The cost of living in the United States can vary significantly depending on the location. While some areas may have higher expenses, others have a lower cost of living, which can make them more affordable for individuals and families. In this article, we will explore the states with the lowest cost of living in the United States in 2023, as well as some of the factors that contribute to these rankings.

The cost of living in the United States can vary widely depending on the region and city you live in. Generally, larger cities and metropolitan areas tend to have a higher cost of living than smaller towns and rural areas.

Housing costs, including rent and mortgage payments, are often the biggest expense for many people in the US. Other major expenses include healthcare, transportation, food, and utilities.

According to data from Numbeo, a website that tracks the cost of living in various cities around the world, the average cost of living in the US is higher than in many other countries. For example, the cost of living in New York City is about 129% higher than the average cost of living in the US.

Five US States with the Lowest Cost of Living in the United States in 2023

The cost of living in the United States varies greatly depending on the region and state, with some areas being much more affordable than others. In general, the lowest cost of living can be found in states in the South and Midwest regions of the country.

• Mississippi
• Arkansas
• Oklahoma
• Missouri
• Tennessee

Mississippi is often ranked as the state with the lowest cost of living in the United States. According to the Cost of Living Index by the Missouri Economic Research and Information Center, Mississippi had the lowest cost of living index in the country in the second quarter of 2021. This is largely due to the state’s relatively low housing costs, with the median home value in Mississippi being significantly lower than the national average. These rankings are based on a variety of factors, including housing, healthcare, food, and transportation expenses.

Similarly, Arkansas is known for its relatively low cost of living, with affordable housing, healthcare, and food expenses. The state has a low median home value compared to the national average, and residents also benefit from a lower cost of healthcare than many other states. Additionally, Arkansas has relatively low state and local tax rates, which can help residents save money on their overall expenses.

Oklahoma is another state with a low cost of living, with affordable housing and healthcare expenses. The state has a relatively low median home value compared to the national average, and residents also benefit from low property taxes. Additionally, Oklahoma has a low state sales tax rate, which can help residents save money on their overall expenses.

Missouri is known for its relatively low cost of living, with affordable housing and transportation expenses. The state has a lower-than-average median home value compared to the national average, and residents also benefit from a lower cost of transportation due to the relatively low gasoline prices. Additionally, Missouri has a relatively low state and local tax burden, which can help residents save money on their overall expenses.

Finally, Tennessee is another state with a low cost of living, with relatively affordable housing, healthcare, and transportation expenses. The state has a low median home value compared to the national average, and residents also benefit from a lower cost of healthcare than many other states. Additionally, Tennessee has no state income tax, which can help residents save money on their overall expenses.

While the cost of living can be lower in these states, it’s important to note that this can vary widely depending on the specific city or region within each state. For example, some cities may have significantly higher housing or transportation costs than others, which can affect the overall cost of living. It’s also important to consider other factors, such as job availability, educational opportunities, and quality of life, when choosing a location to live.

In conclusion, the cost of living can vary widely across the United States, with some states being more affordable than others. According to recent data, Mississippi, Arkansas, Oklahoma, Missouri, and Tennessee are some of the states with the lowest cost of living in the United States in 2023. These rankings are based on a variety of factors, including housing, healthcare, food, and transportation expenses. However, it’s important to research specific locations and compare costs before making any major financial decisions.

FAQ

What is the cheapest big city to live in?

The cheapest big city to live in the United States varies depending on various factors such as housing costs, taxes, healthcare expenses, transportation costs, and overall cost of living. Some of the cities known for their lower cost of living include Houston, San Antonio, and Dallas in Texas, Phoenix in Arizona, and Indianapolis in Indiana. It is important to note that even within these cities, the cost of living can vary significantly depending on the neighborhood and lifestyle.

Is Texas a cheap state to live in?

Texas is generally considered a relatively affordable state to live in, with a lower cost of living compared to other states such as California and New York. This is due to factors such as no state income tax, relatively lower housing costs, and lower overall taxes. However, the cost of living can still vary significantly within the state, with some areas being more expensive than others.

Is Florida a cheap place to live?

Florida can be a relatively affordable place to live, depending on the location within the state. The state has no state income tax, which can be a significant advantage for those living on a tight budget. However, housing costs can vary significantly depending on the location, with popular tourist destinations such as Miami and Orlando being more expensive.

How cheap is it to live in USA?

The cost of living in the USA varies significantly depending on the location and lifestyle. Generally speaking, living in smaller towns and rural areas tends to be more affordable than living in big cities. Additionally, the cost of living can vary significantly between states, with some states being significantly more expensive than others. Overall, it is difficult to provide a definitive answer on how cheap it is to live in the USA, as it depends on a variety of factors.

How much salary is required to live in USA?

The salary required to live in the USA varies depending on various factors such as location, lifestyle, and family size. According to a report by the Economic Policy Institute, the average family of four requires an annual income of at least $68,808 to meet basic expenses such as housing, food, healthcare, and transportation. However, this amount can vary significantly depending on the location and lifestyle.

How much salary is enough to live a good life in USA?

The amount of salary required to live a good life in the USA also varies depending on various factors such as location, lifestyle, and personal preferences. According to a study by Purdue University, a single person can live comfortably on an annual salary of $50,000 to $70,000, while a family of four would require an annual income of $100,000 to $150,000. However, these figures can vary significantly depending on the location and lifestyle. Additionally, what constitutes a “good life” can vary from person to person, so it is important to consider individual preferences and priorities when determining the amount of salary required to live a good life in the USA.