Are you tired of living in a state with a high cost of living? Are you looking for a place to call home where your money can stretch further? Look no further! In this article, we'll explore the states with the lowest cost of living in the US, providing you with a comprehensive guide to help you make an informed decision about your next move.
What is the Cost of Living Index?
The Cost of Living Index (COLI) is a statistical measure that compares the cost of living in different cities or states. It takes into account various expenses such as housing, food, transportation, utilities, and healthcare to provide a comprehensive picture of the cost of living in a particular area. The national average is set at 100%, and any area with a score below 100% is considered to have a lower cost of living.
Top 10 States with the Lowest Cost of Living
Based on the latest data from the Council for Community and Economic Research, here are the top 10 states with the lowest cost of living in the US:
1.
Mississippi: With a cost of living index score of 84.6, Mississippi is the most affordable state to live in. The median home price is around $120,000, and the average rent for a two-bedroom apartment is $700.
2.
Arkansas: Arkansas has a cost of living index score of 86.3, making it the second most affordable state. The median home price is around $140,000, and the average rent for a two-bedroom apartment is $600.
3.
Tennessee: With a cost of living index score of 87.3, Tennessee is an attractive option for those looking for an affordable lifestyle. The median home price is around $170,000, and the average rent for a two-bedroom apartment is $800.
4.
Alabama: Alabama has a cost of living index score of 87.8, making it an excellent choice for those on a budget. The median home price is around $140,000, and the average rent for a two-bedroom apartment is $700.
5.
Oklahoma: With a cost of living index score of 88.2, Oklahoma is a great option for those looking for an affordable lifestyle. The median home price is around $120,000, and the average rent for a two-bedroom apartment is $600.
6.
Missouri: Missouri has a cost of living index score of 89.1, making it an attractive option for those looking for a low-cost lifestyle. The median home price is around $160,000, and the average rent for a two-bedroom apartment is $700.
7.
South Carolina: With a cost of living index score of 90.1, South Carolina is a great option for those looking for an affordable lifestyle. The median home price is around $180,000, and the average rent for a two-bedroom apartment is $800.
8.
Kentucky: Kentucky has a cost of living index score of 90.4, making it an excellent choice for those on a budget. The median home price is around $140,000, and the average rent for a two-bedroom apartment is $600.
9.
North Carolina: With a cost of living index score of 90.6, North Carolina is a great option for those looking for an affordable lifestyle. The median home price is around $190,000, and the average rent for a two-bedroom apartment is $800.
10.
West Virginia: West Virginia has a cost of living index score of 91.1, making it an attractive option for those looking for a low-cost lifestyle. The median home price is around $110,000, and the average rent for a two-bedroom apartment is $500.
If you're looking for a state with a low cost of living, these 10 states are definitely worth considering. From Mississippi to West Virginia, each state offers a unique blend of affordability, natural beauty, and economic opportunities. Whether you're a retiree, a young professional, or a family, there's a state on this list that's sure to meet your needs and fit your budget. So why not start exploring these affordable states today and find your perfect place to call home?
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