The Three Least Expensive States to Live in the US Have Been Revealed

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The cost of living is crucial when deciding on a place to call home. It's not just about the scenery or the weather; it's also about how far your dollar can stretch. With the rising prices of essentials like housing, food, and healthcare, finding a state that offers a comfortable lifestyle without breaking the bank is more important than ever.

According to a study by Stacker, which used data from the Council for Community and Economic Research, the most affordable states in the U.S. as of 2022 are predominantly located in the South and Midwest. This study calculated each state's Cost of Living Index, considering over 60 goods and services. The U.S. average is set at 100, and states with an index below this number are considered less expensive.

1. Mississippi: The Most Affordable State

With an Average Cost of Living Index of 85.0, Mississippi stands as the most affordable state in America. The housing costs are 32% lower than the national average, which is a significant saving for residents. However, it's important to note that Mississippi faces challenges, such as a high poverty rate and public education and healthcare coverage issues.

2. Oklahoma: A Close Second

Oklahoma follows closely with an Average Cost of Living Index of 85.8. One of the key factors contributing to its affordability is the low utility costs, which are 9% less than the national average. The state's status as a leading producer of natural gas and crude oil keeps these costs down. Additionally, housing prices in Oklahoma are nearly 30% below the national average, making it an attractive option for those looking to own a home without spending a fortune.

3. Kansas: Affordable Living with Low Housing Costs

Kansas ranks third with an Average Cost of Living Index of 87.5. The state's housing costs are almost 30% lower than the national average, offering significant savings for renters and homeowners. The average rent in Kansas is $912, and the average home value is $164,800, which is quite reasonable compared to many other states. Furthermore, Kansas boasts some of the lowest food costs in the country, adding to its overall affordability.

Sources:

https://www.coli.org/about/

https://www.msn.com/en-us/travel/news/the-least-expensive-state-to-live-in-america-plus-see-the-runners-up