Living on a Budget: The Cheapest State to Call Domestic within the US

 Living on a Budget: The Cheapest State to Call Domestic within the US

If you're looking to save money, whether it be for paying off debts, building up your savings account, or just trying to live a more frugal lifestyle, then you may be wondering where in the US you can find the cheapest cost of living. While there are many factors to consider, such as job opportunities, climate, and cultural attractions, there are some states that are consistently ranked as having a lower cost of living than others. In this article, we'll explore the cheapest state to live in the US and what makes it such an affordable place to call home.

According to a recent report by the Missouri Economic Research and Information Center (MERIC), the cheapest state to live in the US is Mississippi. MERIC ranked all 50 states based on several factors that contribute to the cost of living, such as housing, utilities, groceries, transportation, healthcare, and taxes. Mississippi came out on top as the most affordable state overall, with an average cost of living index of 84.8 (compared to the national average of 100).

So, what makes Mississippi so affordable? For starters, the state has some of the lowest housing costs in the country. According to Zillow, the median home value in Mississippi is $144,123, which is well below the national average of $269,039. This means that if you're looking to buy a house, you'll likely be able to find something that fits your budget. Additionally, Mississippi has low property taxes, which can save homeowners even more money in the long run.

Another factor that contributes to Mississippi's low cost of living is its low taxes. The state has one of the lowest income tax rates in the country, with a top rate of just 5%. Additionally, the state does not tax Social Security benefits, which is a big plus for retirees.

In terms of healthcare, Mississippi has some of the lowest healthcare costs in the country. According to the Kaiser Family Foundation, the average monthly health insurance premium in Mississippi is just $394, which is significantly lower than the national average of $452. Additionally, Mississippi has some of the lowest healthcare costs for procedures and services, which can help residents save money on medical expenses.

Of course, there are some downsides to living in Mississippi as well. The state has a high poverty rate, which can make it difficult for some residents to make ends meet. Additionally, the state has some of the highest rates of obesity, diabetes, and other health problems, which can lead to higher healthcare costs down the road. Finally, while the cost of living in Mississippi is low overall, it's important to remember that this can vary depending on where in the state you live. Cities like Jackson and Gulfport tend to be more expensive than rural areas, so it's important to do your research before deciding where to settle down.

In conclusion, if you're looking for the cheapest state to live in the US, Mississippi is likely your best bet. With low housing costs, low taxes, and affordable healthcare, it's a great place to call home if you're looking to save money. However, it's important to keep in mind that there are trade-offs to living in any state, so it's important to consider all factors before making a decision.