Missouri, Arkansas ranked among US states with the lowest costs of living

With the cost of living rising everywhere in the United States, the prospect of moving to places with lower costs of living is more attractive than ever.

Luckily, residents of Missouri and Arkansas reside in some of the cheapest states to live in the country.

A new report from GOBankingRates ranked each of the 50 states from the highest to the lowest cost of living per year. They analyzed the annual costs of housing, groceries, utilities, transportation and other miscellaneous factors, sourced from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center in order to make their ranking.

The ranking placed Missouri as the 6th cheapest state to live in and Arkansas as the 7th cheapest state.

The total annual expenditures for Missouri and Arkansas are just $365 apart, with Missouri at $64,576 and Arkansas at $64,941.

In Missouri, a major factor in the relatively cheap cost of living is the housing costs being 23% lower than the national average, with all other expenses around 5-10% lower than the national average.

Arkansas’s cheap cost of living is also highlighted by cheap housing costs, which are 25.4% lower than the national average. Overall, the cost of living is 11% lower than the average state.

The nearby state of Oklahoma was ranked the cheapest of all 50 states with total annual expenditures at $62,898 according to the report. Hawaii came in as the most expensive state by a wide margin with annual expenditures totaling $131,560, almost $25,000 more than Massachusetts, the 2nd-most expensive state.

The full report can be viewed here .

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