If you’ve been thinking about moving to a new state to save some money, you’re not alone.
The cost
of living is a major factor when deciding where to settle down, and with
inflation and housing prices on the rise, it’s important to know where you can
make your dollar stretch further.
Let’s chat
about some of the cheapest states to live in right now.
Mississippi
Mississippi
often tops the list when it comes to affordable places to live in the United
States.
The cost
of living here is 15% below the national average.
For
example, the average home price in Mississippi is about $150,000, which
is well below the national median of around $400,000.
If you’re
looking for affordable housing, this is definitely a state to consider.
Plus, the low transportation and utility costs make it even more appealing for budget-conscious individuals and families.
Arkansas
Next up is
Arkansas, another state with a very affordable cost of living.
Arkansas
is known for its picturesque landscapes and rural charm, and you’ll be happy to
know that housing here is affordable too.
The median
home price in Arkansas hovers around $180,000, and rent prices are lower
than in many other parts of the country.
The cost of healthcare is also significantly lower, which is a great benefit for those who are planning to settle in for the long haul.
West Virginia
West
Virginia may not be the first state that comes to mind when thinking about
affordable living, but it deserves to be on this list.
The
average home price in West Virginia is about $150,000, and rental rates
are among the lowest in the country.
West
Virginia is perfect for people looking for a slower pace of life, surrounded by
nature, but still with plenty of amenities.
Additionally, taxes in West Virginia are relatively low, which can help you save more money in the long run.
Alabama
Alabama
has become an increasingly popular destination for people looking to relocate
to a more affordable state.
With a
cost of living 10% below the national average, it’s hard to ignore the charm of
Alabama’s low-cost housing.
The median
home price in the state is about $190,000, and renters can often find
great deals.
Cities like Birmingham and Huntsville offer plenty of job opportunities and affordable housing, making it an ideal spot for anyone looking to start fresh without breaking the bank.
Tennessee
Tennessee
is another great state if you’re looking to save money.
The cost
of living here is about 10% lower than the national average, and the lack of
state income tax is a huge plus.
Housing
costs are also much lower compared to other parts of the country.
The
average home price in Tennessee is approximately $250,000, and rent
prices are also quite affordable.
Whether you’re drawn to the vibrant music scene in Nashville or the natural beauty of the Great Smoky Mountains, Tennessee offers both urban and rural options at a reasonable cost.
Michigan
Michigan
is often overlooked, but it should definitely be on your radar if you’re
looking for a cheap place to live.
The cost
of living in Michigan is about 8% below the national average.
In cities
like Detroit and Grand Rapids, housing prices are relatively affordable.
The median
home price in Michigan is approximately $220,000, and rental prices in
major cities are also lower compared to other states.
Michigan also boasts a variety of outdoor activities, so it’s a great option for those who enjoy nature while saving money.
Indiana
Indiana is
another affordable gem, especially for those looking to live in or near cities
without paying an arm and a leg for housing.
The
state’s cost of living is about 10% lower than the national average, and the
housing market is very affordable.
The
average home price in Indiana is around $200,000, making it a great
choice for those on a budget.
Plus, cities like Indianapolis have a lot of job opportunities, cultural attractions, and amenities, so it’s a great mix of affordability and urban living.
Ohio
Ohio is a
fantastic state for people looking to keep their living expenses low.
With a
cost of living about 8% below the national average, Ohio offers affordable
housing and lower-than-average utility costs.
The median
home price in Ohio is around $190,000, and rent prices are reasonable.
The state’s diverse range of cities, including Cleveland, Columbus, and Cincinnati, offers a variety of job opportunities, cultural activities, and entertainment, all without the hefty price tag you might find in other states.
Conclusion
There are
plenty of affordable states to live in right now, and while each one has its
unique charm, they all share one thing in common: they’re easy on the wallet.
And, if
you’re planning a move to New Jersey or any other state, make sure you check
out Best Moving Companies in New Jersey to ensure your relocation is
smooth and stress-free.
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