States With Lowest Cost Of Living 2019
Let’s face it: everyday life can be expensive. We’re not talking about taking extravagant trips, purchasing your children’s Christmas gifts, or even facing an emergency like a broken down car. We’re talking about everyday life.
The cost of living takes into account several necessary expenses that most of us need to live from day to day. The cost of living includes housing, food, childcare, and educational costs, transportation costs, and medical costs.
Depending on where you live in the world, your cost of living varies. Even within the United States, the cost of living varies from state to state. Living in New York City, for example, is far more expensive than living in a rural town in Nebraska. The price of a 3,000-square-feet home with an inground swimming pool in a small town may be the same price as a studio apartment in a big city. This example shows the differences in the cost of living.
Determining the states with the lowest cost of living can be difficult. This is because many different factors could be used. For example, one list may include childcare costs, while another leaves this off completely. However, there are a few reputable publications and organizations that have compiled data to find the states with the lowest cost of living.
The Missouri Economic Research and Information Center used data to compile its list of the states with the lowest cost of living. Based on this list, Mississippi was found to be the cheapest state to live in the nation. On average, Mississippi was 16% less expensive than the national average.
Oklahoma was ranked second on this list, with home prices coming in unusually low. Home prices in Mississippi were about 23% less than the national average.
In third place is Michigan. Michigan was listed as one of the most affordable places because of its low housing costs and grocery prices.
The top 10 states with the lowest cost of living based on this report were:
- Mississippi (Cost of Living Index: 86.1)
- Arkansas (Cost of Living Index: 86.9)
- Oklahoma (Cost of Living Index: 87.0)
- Missouri (Cost of Living Index: 87.1)
- New Mexico (Cost of Living Index: 87.5)
- Tennessee (Cost of Living Index: 88.7)
- Michigan (Cost of Living Index: 88.9)
- Kansas (Cost of Living Index: 89.0)
- Georgia (Cost of Living Index: 89.2)
- Wyoming (Cost of Living Index: 89.3)