Cheapest States to Live In

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The US Census Bureau reports that the 2006 median annual household income was $48,201, but finding the cheapest states to live in can help you stretch your budget further.

Factors Affecting Your Cost of Living

Across the United States, the cost of living can vary substantially. For example, what is widely considered a comfortable income in Iowa would be difficult to live on in most of California.

There are many different factors that can influence the cost of living in a particular area. Housing is the most obvious expense, whether you plan to rent or buy your home. Taxes, including both state income taxes and local property taxes, also have a significant impact on an area’s cost of living. Even the price of daily necessities such as gas and groceries can vary by location.

The type of employers in an area can have an impact on the overall cost of living as well. For example, Seattle, home of Microsoft, consistently ranks at the top of the most expensive cities in the United States. Even though the majority of people who live in Seattle don’t work for Microsoft, the company’s high salaries help to inflate the overall cost of living.

What are the Cheapest States to Live In?

Generally, the most affordable places to live in the United States are in the Midwest or Southern part of the country. Alaska, Hawaii, New England, and the West Coast continue to be among the most expensive places to live in the nation.

According to research conducted by the Missouri Economic Research and Information Center, the 10 most affordable states in the US are:

  1. Oklahoma
  2. Texas
  3. Tennessee
  4. Arkansas
  5. Nebraska
  6. South Dakota
  7. Missouri
  8. Kansas
  9. Georgia
  10. Mississippi

Additional information about the cost of living in various areas can be found on the following websites:

Cost of Living Converters

Are you wondering how much money you’d need to have a comparable standard of living in another area? If so, check out one of the following web-based tools:

Other Factors to Consider

While finding the cheapest states to live in may seem like a great way to pick your new home, cost isn’t the only factor you should evaluate. For example:

  • What job opportunities are available in your field? If there are very few jobs available in your industry, you may want to think twice before moving.
  • Are the schools good? If you have children, or think you may be starting a family in the future, this is a very important consideration.
  • How would you describe the local population? If you’re fresh out of college, you may not be happy living in an area populated by retirees.
  • What do people do for fun? If you can’t stand to be outside, it’s doubtful you’ll want to move to a state where the only recreational activities available involve camping, hiking, and fishing.
  • How far will you be from friends and family? If you plan to travel frequently to see your friends and family, don’t forget to include this expense in your moving budget.

CNN Money has compiled an interesting collection of the best places to live in the United States, divided into categories such as best big cities and locations with the highest number of single residents. Cross-referencing these lists with the cheapest states to live in may help you come up with the perfect destination for your move. MSN Real Estate also has a list called 8 Cheap Places You’d Want to Live that attempts to balance quality of life concerns with the average cost of living.

The LTK Save article Cheap Places to Live: David Savageau Interview provides advice for planning your move as well..

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Comments

I live in Tazewell tn about 30 miles from knoxville. here rent on a nice 3 bedroom home with a nice yard is around $500 with utilities being around 300 in summer and 400 in winter (electricity, water, phone, cable, internet, cell phone. There are some jobs local but more jobs in knoxville. real estate for sale here has not really dropped in price much the same house that rents for around $500 a month will sell for around $50,000 - 70,000. lake property will run you around $100,000. but is well worth in when summer gets here. if you enjoy country living its paradise. just no more yankees PLEASE!!!!

-- Contributed by: tnkingfish

Greene County in Indiana is one of the cheapest places to live. Rent is usually $300-$600. Utilities are pretty low too. We are paying less than $1000 per month for everything. There are not many jobs here but there are in nearby counties.

-- Contributed by: Greene

Lisha - utilities including phone and cable should not cost $1,190 a month!!!

  • Cut your cable bill completely or subscribe to the basic service only. Average basic service is $70 a month. Are your Internet, cable, and home phone services bundled? That's probably not the best financial option if the introductory rate has expired.
  • If you have a cell phone, you need a plan that is more economical. I pay $45 a month for unlimited long distance and 600 minutes during the month. If your kids have cell phones, their minutes should be limited or they should have pre-pay phones to control minutes/expenses.
  • My home phone bill, with a long distance plan, is $60 a month. My family may switch completely to cell later this year to avoid this additional expense.
  • Total expense for cable, cell phone and home phone in my house? $175 a month.

If you don't have central air or heat, what are using for those utilities?

-- Contributed by: TK2
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