Are you tired of living paycheck to paycheck? Are you looking for a more affordable place to call home? Look no further! According to a recent report by CNBC, there are several states in the US that offer a low cost of living, making them ideal for individuals and families who want to stretch their dollars further. In this article, we will explore the top 10 cheapest states to live in America, as reported by CNBC.
Ranking the Cheapest States
CNBC's report ranked the states based on the cost of living index, which takes into account the prices of groceries, housing, utilities, transportation, and other necessities. The states that made it to the top 10 list offer a unique combination of low housing costs, affordable food prices, and reasonable utility bills. Here are the top 10 cheapest states to live in the US:
- Mississippi: With a cost of living index score of 84.6, Mississippi is the cheapest state to live in the US. The state offers affordable housing, with a median home price of around $120,000.
- Arkansas: Arkansas comes in second, with a cost of living index score of 86.3. The state has a low overall cost of living, with affordable groceries, housing, and utilities.
- Tennessee: Tennessee ranks third, with a cost of living index score of 87.3. The state is known for its low housing costs, with a median home price of around $170,000.
- Alabama: Alabama is the fourth cheapest state to live in, with a cost of living index score of 87.8. The state offers affordable housing, with a median home price of around $140,000.
- Kentucky: Kentucky rounds out the top 5, with a cost of living index score of 88.2. The state has a low overall cost of living, with affordable groceries, housing, and utilities.
- Oklahoma: Oklahoma is the sixth cheapest state to live in, with a cost of living index score of 88.3. The state offers affordable housing, with a median home price of around $120,000.
- Missouri: Missouri ranks seventh, with a cost of living index score of 88.9. The state has a low overall cost of living, with affordable groceries, housing, and utilities.
- South Carolina: South Carolina is the eighth cheapest state to live in, with a cost of living index score of 90.1. The state offers affordable housing, with a median home price of around $180,000.
- North Carolina: North Carolina rounds out the top 9, with a cost of living index score of 90.5. The state has a low overall cost of living, with affordable groceries, housing, and utilities.
- West Virginia: West Virginia is the tenth cheapest state to live in, with a cost of living index score of 90.6. The state offers affordable housing, with a median home price of around $110,000.
What Makes These States So Affordable?
So, what makes these states so affordable? According to CNBC, several factors contribute to the low cost of living in these states, including:
- Low housing costs: The median home prices in these states are significantly lower than the national average.
- Affordable groceries: The cost of groceries in these states is lower than in other parts of the country.
- Reasonable utility bills: The cost of utilities, such as electricity and water, is lower in these states.
- Low transportation costs: The cost of owning and maintaining a vehicle is lower in these states, thanks to lower gas prices and insurance costs.
If you're looking for a more affordable place to live, consider one of the top 10 cheapest states to live in the US. From Mississippi to West Virginia, these states offer a unique combination of low housing costs, affordable food prices, and reasonable utility bills. Whether you're a retiree, a family, or a young professional, these states are definitely worth considering. So, pack your bags and get ready to start living your best life in one of America's most affordable states!
