Which states have the lowest cost of living? It’s an important question, especially with America’s population getting older and many people looking for possible new states to call home.
Now, for the record, none of the states on this list is a coastal state and nearly all of them are in the northern part of the US where winters can be much colder and harsher. Also, the information that was used to determine which states are the least expensive also included the price of rent which, in many cases, heavily weighs on the outcome.
Still, these next 8 states are, by most criteria, the cheapest all around in terms of living expenses in the country. Enjoy.
Number 8 is Nebraska in the Midwest where, surprisingly, they have the second lowest unemployment in the country. They also have an 8.2% lower cost of goods and services than the national average and 5.5% sales tax. Property taxes aren’t the best in Nebraska however and residents pay approximately 1.76% of their home’s value in the taxes every year.
Number 7 is the Bluegrass State, Kentucky. With extremely low property taxes and goods and services at 10.4% less than the national average, Kentucky is the state with the 2nd warmest climate on the list. Sales tax is at 6% however, one of the drawbacks to living there.
Up next at number 6 is Iowa, where the unemployment rate is quite low at 4.6% and the cost of living at 10.6% below the national average. Like Kentucky however they have a sales tax of 6%, but Iowa also benefits from a relatively low sales tax burden with a paid home value rate of 1.29%.
In the deep south there’s Arkansas at number 5 with extremely cheap property taxes at only .52% and goods and services nearly 11% below the national average. Like a Kentucky and Iowa however they have a 6% sales tax. Weather-wise you’re definitely going to be enjoying the extremely short winters and probably will never have to pick up a snow shovel.
At 11% below the national average our 4th state, Missouri, gives its residents a nice cost-of-living discount. They also have a 4.2% sales tax which is one of the best on the list, although there property sales taxes are a bit higher and .91%.
Coming in at number 3 is Mississippi with a highly desirable property tax of .52%. At 11.3% below the national average, people in Mississippi are very happy with the price they’re paying for goods and services as well. Unemployment is quite high in Mississippi however and property taxes are and 7%, two factors that should definitely be weighed before making a move to the southern state.
North Dakota is number 2 with property taxes at 1.45%, the lowest unemployment in the United States and sales taxes sitting at a reasonable 5%. If you are looking for excellent home value North Dakota is the place to look.
Sitting atop the list at #1 is South Dakota where the cost of goods and services is 13% below the national average, the unemployment is extremely low and property taxes, at 1.28%, are better than average. Sales taxes are also quite the bargain at 4%, making South Dakota cheapest nation in the United States to live. Congratulations!