MJP –

When considering a move or retirement, one of the most important factors to take into account is the cost of living. For those seeking affordability, some U.S. states stand out as being significantly cheaper to live in than others. The cost of living encompasses housing, groceries, utilities, healthcare, transportation, and more. If you’re looking to stretch your dollar further, here are some of the states with the lowest cost of living.

1. Mississippi

Mississippi consistently ranks as one of the most affordable states in the U.S. The cost of living in Mississippi is well below the national average, with housing costs being especially low. Whether you’re renting or buying a home, you’ll find that prices are incredibly reasonable compared to most other states.

For example, the median home price in Mississippi is significantly lower than the national median, making homeownership accessible to more people.

2. Arkansas

Arkansas is another state with a low cost of living. Housing is particularly affordable, with the median home price being one of the lowest in the country.

Whether you’re living in a city like Little Rock or in a more rural area, you’ll find that rent prices and homeownership costs remain consistently low. Arkansas also boasts affordable healthcare, transportation, and utilities, making it a great place for those on a fixed income, such as retirees.

3. Oklahoma

Oklahoma is widely regarded as one of the most affordable states in the U.S. In particular, housing costs are quite low, with both home prices and rental rates being much lower than the national average.

Additionally, the state has affordable utilities and transportation costs, making it a great option for those who want to live comfortably without breaking the bank. Oklahoma’s relatively low taxes, including income and property taxes, also contribute to its overall affordability.

4. Tennessee

Tennessee offers one of the lowest cost of living averages in the U.S. The state has no state income tax, which can make a significant difference in your overall budget. Housing is affordable in most areas, with rental prices and property values being lower than the national average.

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In addition to low housing costs, Tennessee has relatively low healthcare expenses and grocery prices. Whether you live in a city like Nashville or in the smaller towns and rural areas, Tennessee provides affordable options without sacrificing quality of life.

5. Indiana

Indiana is known for its low cost of living, with especially low housing and utility costs. The median home price in Indiana is lower than the national median, and rental rates are also affordable, even in larger cities like Indianapolis. In addition to cheap housing, healthcare and transportation costs are also below the national average. Groceries and utilities are budget-friendly, contributing to the overall affordability of the state.

6. Michigan

Michigan is another state that offers a relatively low cost of living. Housing is one of the most affordable aspects of life in Michigan, with low median home prices even in urban areas like Detroit.

Groceries, healthcare, and utilities also tend to be cheaper than in many other parts of the country. The state is known for its natural beauty, with a variety of lakes, forests, and outdoor recreation options, making it an appealing place to live without the hefty price tag.

7. West Virginia

West Virginia offers a cost of living that is significantly lower than most other states. Housing costs are particularly affordable, with the median home price being one of the lowest in the country.

Additionally, West Virginia boasts low transportation and utility costs, helping residents keep their monthly expenses down. Though the state has faced economic challenges, its low-cost living options make it an attractive choice for those looking for affordable housing and overall living expenses.

8. Kentucky

Kentucky offers a very affordable cost of living, especially when it comes to housing. The median home price in Kentucky is much lower than the national average, and rent prices are also very affordable.

The state has relatively low taxes and utility costs, which can make a big difference for those on a tight budget. Kentucky is known for its beautiful countryside, and small towns and cities offer a good quality of life at a low cost.