Most Affordable States to Live in US: Cheapest State to Buy a House

The United States has several affordable, economically vibrant urban cities that offer tremendous career possibilities, low living costs, and a wealth of leisure options for people from all walks of life.

These urban regions all stretch your dollar further than you’d anticipate – without forcing you to make significant job compromises or compromise your family’s quality of life. Reasonable housing, energy, and transportation costs may also free up extra space in your family’s household budget and help you plan for whatever problems and possibilities lie ahead.

Alabama

Most Affordable States to Live in US

Population 4,903,185
Home Price $128,500 median purchase price; $728 median monthly rent
Median Household Income $50,536
Unemployment Rate 3.1%
Cost of Living 11% lower than the U.S. average

 

Check out Alabama if you wish to reside in an economical Southern state! The residents of northern Alabama will enjoy stunning vistas of the Talladega National Forest and the Red Mountains, while those of southern Alabama will have access to pristine beaches and the Gulf of Mexico.

In addition to low sales and income taxes, Alabama offers employment opportunities in architecture, engineering, healthcare, manufacturing, and other fields! Alabama's Heart of Dixie is historically significant, so be sure to visit historical landmarks in Montgomery and Birmingham, such as the Rosa Parks Museum and Birmingham Civil Rights National Monument.

Arkansas

Most Affordable States to Live in US

Population 3,017,804
Home Price $114,700 median purchase price, $689 median rent price
Median Household Income $47,597
Unemployment Rate 3.7%
Cost of Living

15% lower than the U.S. average

Why do so many individuals prefer to reside in Arkansas? This southern state boasts the lowest housing costs in the nation, 55% below the national average! In addition, under the LifeWorks Initiative, persons seeking inexpensive housing in 2022 might locate a house in a state of their choosing.

The initiative gives a $10,000 incentive to relocate to northwest Arkansas, a region that includes Fayetteville, one of the best places to live in the South! The state's top employers, including Tyson Foods, J.B. Hunt Transport Services, and Action Mechanical Contractor, offer employment opportunities to citizens.

Relax after work and see why Arkansas is referred to as regarded as “the Natural State.” In the Ozark Mountains, Petit Jean State Park, and Pinnacle Mountain State Park, you'll find some of the world's best outdoor leisure opportunities.

Georgia

Most Affordable States to Live in US

Population 10,617,423
Home Price $152,400 median purchase price, $897 median rent price
Median Household Income $58,700
Unemployment Rate 3.1%
Cost of Living 7% lower than the U.S. average

 

Despite being one of the most populous states, Georgia has a significantly lower cost of living than the national average, making it one of the best locations to live in! Georgia is a relatively affordable state to call home due to its affordable housing prices, which are 16 percent below the national average, and its low taxes.

The Coca-Cola Company, United Parcel Service, and Delta Airlines all have their headquarters in Atlanta, Georgia, therefore job seekers in the South's “Empire State” can find employment with these companies! Explore the magnificent outdoors of Georgia in Chehaw Park, ride roller coasters at Wild Adventures, and discover the history of one of the world's most popular soft beverages at the World of Coca-Cola.

History enthusiasts can spend the day at Martin Luther King, Jr. National Historical Park, touring historic sites such as the Martin Luther King, Jr.

Indiana

Most Affordable States to Live in US

Population 6,732,219
Home Price $126,500 median purchase price, $758 median monthly rent price
Median Household Income $56,303
Unemployment Rate 3.3%
Cost of Living 12% lower than the U.S. average

 

What makes Indiana an inexpensive area to live in? Indiana is one of the finest states to buy a home in the new year, as its housing expenses are approximately 28 percent lower than the national average, and its general cost of living is lower.

The majority of the state's largest corporations, including pharmaceutical producer Eli Lily Company, health insurance provider Anthem, and financial services provider Guidant, are headquartered in Indianapolis. Indiana's attractions, such as Marengo Cave, Hoosier National Forest, Indiana Dunes National Park, and the renowned Fort Wayne Museum of Art, offer enjoyable diversions.

Iowa

Most Affordable States to Live in US

Population 3,155,070
Home Price $132,800 median purchase price; $715 median monthly rent
Median Household Income $60,523
Unemployment Rate 3.9%
Cost of Living 10% lower than the U.S. average

 

Do not disregard Iowa as a flyover state! Iowa's housing expenses are among the lowest in the nation, and the state's job market continues to expand owing to major businesses such as Hy-Vee, Rockwell Collins, and Principal Financial Group. And because social security benefits are exempt and other retirement incomes are deductible, Iowa is an excellent destination to migrate for retirees.

In addition, Iowa offers an abundance of enjoyable activities, including the Iowa State Fair in the summer, Adventureland Resort, and The Covered Bridges of Madison County!

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