14 States With the Lowest Cost of Living. Do You Live in One?
How much does it cost for one person to live today? The answer varies depending on several factors, including income, housing, bills, and car payments. The cost of living shifts between states, with some high-cost states requiring more money from the residents while lower-cost states allow citizens to live an affordable life. We pulled data from U.S. News and World Report to discuss the 14 lowest-cost-of-living states in the United States.
1. Arkansas
According to reports by U.S. News and World Report, the median income for residents in The Natural State is around $36,761. The average rent for Arkansas citizens is $1,005. According to Zillow, a real estate website, the median price for home purchases is $156,800. With a high level of job stability in fields like agriculture, healthcare, data entry, forestry, and essentials production, the intersection between a low cost of living and a healthy economy makes Arkansas an ideal low-cost state.
2. Mississippi
Almost three million people call this southern state home. The state no one could spell in grade school has a median income of $35,467 and ample opportunities for jobs in fields like agriculture, education, and construction. The median price for a home purchase in Mississippi is $180,452, with average monthly rent payments totaling $1,475.
3. Alabama
Over five million people live in the Heart of Dixie, Alabama. Locals see a median income of $36,953 yearly, with a median rent payment of $1400 per month, $750 below the national median of $2150. Median house purchases are about $230,383. Alabama provides both short-term and long-term residents with high fiscal stability, meaning the money they earn is enough to cover bills and necessities and allocate toward savings and fun. Healthcare workers, truck drivers, manufacturers, and agricultural workers find fair wages and promising careers in Alabama.
4. South Dakota
Here we have South Dakota, home to Mount Rushmore and a budget-friendly state appealing to individuals looking for an affordable lifestyle. The midwestern state reports an annual median income of $40,978 and a monthly rent payment of $1,213. The average cost for a house in South Dakota is on the higher side at $306,829.
South Dakota has a low unemployment rate of 2%. The state also praises its economic stability and growth opportunities, which permit its inhabitants to acquire and maintain jobs. Tourism and agricultural careers fuel the economy.
5. Iowa
About five million people live in the midwestern state of Iowa. The average income is $41,625 with a $1,100 monthly rent payment. Iowa’s housing market averages about $220,855 per house. Since Iowa is a heavy farming state, most of the economy relies on that field. Farmers work with livestock, gathering eggs, milk, or meat, while other jobs include producing cereal in cereal factories. Another popular career for Iowans includes creating machines such as forklifts and excavators to aid construction.
6. North Dakota
Fewer than one million people call North Dakota home, part of why the cost of living favors the bank instead of breaking it. The average cost of a house in North Dakota equals $259,916. The median income rounds out to $42,807, with an average monthly rent payment of just under $1000 ($985). The fields that fuel North Dakota’s economy are gas and oil, tourism–thanks to huge hunting and fishing opportunities– and farming and agriculture.
7. Oklahoma
The Sooner state welcomes an average income of $36,988 annually, with $205,889 as the median housing market cost. The average cost of rent for a monthly payment in a house or apartment is $1,400 per unit. Four million people populate Oklahoma, where the majority of the economy stems from the oil and gas industry. Businesses, truck drivers, and healthcare workers also find steady work in this state.
8. West Virginia
Close to two million people refer to the Mountain State as home. The median income for annual salary sits at $37,256, and the median housing market price equalizes $167,862 per housing unit. The average rent is $1000 and $995 per arrangement. Despite West Virginia’s low cost of living, the economy suffers due to minimized coal production. However, some careers keeping the state afloat include tourism, what with gorgeous natural landscapes, hospitality, and healthcare.
9. Kentucky
Four-and-a-half-million people reside in the birthplace of the Kentucky Derby. Those 4.5 million people witness $37,851 annually as the average annual income. The housing market prices an average of $207,528 per living arrangement, and the average rent adds up to $1,365 per unit. Kentucky’s economy pays thanks to the annual Kentucky Derby and bourbon, corn, wheat, and soy output.
10. Nebraska
An individual in Nebraska takes home $41,403 a year. If they were to buy a house, they’d have a median purchase price of $264,763 and an average monthly rental payment of $1,308. They may carry a job in agriculture, a cattle rancher, or have a career in the fuel industry.
11. Kansas
We are actually in Kansas, Toto. The median income for the setting of the 1940s movie The Wizard of Oz is $40,394. For an average house in the state, one can expect to pay $229,970. The average rent for a place in Kansas is around $1,300 a month. People living in Kansas maintain jobs in agriculture and farms with heavy wheat and grain production.
12. Louisiana
Almost five million people refer to Louisiana as their home ground. Residents see around $37,573 as a median income, with an average monthly payment of $1,500. The median marketplace for purchasing a southern home in this state is $202,170. New Orleans hosts the famous Mardi Gras parade each year and several festivals and parties dedicated to the birthplace of Jazz. Due to this influx of sales and tourists, Louisiana employs many retail and customer service workers. Construction, healthcare, and education are other in-demand professions.
13. New Mexico
Home to the Four Corners monument, New Mexico also houses around two million people in the southwestern paradise. On average, citizens take in an annual income of $36,381 and pay $1,698 for average rent. Though the rent is a bit higher than other selections on this list, the rent remains cheaper than in many other U.S. states. The median home price comes to around $303,286, again, higher than others on this list, but New Mexico’s market is growing with demand. Tourism, fuel, and preservation efforts run the economy.
14. Missouri
The most populated state on this list, Missouri, provides homes to over six million people who receive an average annual income of $40,267. A single person living in Missouri might pay $1,300 per month for a suitable apartment, with the median home price totaling $248,331. Well-paying, in-demand jobs in Missouri range from agricultural workers to fuel industry employees to people versed in electronics.
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