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Wednesday May 22, 2024

US homebuyers take notes! — Here's list of America's cheapest states for affordable living in 2023

These US states will provide you with the best savings on your homebuying budget

By Web Desk
September 30, 2023
An American home in the state of Ohio. — Unsplash
An American home in the state of Ohio. — Unsplash

Following are the cheapest states for affordable living in the US in 2023 based on calculated prices of goods, services, realtors' costs and inflation differences determined from a collection of economic papers.

Mississippi

In Mississippi, the cost of living is extraordinarily low in comparison to the rest of the nation. You'll pay roughly $77 for a doctor's appointment, which is about one-third less than in St. Cloud, Minnesota. In comparison to the rest of the country, housing is also rather affordable in the Magnolia State. However, it is not as affordable as it might seem when taking into account lower salaries.

2023 Cost of Living score: 41 out of 50 points (Top States grade: A-)

Consumer Price Index (June, South Region): Up 3.3%

Housing Affordability Score: 0.73 out of 2.00

Average Home Price (Tupelo): $300,097

Half Gallon of Milk: $2.14

Monthly Energy Bill: $142.63

Illinois

Chicago-area residents do have to deal with the high expense of living. However, the remainder of Illinois usually makes up for that. Additionally, Illinois as a whole has some fairly inexpensive housing in relation to income. In fact, according to data from the National Association of Realtors, housing in Illinois is, overall, the fourth most cheap in the country.

2023 Cost of Living score: 41 out of 50 points (Top States grade: A-)

Consumer Price Index (June, Midwest Region): Up 2.4%

Housing Affordability Score: 0.92 out of 2.00

Average Home Price (Decatur): $271,518

Half Gallon of Milk: $2.04

Monthly Energy Bill: $157.85

Missouri

The Show Me State, Missouri, is demonstrating to everyone how to live frugally. In Bethesda, Maryland, a four-bedroom home would cost around 25% more than in Joplin. And the cost of heating and cooling that house will be around 20% lower.

2023 Cost of Living score: 43 out of 50 points (Top States grade: A)

Consumer Price Index (June, Midwest Region): Up 2.4%

Housing Affordability Score: 0.85 out of 2.00

Average Home Price (Joplin): $272,606

Half Gallon of Milk: $2.29

Monthly Energy Bill: $169.33

Michigan

You can buy a home in Kalamazoo, Michigan, for approximately half the price of one in Chapel Hill, North Carolina. In fact, housing costs in the Wolverine State are among the lowest in the nation. Other living expenses are also affordable. In St. Cloud, Minnesota, a loaf of bread costs about one-third as much as it does in Kalamazoo.

2023 Cost of Living score: 43 out of 50 points (Top States grade: A)

Consumer Price Index (June, Midwest Region): Up 2.4%

Housing Affordability Score: 0.93 out of 2.00

Average Home Price (Kalamazoo): $259,015

Half Gallon of Milk: $2.02

Monthly Energy Bill: $172.32

West Virginia

West Virginia offers the best value in the nation for a home at $233,481 for a four-bedroom house, more than any other state in the union. Prices are among the lowest anywhere, even after taking into account the wages you might anticipate in the Mountain State. Here, fried chicken costs half as much as it would in Rapid City, South Dakota.

2023 Cost of Living score: 44 out of 50 points (Top States grade: A+)

Consumer Price Index (June, South Region): Up 3.3%

Housing Affordability Score: 0.9 out of 2.00

Average Home Price (Charleston): $233,481

Half Gallon of Milk: $2.01

Monthly Energy Bill: $178.74

Oklahoma

In Oklahoma, or the Sooner State, life is wonderful and reasonably priced. Ponca City offers two-bedroom apartments for rent for about $546 per month, which is less than one-fifth of what Portland, Oregon would charge. And a six-pack of beer costs 20% less to transport to your new residence than it would in Newark, New Jersey.

2023 Cost of Living score: 44 out of 50 points (Top States grade: A+)

Consumer Price Index (June, South Region): Up 3.3%

Housing Affordability Score: 0.81 out of 2.00

Average Home Price (Muskogee): $258,517

Half Gallon of Milk: $2.16

Monthly Energy Bill: $158.83

Ohio

According to data from the National Association of Realtors, homes in Ohio are the most affordable nationwide. The Buckeye State also has reasonable prices for other expenses. Outside of Cleveland, in Brooklyn, Ohio, you can see a movie for around 30% less money than you would in Brooklyn, New York. Additionally, your grocery bill will drop by 16%.

2023 Cost of Living score: 45 out of 50 points (Top States grade: A+)

Consumer Price Index (June, Midwest Region): Up 2.4%

Housing Affordability Score: 1.00 out of 2.00

Average Home Price (Lima): $285,688

Half Gallon of Milk: $2.20

Monthly Energy Bill: $160.09

Indiana

In Indiana, you may get discounts on almost anything. You can get your hair done for almost half as much money in Richmond, Indiana, as opposed to Baton Rouge, Louisiana. It costs less to take a yoga session in South Bend than it does in Des Moines, Iowa.

2023 Cost of Living score: 45 out of 50 points (Top States grade: A+)

Consumer Price Index (June, Midwest Region): Up 2.4%

Housing Affordability Score: 0.9 out of 2.00

Average Home Price (Fort Wayne): $296,241

Half Gallon of Milk: $2.46

Monthly Energy Bill: $170.38

Kansas

There are several benefits to residing in central Kansas, one of which is lower grocery costs. In Topeka, a dozen eggs cost less than half of what they do in San Diego. In the state where the wheat is grown, a loaf of bread costs approximately half as much as it does in Boston.

2023 Cost of Living score: 46 out of 50 points (Top States grade: A+)

Consumer Price Index (June, Midwest Region): Up 2.4%

Housing Affordability Score: 0.88 out of 2.00

Average Home Price (Wichita): $314,516

Half Gallon of Milk: $2.05

Monthly Energy Bill: $165.13

Iowa

The Hawkeye State, Iowa, is home to some of the country's most affordable housing. Rent is also reasonably priced. Less than one-fourth of the rent in Chicago is paid for a two-bedroom flat in Burlington, which costs $750 a month. In Ames, your electricity costs just over 50% less than they would in Austin, Texas. Of course, the price of corn is significantly lower in Iowa than it is in Tampa, Florida. America's cheapest state to live in has bargains everywhere you look.

2023 Cost of Living score: 47 out of 50 points (Top States grade: A+)

Consumer Price Index (June, Midwest Region): Up 2.4%

Housing Affordability Score: 0.93 out of 2.00

Average Home Price (Burlington): $270,071

Half Gallon of Milk: $2.32

Monthly Energy Bill: $214.78