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The 13 Cheapest States to Live in for 2023

Whether you’re seeking a change of scenery, looking to cut costs, or just curious about the most budget-friendly places to live, you’re in the right place. In this guide, we’ll take you on a tour of the 13 cheapest states to call home in 2023. We’ll delve into each state’s cost of living, income levels, and unemployment rates, providing you with a comprehensive overview to help you make an informed decision.

Mississippi: Cost of Living: 15.6% lower than the national average

  • Median Home Price: $274,750
  • Median Monthly Rent (2-bedroom apartment): $1,032
  • Median Household Income: $49,111
  • Unemployment Rate: 3.9%
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Mississippi welcomes you with its rich musical heritage and delectable cuisine, including iconic dishes like fried catfish and indulgent chocolate pies.

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Oklahoma: Cost of Living: 13% lower than the national average

  • Median Home Price: $285,450
  • Median Monthly Rent: $1,035
  • Median Household Income: $56,956
  • Unemployment Rate: 3.4%

Oklahoma, known for producing stars in sports, entertainment, and rodeo, offers a cost-effective lifestyle that’s 21% below average in Muskogee.

Kansas: Cost of Living: 12.7% below average

  • Median Home Price: $279,000
  • Median Monthly Rent: $1,045
  • Median Household Income: $64,521
  • Unemployment Rate: 2.8%

Kansas stands out with remarkably affordable miscellaneous goods and services, making it an economically sound choice.

Alabama: Cost of Living: 12.1% lower than most of the U.S.

  • Median Home Price: $311,083
  • Median Monthly Rent: $1,001
  • Median Household Income: $54,943
  • Unemployment Rate: 2.7%

Alabama offers a diverse landscape, from forests to beaches, and is home to NASA’s vital operations and a thriving steel industry.

Georgia: Cost of Living: 11.4% below the national average

  • Median Home Price: $385,000
  • Median Monthly Rent: $1,292
  • Median Household Income: $65,030
  • Unemployment Rate: 3%
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While Atlanta may be slightly above average, the rest of Georgia’s cities are comfortably below the national average cost of living.

Ohio: Cost of Living: 10.6% lower than average

  • Median Home Price: $224,950
  • Median Monthly Rent: $1,069
  • Median Household Income: $61,938
  • Unemployment Rate: 4.2%

Ohio boasts affordable living and diverse landscapes, making it a solid financial choice.

Iowa: Cost of Living: 10.5% below the average

  • Median Home Price: $278,500
  • Median Monthly Rent: $951
  • Median Household Income: $65,429
  • Unemployment Rate: 3.1%

Iowa offers not only a low cost of living but also one of the highest average incomes among the most affordable states.

West Virginia: Cost of Living: 10% below average

  • Median Home Price: $221,975
  • Median Monthly Rent: $855
  • Median Household Income: $50,884
  • Unemployment Rate: 4%

With a significant mining industry and stunning outdoor landscapes, West Virginia offers both affordability and natural beauty.

Indiana: Cost of Living: 10% less than the U.S. average

  • Median Home Price: $266,299
  • Median Monthly Rent: $1,091
  • Median Household Income: $61,944
  • Unemployment Rate: 3%

Indiana’s diverse landscapes, from sand dunes to limestone caves, make it an unexpectedly beautiful and affordable state.

Arkansas: Cost of Living: 9.9% below average

  • Median Home Price: $279,950
  • Median Monthly Rent: $956
  • Median Household Income: $52,123
  • Unemployment Rate: 3.7%
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Arkansas offers natural wonders like hot springs, caves, and forests, making it a unique and cost-effective choice.

Missouri: Cost of Living: 9.8% lower than the national average

  • Median Home Price: $275,675
  • Median Monthly Rent: $1,008
  • Median Household Income: $61,043
  • Unemployment Rate: 2.7%

Missouri’s small towns and diverse landscapes provide an affordable yet enriching living experience.

Tennessee: Cost of Living: 9.6% below average

  • Median Home Price: $419,950
  • Median Monthly Rent: $1,136
  • Median Household Income: $58,516
  • Unemployment Rate: 3.5%

Tennessee offers a rich cultural experience with options ranging from the Great Smoky Mountains to vibrant music scenes.

Michigan: Cost of Living: 8.9% below average

  • Median Home Price: $252,450
  • Median Monthly Rent: $1,088
  • Median Household Income: $63,202
  • Unemployment Rate: 4.3%

Despite higher utility costs, Michigan’s auto industry, Great Lakes, and winter sports scene make it an attractive and affordable choice.

Conclusion:

While the cost of living is a crucial factor, it’s important to consider other aspects like job opportunities, lifestyle, and personal preferences. Each state offers a unique experience, so weigh your options carefully before making a move. Remember, a well-informed decision is the key to finding your perfect place to call home.

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