . |
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