Cost of living is one of the most important factors when it comes to stay in a state, to make it home. Cost of living is basically the money you need in order to maintain living in that state. It includes food expenses, clothing expenses, health care and taxes.
The U.S. government doesn’t have an official cost of living ranking between states, but some independent organizations make reports including cost of living. The Council for Community and Economic research releases the cost of living index every year and it’s widely accepted.
Top 5 states with lowest cost of living in the U.S.
The most affordable state to live in the U.S is Mississippi, which has an overall cost of living of 86. The average home value is $112,000 which is the lowest in the U.S. Monthly overall rent for a two-bedroom apartment is $700 ($300 les than national average).
Indiana has an overall cost of living index of 87.9, which makes Indiana the second most affordable state in the U.S. Also Indianapolis which is the capital city of Indiana, is one of the most affordable cities in the U.S with an overall cost of living index of 89. Average price of buying a home in Indiana is $139,000.
The third cheapest state Michigan (overall index of 88.2) is well known of boasting more freshwater shoreline than any other state. There are many golf courses, ski areas and commercial wineries. Michigan has an housing index of 77.1.
Arkansas follows Michigan with the overall cost of living index of 88.5 and taking the fourth place. Housing index is 77.7, health index is 8.8 and transportation index is 89.1 in Arkansas.
The last most affordable state of this article but the fifth in the U.S., is Oklahoma. As Where to Retire magazine listed Oklahoma as one of the eight most desirable places to retire, Oklahoma is one of the most affordable states in the U.S. In Oklahoma City, the average cost of a house is $114,800 while having an overall cost of living of 88.6.