Business Cheapest states to live in for 2023

Cheapest states to live in for 2023

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Are you looking for a great place to live on a budget? The good news is that you have quite a few options, even in an economy like this.


Sean Pavone | Shutterstock

Few states are like New York or California where housing costs can sometimes be as high as the total cost of living in the cheapest places. There are plenty of inviting metropolitan areas in lower-cost-of-living states.

All of the states on the list below offer plenty of options and a low cost of living, making them perfect for anyone looking to save money without compromising on quality of life.

Maybe you’re looking for a new home, preparing to start a business, or want to know where you can afford to retire. Be that as it may, this list of the cheapest states to live in will get you off to a good start.

What factors determine the affordability of a state?

Several factors play a role in determining the affordability of a state. The cost of living is one of the most important, as it includes the prices of necessities such as food, shelter, and transportation.

Median income is also a key factor, as it determines how much residents can afford to spend on these necessities of life. You need to remember how crucial a state’s unemployment rate is; it largely determines how easy it is to find a job and earn a living wage.

The 10 cheapest states to live in

So, what are the least expensive states to live in? Here are the cheapest states and what they offer residents:

1.Mississippi

Mississippi is the cheapest state to live in, with numerous benefits for residents. The cost of living is relatively low and the median income is high enough to live comfortably. The unemployment rate is also low making it easy to find a job.

Related: 8 US cities and towns that will pay you to move there and work remotely in 2021

With its warm climate and affordable housing, Mississippi is an excellent place for retirees to live on a budget.

2. Arkansas

Arkansas has one of the lowest costs of living in America. Home prices are much more affordable than other states, and median rents are generally lower. Arkansas is a great place for those on a budget, and it may surprise you how many entrepreneurs live here.

Another perk of living in Arkansas is its natural beauty. The state has rolling hills, forests, and rivers, making it a haven for outdoor enthusiasts. There are also plenty of cultural attractions and events in Arkansas, so there’s something for everyone.

3. West Virginia

West Virginia is affordable, with a low cost of living and reasonably priced housing. The state also has one high middle income of $48,037so residents can live comfortably. In addition, West Virginia offers plenty of opportunities for outdoor activities such as hiking and skiing. It also has the history, culture and scenery to rival any state.

4.Ohio

Ohio’s cost of living is much lower than other states and the job market is healthy. Most residents can easily find a good paying job and afford a comfortable lifestyle. And if you’re an ukbusinessupdates.com, there are few states better suited for growing a business.

Related: 3 reasons why you should move your startup to Ohio

Ohio’s location is another great advantage. The state is centrally located in the US, so it’s easy to go anywhere. It is also home to several major cities, including Cleveland, Columbus, and Cincinnati. In other words, there is no lack of opportunities for entertainment and recreation.

If you’re looking for a state that offers a high quality of life at an affordable price, Ohio is the perfect place. From its low cost of living to its central location, Ohio has a lot to offer residents. Your chances of finding a great job and enjoying a fulfilled life are high in the Buckeye State.

5. Indiana

One of Indiana’s most attractive features is its cost of living, which is significantly lower than many other states. It also has mild and temperate weather, so it is comfortable to live there all year round.

Indiana is underrated for what it has to offer nature lovers. The state of Hoosier has a diverse landscape with a wealth of opportunities for outdoor recreation. If you’re looking for a strong economy and a low unemployment rate, Indiana has you covered. In general, it is a desirable place to live and work.

6.Kansas

Kansas is one of the most affordable states in the US. The cost of living is well below the national average and the unemployment rate is consistently below the national average. This makes Kansas one top place to live if you are looking for a good price.

In addition to being affordable, Kansas has a wide variety of recreational and cultural opportunities. There are plenty of museums, theaters, and other Midwest attractions, and the state offers plenty of outdoor activities. Kansas has something to offer everyone, whether you’re looking for a city or a small town.

Related: This is the living wage you need in all 50 states

7.Kentucky

Kentucky is a viable place to live and work because it’s affordable (and the people are friendly). Kentucky’s cost of living is among the lowest in the country, and the state has no income tax. This makes it an excellent place for people looking to save money.

The Bluegrass State also has a low unemployment rate, making it ideal for job seekers. And if you like museums and historical sites, you’ll love it exploring the state’s rich history and culture.

Furthermore, Kentucky also has great outdoor life, with numerous waterfalls, lakes, and hiking and camping trails.

Don’t forget that the state is home to some of the highest quality distilled spirits available, including world-famous bourbon. Kentucky is worth considering if you’re looking for a great place to live and work.

8.Michigan

Michigan is one of the most affordable states in the country. The cost of living is significantly lower than other states, and the median household income is also quite attractive at $59,234. If you’re living on a budget and want to make the most of your work and personal life, this may be the state for you.

The state of Great Lakes is not only affordable, but also offers many benefits to its residents. It has a thriving economy, many jobs and unique business opportunities.

It also has a beautiful natural landscape with many parks and recreational areas. Plus, it’s a comfortable place to live year-round (as long as you prepare for winter weather).

9.Oklahoma

Oklahoma is a prime place to live for several reasons, but one of the most important is affordability. The cost of living in Oklahoma is lower than the national average and home prices are significantly below the national average. In addition, Oklahoma has no income tax, providing significant savings to residents.

Related: 4 reasons why small towns are better for business

The Sooner State offers a variety of affordable entertainment options, from museums and art galleries to hiking trails and lakes.

For those who enjoy the outdoors, there are plenty of parks and campgrounds to explore. All in all, Oklahoma is a great place to call home, thanks to its affordability and many attractions.

10.Alabama

The cost of living in Alabama is relatively affordable. Compared to other states in the US, the costs of housing, food and health care are all very reasonable. This makes the state ideal for anyone looking to thrive on a budget.

Alabama is also home to a slew of attractions. It is filled with beautiful parks, nature trails, and many excellent museums and historic sites.

And of course, let’s not forget about Alabama’s incredible food scene. From traditional Southern fare to more modern fare, there’s something for everyone, especially if you’re visiting Birmingham and other larger cities.

Alabama is worth considering if you’re looking for a place to live that won’t break the bank. Just be prepared for a bit of heat and humidity in the summer.

Honorable Mentions

The 10 states above may be our favorites for balancing cost of living with quality of life, but there are many more US states to consider in your search. Here are some states that offer reasonable costs for groceries, home value, property taxes, health care costs, and transportation costs:

  • Texas
  • Missouri
  • Iowa
  • Georgia
  • Tennessee
  • Alaska
  • New Mexico

Choosing a state to live in

You need to consider several factors when choosing a state or territory to live in. One of the most important is what kind of lifestyle you want to lead. Do you want to be in a big city or a smaller city? Do you want to be close to family and friends, or do you want to be alone?

Another critical factor is where your desired state falls in the cost of living index. How much can you spend on monthly rent, groceries, and other expenses that factor into the average cost of living? Will you get good job opportunities or can you grow your business in the area?

Also, consider the climate. If you don’t like snow, you may not want to live in a place with a lot of snow. If you are used to warm weather, you may not want to live in a cold climate.

The US is one of the most geographically diverse countries in the world. With so many states and territories, it’s essential to take your time and consider all your options. Once you’ve found the right place, you’ll be glad you took the time to find it.

Looking for more business content? View ukbusinessupdates.com’s catalog of articles, webinars, podcasts and books containing everything you need to know.

Shreya Christinahttps://ukbusinessupdates.com
Shreya has been with ukbusinessupdates.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider ukbusinessupdates.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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