When choosing a place to call home, the cost of living plays a crucial role. It’s not only about the beauty of the surroundings or the climate; it’s also about the purchasing power of your money. As the prices of necessities such as housing, food, and healthcare continue to rise, it becomes increasingly essential to find a state that provides a comfortable lifestyle without straining your finances.
A recent study conducted by Stacker reveals that the most affordable states in the United States in 2022 are primarily found in the South and Midwest regions. This study utilized data from the Council for Community and Economic Research and analyzed each state’s Cost of Living Index. Taking into account over 60 goods and services, the index determines the affordability of each state. States with an index below 100 are considered less expensive than the national average.
1. Mississippi: The Most Affordable State
Mississippi is the most affordable state in America, with an Average Cost of Living Index of 85.0. The housing costs are 32% lower than the national average, providing significant savings for residents. However, it is crucial to acknowledge that Mississippi also faces challenges, including a high poverty rate and issues with public education and healthcare coverage.
2. Oklahoma: A Close Second
Oklahoma closely follows with an Average Cost of Living Index of 85.8. One of the reasons for its affordability is the lower utility costs, which are 9% below the national average. The state’s position as a top producer of natural gas and crude oil helps in keeping these costs down. Moreover, housing prices in Oklahoma are nearly 30% lower than the national average, making it an appealing choice for individuals who want to own a home without breaking the bank.
3. Kansas: Affordable Living with Low Housing Costs
Kansas is ranked third in terms of its Average Cost of Living Index, with a score of 87.5. The state offers substantial savings for both renters and homeowners, as its housing costs are nearly 30% lower than the national average. On average, rent in Kansas is $912, and the average home value is $164,800, making it a reasonably priced option compared to other states. Additionally, Kansas is known for its low food costs, further contributing to its overall affordability.
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