There are many reasons why you might be looking to save money on cost of living expenses. From wanting to stretch your budget further to trying to pay off debt, moving to a cheaper state can make a big difference in your monthly finances. While there are many factors to consider when deciding where to live, some U.S. states consistently rank as more affordable than others. In this blog post, we’ll explore some of the cheaper states where residents can live for less.
Mississippi: Mississippi is one of the least expensive states to live in with the cost of living being about 15% lower than the national average. The state also has no tax on social security income, a low property tax rate, and no estate tax, which makes for an attractive option for retirees. Furthermore, the state also has affordable housing options with rents averaging below $700 a month.
Arkansas: Arkansas is another southern state that provides its residents with an affordable cost of living. With the cost of living being about 16% cheaper than the national average and 3rd in the US for property tax rates, Arkansas is expectedly a fantastic choice. Arkansas offers affordable healthcare, and the average household income here is just over $45,000, making it an attractive option for families, new graduates, and young professionals alike.
Oklahoma: Oklahoma has one of the lowest costs of living in the country, being 16% below the national average. The state offers affordable real estate, high-quality healthcare, and has a tax rate that is below average when it comes to taxing personal income. With that, residents can stretch their dollar further with a median home price of $150,000.
Alabama: Alabama’s cost of living is about 14% cheaper than the national average, with the average home price is just $150,000. The low transport costs and easy accessibility to all basic amenities make it a favorable option for those relocating for work or looking for a change. Alabama has some beautiful natural scenery, rich culture, and great food that makes the state an attractive place to live.
Kentucky: Some of the key reasons that make Kentucky worth mentioning are its low costs of living, low property taxes, and low housing expenses. The cost of living here is 14% below the national average. The cultural vibe of the state is something to look forward to, with good schools, a wide range of public transport services, wonderful food options, and traditional music festivals in the state itself.
Conclusion:
While the above-mentioned states provide a cheaper cost of living, everyone has their reasons for staying or leaving their current location. However, if you are looking into relocating or moving for the first time, consider how these few states would fit into your budget and if they have the amenities that align with your lifestyle at an economical price. By carefully considering your priorities and budget, you may find that one of these states is a great place to call home.
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