What Are The Cheapest States To Live In?

You don’t have to look any further if you’re searching for the cheapest states to live in. This quick guide from Title and Payday Loans has everything you need to know.

First, you’ll discover the unique traits that make a state cheap or expensive in the first place. Then, you’ll find out which five states remain the cheapest ones to live in. Last, you’ll learn how to cover unexpected living costs that can happen to anyone, even those living in the cheapest states.

Let’s get started!

What Makes A State Affordable To Live In?

When looking for the cheapest state to live in, you must know what you’re looking for. Here are the different qualities that affect a state’s affordability:

• Housing: The first thing you must consider is housing. Whether you’re looking to buy or rent, this will likely be your most important and expensive expense.
• Utilities: You’ll need to pay for utilities to live comfortably in your home. Essentials like gas, water, and electricity can differ in price significantly between states.
• Healthcare: One cost many people overlook is healthcare. While that might not concern you today, it could down the line. So, it’s best to consider healthcare costs before you choose a state to move to.
• Groceries: Of course, the cost of groceries will affect your budget significantly. Some places are just cheaper than others when it comes to food.
• Taxes: Lastly, taxes. Simply put, the higher the tax rate, the harder it’ll be to afford to live in a particular state.

Now that you know what to consider, it’s time to learn which states are the cheapest based on the factors described above.

What Are The Cheapest States To Live In?

Here is our pick for the five cheapest states to live in:

1. Mississippi

First on our list is Mississippi. This state remains one of the most affordable to live in thanks to its low housing costs, which make it attractive for both renters and buyers.

Related to that is the low taxes on property, which makes costs even lower.

Mississippi is also an agricultural state that makes food and other essentials more affordable.

2. Arkansas

Next on our list is Arkansas. Similar to Mississippi, housing is also much cheaper than elsewhere here.

However, this state is also affordable, thanks to its below-average costs for utilities and transportation.

For example, auto insurance is a lot cheaper here, reducing the cost of vehicle ownership.

3. Tennessee

Did you know that Tennessee has no state income tax? Well, it doesn’t. That means you’ll save more to help cover other costs.

Don’t worry, though. 

Many other things are much more affordable here, like healthcare and housing. The costs in these categories remain below the national average.

4. Missouri

Another state that has earned its place among the cheapest states to live in is Missouri. Locals here enjoy low prices, especially when it comes to healthcare, which ranks among the lowest in the country.

Meanwhile, other regular costs like power, gas, and other utilities are also low. People moving here shouldn’t have any problems finding affordable places to live.

5. Oklahoma

Last but certainly not least is Oklahoma. This state does have taxes, though property and sales taxes are quite moderate.

Oklahoma is also well known for having below-average healthcare and housing costs, making it an attractive destination for people wanting to enjoy an affordable quality of life.

How Do You Cover Unexpected Living Costs?

Living in some of the cheapest states doesn’t mean you don’t have to worry about unexpected costs. Financial hurdles like those can still occur to anyone, and that’s why you need to be prepared.

The best way to do that is to build an emergency fund large enough to cover up to 6 months of your living costs.

If that’s not enough, or if you haven’t had time to build that savings, consider borrowing money through quick and easy options like a title loan or payday loan with the help of titleandpaydayloans.com.

A title loan lets you borrow money using your lien-free car title as collateral. You could qualify for up to $15,000, depending on how much your car is worth.

To qualify, you’ll only need your driver’s license (or a state-issued ID), a lien-free car title, the vehicle for inspection, and proof of income.

Meanwhile, a payday loan could be helpful if you don’t own a car. You could use one to qualify for up to $1,200 with your state identification, latest pay stub, and a blank check from your checking account.

Get Started Now!

Knowing the cheapest states to live in can be life-changing if you’re looking for somewhere to move. Just be sure to do your research before committing to any major decisions.

In the meantime, remember that you can get a title loan or payday loan with the lenders in the Title and Payday Loans network to cover unexpected living costs if necessary. Just submit the online form and one of our friendly vendors will call you soon after!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.