What Are The Cheapest States to Live In?
There is only one way to have a good and stable financial status which is to save more and spend less. In this regard, the place of residence plays a vital role. It is a clear fact that a state which has a low cost of living would give an individual an opportunity to create a better life for himself and his family.
It can be said that people living in a cost-friendly environment have an edge over people who live in an area that has a higher cost of maintenance. There are many states in the US that are cheap and do not put much burden on people that are already struggling with financial issues. This article will focus on such states that are considered to be the cheapest states to live in the United States.
Factors Involved in Deciding the Cheapest States to live in:
Deciding where to live according to the financial needs requires a few factors to be considered. These factors, though, should not be completely depended upon, but, form a major part of making a decisive move.
1. Standards of Income:
The first thing that a person should consider before moving to a new state is the standard of income of the people living in those areas. Having low-paying jobs means that people in that state barely make ends meet. So, before moving, the person should take into consideration the income which is being earned by the residents of that state on an average basis.
2. Opportunities for Work:
Another factor to look at is the job opportunities that may be available in that area. Technically, a state that has a lot of job opportunities would mean that the maximum number of people in that state would be employed and yet there is room for more. So, before moving, a person should look if the state that he is moving to has frequent opportunities for work or not.
3. Property Rates:
Every person has a dream of owning his own house. People usually spend their lives working and saving just so they can own property and call it theirs. States that have low property prices are ideal for an individual to stay and raise his family. In addition to this, people who prefer to live in rented spaces should also look for states that have low rent costs. A lower cost of rent would mean more savings and a better future for that individual.
4. Government Dues:
Government dues include taxes. There are many states in the US that are considered the cheapest states to live in only because they have low tax rates. Some areas are also given special rebates to increase economic activities in those places. So, moving to a state that has lower tax rates would be extremely beneficial for a person.
5. Education and Healthcare:
Education and healthcare are also two of the most important aspects of an individual’s life. People often spend so much on these two things alone that they get indebted. So, taking these factors into consideration, a person must choose his move by looking at the states that have a low cost of education and less expected expenses related to healthcare.
Cheapest States to Live In:
Following is a list of a few cheapest states to live in the United States.
Mississippi is considered to be the best and an ideal state to live in due to the fact that the cost of living here is extremely low. According to the index of average cost of living, Mississippi stands at 84.10. It is the cheapest state to live in in the United States.
In the list of the cheapest states to live in, Kansas comes in second place with the average cost of living index at 86.67. Kansas is also known as the sunflower state. The monthly energy bill in Kansas is only around $180.
With an average cost of living index at 88.09, Oklahoma takes third place in the list of the cheapest states to live in. The median household income in Oklahoma is around $54,000. Furthermore, the rent of 2 bedroom units in Ponca City is around $500 which is considered to be the lowest across the United States.
Alabama comes in at fourth place when we compare the cheapest states to live in in the US. It has around $51,700 as median household income. This means that people that live in Alabama make more than enough to support their living standards and still save quite a bit.
Arkansas is the fifth state among the states that offer a low cost of living. With an average price of a house to around $314,486, Arkansas might be the perfect place for a person to live in and raise his family.
Georgia is another state that has a very low cost of living. It is a southern state with a lot of US history. Sitting at 89.30 on the average cost of living index, Georgia is an ideal place for a history maniac with a heart for southern hospitality.
With an average cost of living index of 89.49, Tennessee sits at 7th place in the list of cheapest states to live in in the US. Beef here is only $4.24 on average and other daily food supplies like milk and eggs $1.95 and $1.20 respectively. This makes Tennessee one of the most desired locations for new homeowners or movers.
Reducing the cost of living is the ultimate approach to building a good financial status. It is known for a fact that if some one cuts his costs and saves up, he will be able to have enough resources to not only have a peaceful and enjoyable life but also a better future for his family members. Therefore, it is a good approach to move to the states and cities that offer low costs of living and encourage savings.