lAs someone who’s traveled extensively and has a penchant for diving deep into the intricacies of each place I visit, I’ve garnered a wealth of knowledge about the cost of living in various states. Maybe you’re like me, always on the lookout for the next adventure, or perhaps you’re just seeking a more affordable place to call home. Whatever your reason, I’m here to guide you through the 13 least expensive states to live in for 2024. But also You may consider to see most expensive states also.
The term “cost of living” might sound pretty straightforward, but there’s more to it than meets the eye. It encompasses a myriad of expenses, from your monthly rent or mortgage to the price of a loaf of bread at your local grocery store. To get a comprehensive understanding, I often refer to the Cost of Living Index by the Council for Community and Economic Research (C2ER).
List Of Cheapest States
13. Michigan
Overview
Michigan, the “Great Lakes State,” offers a unique blend of urban landscapes and natural beauty. With a cost of living that’s 8.9% below the national average, it’s a state that promises both affordability and a rich quality of life.
By the Numbers
- Michigan vs. U.S.
- Median Home Price: $252,450 vs. $415,750
- Median Monthly Rent: $1,088 vs. $1,333
- Median Household Income: $63,202 vs. $69,021
- Unemployment Rate: 4.3% vs. 3.7%
Michigan is a state of wonders. From the serene beauty of the Great Lakes to its bustling cities like Detroit, there’s a diverse range of experiences awaiting.
While transportation and utilities might be slightly higher, the state’s natural beauty and cultural offerings more than make up for it.
12. Tennessee
Overview
A state that’s as rich in music as it is in history. With a cost of living that’s 9.6% below the national average, Tennessee offers a harmonious blend of affordability and culture.
By the Numbers
- Tennessee vs. U.S.
- Median Home Price: $419,950 vs. $415,750
- Median Monthly Rent: $1,136 vs. $1,333
- Median Household Income: $58,516 vs. $69,021
- Unemployment Rate: 3.5% vs. 3.7%
According to Global Viewpoint the vibrant music scene of Nashville to the tranquil beauty of the Great Smoky Mountains, Tennessee is a state of contrasts. While housing prices might be slightly higher, the state’s rich cultural offerings and scenic beauty make it a desirable place to live.
11. Missouri
Overview
Missouri, the “Show Me State,” offers a diverse landscape, from its bustling cities to its serene countryside. With a cost of living that’s 9.8% below the national average, it’s a state that combines affordability with a high quality of life.
By the Numbers
- Missouri vs. U.S.
- Median Home Price: $275,675 vs. $415,750
- Median Monthly Rent: $1,008 vs. $1,333
- Median Household Income: $61,043 vs. $69,021
- Unemployment Rate: 2.7% vs. 3.7%
Missouri offers a blend of urban and rural experiences. From the iconic Gateway Arch in St. Louis to the Ozark Mountains’ natural beauty, there’s something for everyone. However, it’s essential to research neighborhoods, especially in the larger cities, to find the perfect balance of affordability and safety.
10. Arkansas
Overview
As per article in Visit the USA Arkansas is known as the “Natural State,” with a blend of southern hospitality, rich history, and natural beauty. With a cost of living that’s 9.9% below the national average, Arkansas stands out, especially with its significantly lower healthcare costs.
By the Numbers
- Arkansas vs. U.S.
- Median Home Price: $279,950 vs. $415,750
- Median Monthly Rent: $956 vs. $1,333
- Median Household Income: $52,123 vs. $69,021
- Unemployment Rate: 3.7% vs. 3.7%
Arkansas is not just about affordability; it’s a state of wonders. From its natural hot springs to its vast caves and forests, there’s much to explore. And for those with a penchant for treasure hunting, the Crater of Diamonds State Park offers a unique diamond-digging experience.
9. Indiana
Overview
Indiana, the “Hoosier State,” is a blend of Midwestern charm and urban sophistication. With a cost of living that’s 10% below the national average, it offers residents a comfortable and affordable lifestyle.
By the Numbers
- Indiana vs. U.S.
- Median Home Price: $266,299 vs. $415,750
- Median Monthly Rent: $1,091 vs. $1,333
- Median Household Income: $61,944 vs. $69,021
- Unemployment Rate: 3% vs. 3.7%
Beyond its affordability, Indiana boasts a diverse landscape, from the sandy dunes in the north to the limestone caves in the south. And for popcorn lovers, Indiana is a treat, being one of the top popcorn-producing states in the U.S.
8. West Virginia
Overview
Nestled within the Appalachian region, West Virginia, also known as the “Mountain State,” offers breathtaking landscapes and a cost of living that’s 10% below the national average according to Lincoln Journal Star. While the cities of Morgantown and Charleston might be the primary contributors to this statistic, the state’s rural areas offer even more affordability.
By the Numbers
- West Virginia vs. U.S.
- Median Home Price: $221,975 vs. $415,750
- Median Monthly Rent: $855 vs. $1,333
- Median Household Income: $50,884 vs. $69,021
- Unemployment Rate: 4% vs. 3.7%
West Virginia is not just about the numbers. With its rich mining history, vast forests, and numerous hiking trails, it’s a haven for outdoor enthusiasts and history buffs alike.
7. Iowa
Overview
Iowa, often dubbed the “Hawkeye State,” is a hidden gem in the heartland of America according to UnitedStatesNow. With a cost of living that’s 10.5% below the national average, it’s a state that offers affordability without compromising on quality, but it also comes with side cost, it is not the safest place in US.
While some expenses, like groceries and healthcare, might align with the national average, housing in Iowa is notably affordable.
By the Numbers
- Iowa vs. U.S.
- Median Home Price: $278,500 vs. $415,750
- Median Monthly Rent: $951 vs. $1,333
- Median Household Income: $65,429 vs. $69,021
- Unemployment Rate: 3.1% vs. 3.7%
Beyond its affordability, Iowa boasts a rich history and a vibrant cultural scene. From its state parks to its museums and historical sites, there’s much to explore and appreciate in this Midwestern state.
6. Ohio
Overview
Ohio, known as the Buckeye State, is a blend of urban sophistication and rural charm as Treksplorer says. With a cost of living that’s approximately 10.6% lower than the national average, it’s a state that offers both economic advantages and a high quality of life.
By the Numbers
- Ohio vs. U.S.
- Median Home Price: $224,950 vs. $415,750
- Median Monthly Rent: $1,069 vs. $1,333
- Median Household Income: $61,938 vs. $69,021
- Unemployment Rate: 4.2% vs. 3.7%
Ohio is not just about numbers; it’s a state rich in history, culture, and natural beauty. From the bustling streets of Cleveland to the serene landscapes of the Hocking Hills, Ohio offers a diverse range of experiences for its residents and visitors.
5. Georgia
Overview
Georgia, often referred to as the Peach State, is a blend of southern charm, history, and affordability. With a cost of living that’s 11.4% below the national average, it offers residents a comfortable lifestyle without breaking the bank.
By the Numbers
- Georgia vs. U.S.
- Median Home Price: $385,000 vs. $415,750
- Median Monthly Rent: $1,292 vs. $1,333
- Median Household Income: $65,030 vs. $69,021
- Unemployment Rate: 3% vs. 3.7%
While housing costs might be slightly on the higher side, the state makes up for it with its vibrant culture, scenic beauty, and warm hospitality. From the majestic Appalachian Mountains to the serene beaches of the Atlantic, Georgia is a state that promises diverse experiences.
4. Alabama
Overview
With its rich history, diverse landscapes, and a cost of living that’s 12.1% lower than the national average, it’s a state that beckons many. While utility bills might be on par with the national average, other expenses are significantly lower, making it an attractive option for those looking to stretch their dollar.
By the Numbers
- Alabama vs. U.S.
- Median Home Price: $311,083 vs. $415,750
- Median Monthly Rent: $1,001 vs. $1,333
- Median Household Income: $54,943 vs. $69,021
- Unemployment Rate: 2.7% vs. 3.7%
Beyond the numbers, Alabama is a state of wonders according to Alabama Travel. From its dense forests to pristine beaches and its significant contribution to space exploration through NASA, there’s a lot to explore and admire.
3. Kansas
Overview
Kansas, often referred to as the heartland of America, offers a cost of living that’s 12.7% below the national average. While some expenses, like healthcare, align with the U.S. average, you’ll find significant savings in other areas.
By the Numbers
- Kansas vs. U.S.
- Median Home Price: $279,000 vs. $415,750
- Median Monthly Rent: $1,045 vs. $1,333
- Median Household Income: $64,521 vs. $69,021
- Unemployment Rate: 2.8% vs. 3.7%
Kansas is not just about affordability; it’s also a state that offers a high quality of life according to Numbeo. With its low unemployment rate and competitive salaries, it’s a financial haven for many. And let’s not forget the state’s scenic beauty, from its vast plains to its picturesque sunsets.
2. Oklahoma
Overview
Heading west, we find ourselves in Oklahoma. With an average cost of living that’s 13% below the national standard, it’s a state that offers both affordability and a rich history.
By the Numbers
- Oklahoma vs. U.S.
- Median Home Price: $285,450 vs. $415,750
- Median Monthly Rent: $1,035 vs. $1,333
- Median Household Income: $56,956 vs. $69,021
- Unemployment Rate: 3.4% vs. 3.7%
Oklahoma is a state of stars and stories. From sports legends like Mickey Mantle to Hollywood icons like Brad Pitt, many have called this place home. The state also takes immense pride in its Native American heritage and vibrant cowboy culture.
1. Mississippi
Overview
Not only is it the most affordable state in the U.S., but it also boasts a rich cultural heritage. With a cost of living that’s 15.6% lower than the national average, it’s no wonder many are drawn to this southern gem.
By the Numbers
- Mississippi vs. U.S.
- Median Home Price: $274,750 vs. $415,750
- Median Monthly Rent: $1,032 vs. $1,333
- Median Household Income: $49,111 vs. $69,021
- Unemployment Rate: 3.9% vs. 3.7%
Mississippi is a haven for music and food enthusiasts. From the soulful strains of blues to mouthwatering dishes like fried catfish, there’s something for everyone here.
FAQs
What factors contribute to the cost of living in a state?
The cost of living is influenced by various factors including housing, transportation, healthcare, groceries, utilities, and more.
How often do these rankings change?
Rankings can change annually based on economic shifts, housing market changes, and other socio-economic factors.
Are there any hidden costs not covered in the average cost of living?
Yes, factors like entertainment, dining out, and personal expenses can also impact the overall cost of living but might not be included in standard calculations.
How does the education system impact the cost of living?
States with better educational facilities might have a slightly higher cost of living due to increased property taxes and other related expenses.
Do these states offer any incentives for relocating?
Some states offer tax breaks, grants
How do healthcare costs in these states compare to the national average?
While some states offer healthcare costs below the national average, others might be on par or slightly higher. It’s essential to research specific healthcare expenses in your desired state.
Are there specific cities within these states that are more affordable than others?
Yes, within each state, there can be significant cost variations between urban and rural areas. Major cities might have a higher cost of living compared to smaller towns or rural regions.
Final Words
Choosing a state to call home is a significant decision. While affordability is crucial, it’s essential to consider the cultural, historical, and natural offerings of each state. The perfect balance between cost and quality of life awaits those willing to explore.
References
- Global Viewpoint on Tennessee
- The article mentions the vibrant music scene of Nashville and the tranquil beauty of the Great Smoky Mountains, highlighting Tennessee’s contrasts.
- Link:
- Visit the USA on Arkansas
- Arkansas, known as the “Natural State,” is highlighted for its blend of southern hospitality, rich history, and natural beauty. The article references “Visit the USA” in relation to Arkansas.
- Link
- Lincoln Journal Star on West Virginia
- The article cites the Lincoln Journal Star when discussing the cost of living in West Virginia, which is 10% below the national average.
- Link
- UnitedStatesNow on Iowa
- Iowa is described as a hidden gem in the heartland of America, with a reference to “UnitedStatesNow”.
- Link
- Treksplorer on Ohio
- Ohio is described as a blend of urban sophistication and rural charm, with a reference to “Treksplorer”.
- Link
- Alabama Travel on Alabama
- The article highlights Alabama’s diverse landscapes, rich history, and its significant contribution to space exploration, especially through NASA. The state’s wonders are further emphasized with a reference to “Alabama Travel”.
- Link
- Numbeo on Kansas
- Kansas is described not just for its affordability but also as a state that offers a high quality of life. The article references “Numbeo” when discussing the state’s low unemployment rate, competitive salaries, and scenic beauty.
- Link
