Top 10 Cheapest States to Live in for 2023
S.No |
Cheapest States To Live in |
Cost of Living |
|
1 |
Mississippi |
83.3 |
|
2 |
Kansas |
86.5 |
|
3 |
Alabama |
87.9 |
|
4 |
Oklahoma |
87.9 |
|
5 |
Georgia |
88.8 |
|
6 |
Tennessee |
89.0 |
|
7 |
Missouri |
89.8 |
|
8 |
Iowa |
89.9 |
|
9 |
West Virginia |
90.5 |
|
10 |
Indiana |
90.6 |
Cheapest States To Live in for 2023
In a world where the cost of living can often be a significant factor in shaping our choices, finding budget-friendly states to call home has become an essential consideration. In this exploration, we delve into the top ten cheapest states to live in for the year 2023. From the picturesque landscapes of the Southeast to the heartland of the Midwest, join us as we uncover states that offer not only economic relief but also unique charms and opportunities. Learn about the factors that contribute to their affordability, from housing and transportation costs to employment prospects and lifestyle offerings. Embark on a journey to unearth the possibilities these states present for those seeking a more financially prudent and rewarding way of life.
TRENDING
1. Mississippi (83.3)
Nestled in the heart of the American South, Mississippi emerges as the most budget-friendly state to call home in 2023, boasting a cost of living index score of 83.3. Notably, the state takes the lead with the lowest average housing costs across the nation, standing at a remarkable 33.7% below the national average. For those aspiring to own a home without breaking the bank, Mississippi offers a median single-family home price of approximately $140,818.
However, amidst the allure of affordable housing, Mississippi faces economic and social challenges. It carries the highest poverty rate in the country, with 19.5% of its population living below the poverty line. The state’s education system and overall quality of life have room for improvement, reflecting its placement on the list of worst states to reside in. While the prospect of economical living beckons, potential residents should consider the trade-offs of Mississippi’s economic landscape and quality of life metrics.
2. Kansas (86.5)
The Great Plains state of Kansas secures its position as the second most economical place to reside in 2023, with a cost of living index score of 86.5. Known for its vast prairies and iconic sunsets, Kansas offers a lifestyle that won’t break the bank. Housing stands out as particularly affordable, with costs running 27.4% below the national average. The median price of a single-family home hovers around $176,898, making homeownership within reach for many.
Notably, Kansas also boasts one of the lowest unemployment rates in the nation, underscoring its favorable economic prospects. However, the state is not without its challenges. Its unique geography exposes it to frequent tornadoes and extreme droughts, which residents must be prepared to contend with. While the state’s affordability and job opportunities make it an attractive option, the potential for severe weather and environmental factors should also be taken into consideration by those contemplating a move to the Sunflower State.
3. Alabama (87.9)
Stepping onto the podium as the third most economical state to live in for 2023 is Alabama, with a cost of living index score of 87.9. This Southern gem beckons with its charm and affordability, offering a median home price of $170,184, which ranks second only to Mississippi. Alabama shines not only in its housing affordability, with costs 29.9% below the national average but also in healthcare and transportation expenses.
While the state’s economy demonstrates resilience, with a low unemployment rate of 2.9%, it is important to note that Alabama struggles with a higher percentage of its population living below the poverty line. This juxtaposition of affordability and social disparities presents a nuanced landscape for prospective residents. Despite its more affordable living costs, it is crucial for individuals to assess economic opportunities, the quality of essential services, and their overall lifestyle preferences when considering a move to the Heart of Dixie
4. Oklahoma (87.9)
With a cost of living index score of 87.9, Oklahoma secures its place as the fourth cheapest state to reside in during 2023. Boasting a unique blend of rural charm and urban opportunities, Oklahoma offers a cost-effective lifestyle without compromising on essential amenities. One of its standout attributes is the remarkably affordable housing market, with housing costs sitting at 25.3% below the national average. For those seeking budget-friendly living arrangements, this presents an enticing proposition. Additionally, the state’s healthcare and grocery costs are also notably below the national average by 5.5%, further contributing to its economic appeal.
Despite its affordability, Oklahoma does face challenges. The state carries a poverty rate of 15.1%, which is among the higher percentages in the country. Moreover, its education and healthcare systems have been flagged as areas that require improvement. While Oklahoma’s landscapes are characterized by diverse ecosystems, including plains, forests, and mountains, it is not without its share of natural hazards, particularly tornadoes. However, its four-season climate and relatively mild winters offer a well-rounded weather experience. Overall, Oklahoma presents an intriguing option for individuals and families seeking a cost-effective lifestyle without sacrificing access to essential services and recreational opportunities.
5. Georgia (88.8)
The southern allure of Georgia extends beyond its charming hospitality—it also offers a remarkably affordable cost of living, securing a position as the fifth cheapest state for 2023 with a score of 88.8 on the cost of living index. One of its most significant draws is housing costs, which are 25.6% below the national average, making homeownership and rental options notably budget-friendly. Georgia residents also benefit from utility costs that are 9.5% below the national average, further contributing to the state’s economic appeal.
Beyond its affordability, Georgia offers a diverse and vibrant lifestyle. Urban centers like Atlanta and Savannah provide access to a thriving business environment and cultural experiences. However, the state does come with some considerations. Pollen allergies can be a concern for some individuals due to the prevalence of allergy-producing plants. Additionally, the summers can be hot and muggy, which might not be ideal for those who prefer cooler climates. Nonetheless, Georgia’s blend of affordability, cultural richness, and access to urban amenities positions it as an intriguing option for those seeking an economical yet vibrant living experience.
6. Tennessee (89.0)
Nestled in the Southeast, Tennessee emerges as the sixth cheapest state to live in for 2023, boasting a cost of living index score of 89.0. The state’s affordability is reflected in its housing costs, which are 20.7% below the national average, making homeownership and rentals more accessible. Furthermore, Tennessee stands out by not imposing a state income tax on earned wages, enhancing its appeal for those looking to maximize their disposable income.
While offering an affordable lifestyle, Tennessee also presents unique characteristics. Its rich musical heritage, including contributions to country, rock, blues, and jazz genres, enriches its cultural fabric. The state’s landscape features diverse natural beauty, from the Great Smoky Mountains to its serene rivers. However, Tennessee does have its share of challenges, with a poverty rate of 13.8% and increased traffic in rapidly expanding urban areas. Balancing these factors, Tennessee stands as an attractive option for individuals and families seeking an affordable yet culturally vibrant living experience, where both natural wonders and urban amenities are within reach.
7. Missouri (89.8)
Nestled at number 7 on our list, Missouri beckons with its favorable cost of living index score of 89.8. This state stands as a midpoint between the South and the Midwest, offering a blend of charm and accessibility. With housing costs approximately 19.7% below the national average, it opens the door to affordable living arrangements. Moreover, the state boasts a commendable minimum wage of $11.15, enhancing the job market’s appeal across various sectors.
Missouri’s rich cultural heritage is reflected in its vibrant urban centers, though some of these areas contend with relatively higher crime rates. The state’s diverse landscape offers an array of outdoor activities, from lush forests to rolling plains. However, Missourians are no strangers to the occasional challenge of hot summers and frequent tornadoes. In its continuous pursuit of development, Missouri provides an attractive option for those seeking affordability without compromising access to opportunities.
8. Iowa (89.9)
Iowa, the eighth cheapest state to live in with a score of 89.9, showcases its Midwestern character and affordability. Enjoying a poverty rate lower than the national average at 11%, Iowa strikes a balance between economic stability and reasonable living expenses. Housing costs that stand 24% below the national average make owning a piece of this heartland more attainable, with a median single-family home priced at $167,036.
Beyond its cost-effectiveness, Iowa shines as an education and economic hub, earning its place as ninth on WalletHub’s list of best states to live in. Its strong economy and education system create a promising environment for residents. While the state’s winters may be frigid, its warm sense of community and thriving cultural scene offer a diverse array of experiences. From its designation as the “Ice Cream Capital of the World” to its reputable universities, Iowa invites those seeking affordability with a touch of Midwestern charm to explore its possibilities
9. West Virginia (90.5)
At number 9 on our list, West Virginia presents a cost of living index score of 90.5, revealing a land of rugged beauty and economic opportunity. Known for its Appalachian landscapes and charming country roads, the state offers housing costs 21.4% below the national average, making it one of the most affordable places to own a home with a median price of $117,639. Despite its affordability, West Virginia confronts challenges related to its job market and economic growth.
Embracing all four seasons, the state’s natural allure is captivating, but its economic landscape may pose some hurdles. High poverty rates and concerns about the education system have contributed to West Virginia’s occasional appearance on lists of less desirable states to live in. However, for those enticed by its scenic beauty and a desire for a simpler lifestyle, West Virginia’s unique blend of affordability and charm may hold a distinct appeal.
10. Indiana (90.6)
Closing our top ten list, Indiana shines with a score of 90.6 on the cost of living index. This state showcases affordability without sacrificing access to employment prospects, earning its place as an appealing option for those seeking economical living arrangements. Housing costs that stand 21.7% below the national average make homeownership accessible, with an average single-family home priced at $185,805.
Notably, Indiana boasts one of the lowest unemployment rates in the nation at 2.2%, reflecting a robust job market that complements its affordability. This state harbors renowned universities such as Purdue and the University of Notre Dame, offering excellent education opportunities. While winters might be chilly and some may perceive it as ‘boring,’ Indiana’s diverse attractions, from bustling urban centers to natural wonders, provide residents with ample options for leisure and exploration. As a balanced blend of affordability and prospects, Indiana invites individuals to consider its welcoming embrace as they make their next move.
What Defines the Cost of Living Index?
The cost of living index serves as a valuable tool for comparing the relative expenses of living in different regions or states. It offers insights into how the cost of basic necessities, such as housing, utilities, transportation, healthcare, and groceries, varies across various locations. This index is pivotal for individuals and families contemplating a move or seeking to understand the economic implications of residing in a specific area.
Calculation of the Cost of Living Index:
To calculate the cost of living index, researchers gather data on the average expenses associated with essential goods and services in each location. These expenses are then compared to a national average, which is typically assigned a value of 100. States or regions with a cost of living index below 100 are considered more affordable than the national average, while those above 100 are relatively more expensive.
Components of the Index:
1. Housing Costs: One of the most significant factors influencing the index is the cost of housing, including rent or mortgage payments. Areas with lower housing costs contribute to a lower cost of living index.
2. Utilities and Transportation: The cost of utilities (such as electricity, water, and gas) and transportation (fuel, public transportation, etc.) also plays a crucial role in shaping the index. Lower transportation and utility expenses lead to a lower index value.
3. Healthcare and Medical Costs: Medical expenses, including healthcare services, prescription drugs, and insurance premiums, are factored into the index. Regions with more affordable healthcare options contribute to a lower overall cost of living.
4. Groceries and Food: The cost of groceries and food items, which are essential for daily living, is an integral part of the index. Lower food costs lead to a lower index score.
5. Other Miscellaneous Expenses: Miscellaneous expenses, such as clothing, entertainment, and dining out, are often included in the index calculations. These can vary significantly depending on the region.
Interpreting the Index:
A cost of living index score below 100 indicates that the average expenses in a particular area are lower than the national average. For example, if a state has a cost of living index of 90, it suggests that living costs in that state are approximately 10% lower than the national average. Conversely, an index score above 100 signifies higher-than-average costs.
Considerations Beyond the Index:
While the cost of living index is a valuable reference, it’s important to note that individual circumstances and lifestyle preferences may vary. Factors like local economic conditions, job opportunities, quality of schools, and community amenities also influence the overall affordability and desirability of a location.
The cost of living index provides a standardized measure to assess the relative affordability of different regions based on essential expenses. It’s a starting point for individuals and families to evaluate the economic feasibility of residing in a particular area, but it should be complemented with a comprehensive understanding of other factors that contribute to a fulfilling and balanced life.
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