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%
Mississippi welcomes you with its rich musical heritage and delectable cuisine, including iconic dishes like fried catfish and indulgent chocolate pies.
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%
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%
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.
