The Most Affordable States to Live In (2023)

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Apr 26, 2023

When looking to move to a new state, the cost of living is a significant factor to consider. In these times of economic uncertainty, more and more people are searching for budget-friendly states that offer a great quality of life without breaking the bank.

This article explores the most affordable states to live in across the US, focusing on factors like housing costs, taxes, transportation and healthcare costs, and overall cost of living.

Most Affordable States in the US

Lowest cost and average costs in the cheapest states

Mississippi

Mississippi tops the list as one of the most affordable states to live in. The state boasts a low cost of living index, making it an ideal destination for those on a tight budget. In addition to lower housing costs, Mississippi also offers affordable groceries, utilities, and transportation.

With a diverse landscape featuring beaches, forests, and historical sites, the state provides a great mix of affordability and entertainment for residents.

Arkansas

Another budget-friendly option is Arkansas, often referred to as the “Natural State.” With a cost of living index significantly lower than the national average, residents can enjoy a low cost of living alongside picturesque scenery.

Arkansas offers affordable housing, a relatively low unemployment rate, and low taxes. Outdoor enthusiasts will be pleased with the state’s abundant recreational opportunities, including national parks, rivers, and hot springs.

Oklahoma

Oklahoma, situated in the heart of the country, is another state with a cost of living well below the national average. The state’s affordable housing market is a primary contributor to its low cost of living, and residents enjoy reduced costs on groceries and utilities as well.

Additionally, Oklahoma offers a diverse economy, providing job opportunities in various industries such as energy, agriculture, and aerospace.

Missouri

Missouri is yet another state offering a cost of living well below the national average. Affordable housing is a significant factor in Missouri’s budget-friendliness, with the median home price being substantially lower than in many other states.

The state also benefits from low utility costs and an attractive job market in industries like healthcare, agriculture, and manufacturing. Moreover, Missouri boasts a rich cultural scene, with numerous museums, galleries, and festivals for residents to enjoy.

Indiana

Indiana, known as the “Hoosier State,” offers a cost of living that is attractive to many. With housing prices that are considerably lower than the national average, Indiana is an ideal destination for budget-conscious individuals and families.

In addition to the low cost of housing, the state offers affordable healthcare, utilities, and transportation costs. With a diverse economy and a growing job market, Indiana provides ample opportunities for residents to thrive.

Median Income and Average Rent of a Single-Family Home

Kansas

Kansas, located in the heart of the Great Plains, is another state where affordability is a top priority. With a cost of living index below the national average, Kansas residents enjoy low housing costs, along with affordable groceries and utilities.

The state also boasts a diverse economy with opportunities in industries like agriculture, aerospace, and renewable energy. For those who love the great outdoors, Kansas offers beautiful landscapes and outdoor recreational activities like hiking, fishing, and hunting.

Tennessee

Tennessee, famous for its music scene and natural beauty, is another affordable state to call home. The state offers a cost of living that is below the national average, with housing costs being the primary contributor to its affordability.

Tennessee also benefits from no state income tax, which means more money in the pockets of its residents. With a robust economy and ample job opportunities in industries like healthcare, automotive, and tourism, Tennessee is an attractive option for those seeking a low-cost place to live.

Georgia

Georgia, known as the “Peach State,” offers a cost of living that is slightly below the national average, making it an attractive option for those looking for affordable living. The state’s housing market is reasonably priced, with the median home value being significantly lower than in many other states.

Residents also enjoy low utility costs and affordable healthcare options. Georgia has a strong economy, providing job opportunities in industries like technology, film production, and logistics.

View homes in Georgia

Alabama

Alabama, located in the southeastern region of the US, is a state with a cost of living that is well below the national average. With affordable housing, utilities, and groceries, Alabama is an appealing destination for those looking to save on living expenses.

The state’s economy is diverse, with opportunities in industries like aerospace, automotive manufacturing, and healthcare. Additionally, Alabama’s beautiful beaches, state parks, and historical sites make it a desirable place to call home.

Texas

Rounding out the list is the Lone Star State, Texas. While some of its larger cities may have a higher cost of living, the state as a whole offers a cost of living that is slightly below the national average. Affordable housing is available in many areas, and the state benefits from no personal income tax.

Texas boasts a diverse economy with job opportunities in industries like technology, energy, and healthcare. The state also offers a rich cultural scene, with plenty of museums, galleries, and events to enjoy.

View homes in Texas

Conclusion

Median Price and Healthcare Costs

As you can see, there are several affordable states to live in across the US, each offering its unique blend of low cost of living and quality of life. From the charming southern hospitality of Mississippi to the dynamic economy of Texas, these states provide a range of options for individuals and families looking to stretch their budgets.

Median Household Income in West Virginia

When considering a move, it’s essential to weigh factors such as housing costs, taxes, job opportunities, and overall cost of living to find the perfect destination that meets your financial needs and lifestyle preferences.

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