The 20 Cheapest States to Live in the United States

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In this article, we’re going to take a look at 20 of the cheapest states to live in the United States. If you need to see other, cheaper states to live in the United States, skip directly to five cheaper states to live in the United States. .

The United States is a huge country with 50 other states. Given the geographic and economic diversity, the state is another.

It’s very expensive to live in some states, like Hawaii, where there’s not as much land and where real estate charges are high. Since real estate charges are high, the charges of many others are as well.

Meanwhile, other states are enough to live on, such as Texas, which has a large land mass and abundant energy resources. With less expensive energy, many customer products are also slightly less expensive.

In terms of the difference in the rate of living between states, there may be a pretty big hole between the most sensible states and the more affordable states. For Hawaii, for example, the state had a living rate more than twice as high as Texas. according to the composite life charge index for the current quarter of 2022. A great explanation for why for the height living charge that housing is more than 3 times higher than the national average in terms of index.

Inflation

Source: Federal Reserve.

Inflation has been a challenge recently. In September, the fundamental customer value index rose 6. 6%, marking a 40-year high. Although the Federal Reserve has raised interest rates, the accumulation of rates will take time to take effect. According to a Bloomberg survey of economists from October 7 to 12, core inflation is still expected to be 4. 1% for the first quarter of 2023 and 3. 3% for the third quarter of 2023 before falling to 2. 6% forecast for the first quarter of 2024.

Although income can increase with inflation, not everyone earns as much as inflation. As a result, inflation can increase the burden of living.

Companies

Some corporations make products that make life more affordable.

Retailers like Walmart Inc. (NYSE:WMT) have helped reduce the value of products because of their effective distribution and scale. NYSE:DG) have also helped make some parts very affordable.

In terms of generation companies, Amazon. com, Inc. (NASDAQ:AMZN) is making life more affordable by competing in logistics, which could help reduce distribution prices in the future. The company is also investing heavily in artificial intelligence, learning devices, robotics, drones, etc. , to its logistics efficiency.

Finally, tech giant Alphabet Inc. (NASDAQ: GOOG) is also helping to make life more affordable by keeping costs on its most popular products, such as search and loose online video. Alphabet Inc. (NASDAQ: GOOG) is also investing in AI, which could one day help spawn a generation that will cut costs in many other industries.

As for its shares, Walmart Inc. (NYSE: WMT) is down about 7% so far this year since falling about 22% in the S.

Out of the coverage budget of 895 in our database, 67 held Walmart Inc. stock. (NYSE: WMT) at the end of the current quarter of 2022.

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Costco Wholesale Corporation (NASDAQ:COST) is down approximately 17% year-to-date as the company’s overall valuation is reduced by multiple rates. If the overall market declines significantly, it is more complicated for individual corporations like Costco Wholesale Corporation Inc (NASDAQ:COST) to their original multiples unless the company outperforms by a fair margin. 64 hedge funds, we track stocks held through Costco Wholesale Corporation (NASDAQ:COST) at the end of the current quarter. Among them, Fisher Asset Management owned more than 4. 3 million shares of Costco Wholesale Corporation (NASDAQ: COST).

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Shares of Dollar General Corporation (NYSE:DG) are up 0. 75% year-to-date on 10/18 as demand for low-priced products may rise in times of inflation. While Dollar General Corporation (NYSE:DG) is reaping benefits from superior demand, the company’s valuation is also impacted by weakness in the broader stock market. 51 The hedging budget in our database contained Dollar General Corporation (NYSE:DG) inventories at the end of the current quarter. Investment Management owned nearly 1. 6 million shares of Dollar General Corporation (NYSE: DG).

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Shares of Amazon. com, Inc. (NASDAQ: AMZN) are down 30% year-to-date due to general market weakness. Although their inventory is smaller, there are things they love about Amazon. com, Inc. (NASDAQ: AMZN). Polen Global Growth Fund commented on Amazon. com, Inc. (NASDAQ: AMZN) in its letter to investors for the previous first quarter of 2022 this year,

In our opinion, Amazon has done an excellent job of handling the pandemic. Many corporations struggled to change their business style during COVID-19, which posed an existential threat. Amazon faced the opposite challenge: a surge in demand. The company has built on this as it entered an incredibly heavy investment cycle, doubling its distribution network and workforce in the last two years. To put that in context, Amazon added 273,000 workers in the latter part of 2021 at the most sensible of last year’s more than 400,000 workers. The company also made significant capital expenditures, adding computing infrastructure for AWS and shipping capacity during this time. All of this happened in the face of inflation-like salary buildup and emerging costs for third-party carriers who help the company’s compliance network. These heavy investments paid off: AWS grew 40% year-over-year, achieving an annual run rate of $71 billion, and overall corporate profits grew at a 25% CAGR. This strong round of investment, like those from Amazon, will continue to aid continued expansion and further separate Amazon from its competition while offering the opportunity to increase margins through economies of scale. Looking at margins in particular, AWS and Advertising, two fast-growing businesses, continue to deliver stronger operating earnings for the business as a whole. We believe that control has done a good job of stewardship during this time and that the company is even more powerful today than it was when COVID-19 began to spread across the globe.

The 252 hedging budget in our database had Amazon. com, Inc. stock. (NASDAQ: AMZN) at the end of the current quarter of 2022.

Photo from Bryan Angelo on Unsplash

Alphabet Inc. (NASDAQ:GOOG) is down 30% year-to-date due to the broader market decline. It recovers and the company continues to innovate. Since Alphabet Inc. (NASDAQ:GOOG) has invested heavily in autonomous vehicles, the company has the potential to gain a significant percentage of market share in a generation that could help drive down transportation prices and rack up profits. The 153 hedge budget in our database contained percentages of Alphabet Inc. (NASDAQ: GOOG) at the end of the current quarter.

Photo by Firmbee. com from Unsplash

Methodology

We use the Missouri Center for Economic Research and Information Center’s Q2 2022 composite lifeload index. Of the 50, we take the 20 most sensitive states. In terms of composite index, the average is one hundred for the states of the United States. The decrease in the composite index, the decrease in the overall life burden.

Second quarter 2022 life index: 93. 8

South Dakota is ranked 20th on our list of the 20 cheapest states to live in the United States, based on its Q2 2022 Life Burden Index of 93. 8. Although grocery prices are more expensive in South Dakota than in the average state, housing and utilities are 9% and 10. 7% lower, respectively. Given South Dakota’s small population, genuine properties are more affordable.

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Second quarter 2022 life index: 93. 6

New Mexico has a life-burden ratio of 93. 6 in the current quarter, taking into account the state’s least expensive housing and utilities. New Mexico also has plenty of land for the state’s population, making real estate more affordable.

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Second quarter 2022 life index: 92. 8

Louisiana is ranked 18th on our list of the 20 cheapest states to live in the U. S. It is based on its composite life load index of 92. 8. One explanation for why affordability is the state index score of 86. 9 for housing and 87. 6 for utilities, meaning they’re more than the average U. S. state. U. S.

Second quarter 2022 life index: 92

Ohio is one of the cheapest states to live in looking at its life-burden ratio of 92 in the current quarter of 2022. Although food and transportation prices are close to the national average, housing is more than 21% less expensive. Health care prices are also less expensive than average in Ohio.

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Second quarter 2022 life index: 91. 8

Although groceries are more expensive than average in Wyoming, the state owns a lot of land and, as a result, housing is only 20% less expensive than average. With less expensive housing and less expensive utilities, Wyoming has a 2022 quarter life burden ratio of 91. 8.

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Second quarter 2022 life index: 91. 6

Michigan is one of the most affordable places to live in the U. S. UU. Su second quarter of 2022 life rate was 91. 6. Not only does the state have picturesque beaches, but state housing is also about 20 percent cheaper than average.

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Second quarter 2022 life index: 91. 5

Nebraska ranks 14th on our list based on its current quarter 2022 lifeload index of 91. 5. As a state with a population of less than 2 million but a domain of more than 77. 3 million square miles, there is a lot of land in the state and the homeowner is rated 83. 6 versus an average of 100.

Second quarter 2022 life index: 91. 4

Although Chicago is more expensive than average, Illinois is generally quite affordable. In the current quarter of 2022, the state had a life-burden ratio of 91. 4 given the least expensive homes. Illinois also has less expensive utilities than the national average.

Second quarter 2022 life index: 90. 9

Not only is Texas one of the largest states in the United States and one of the few states with no source of income taxes, but it’s also one of the most affordable states looking at its current quarter 2022 life burden ratio of 90. 9. Groceries, transportation, and housing are more affordable than the national average in Texas.

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Second quarter 2022 life index: 89. 9

Arkansas is one of the nation’s top states with a current quarter of 2022 life burden ratio of 89. 9. One of the reasons housing is more than 21% less expensive in Arkansas. Health care prices are also less expensive than average in Arkansas

Q2 2022 Cost of Living Index: 89. 5

Tennessee ranks tenth on our list of the 20 cheapest states to live in the U. S. The U. S. is based on its second quarter 2022 living rate index of 89. 5. .

Photo via Heidi Kaden on Unsplash

Second quarter 2022 life index: 89. 0

Iowa is not only known for corn production, the state is also one of the cheapest states to live in the United States with a living burden ratio of 89 in the current quarter. In addition to its beautiful scenery, Iowa offers affordable housing with a score of 72 versus an average of 100.

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Second quarter 2022 life index: 88. 9

Indiana is another Midwestern state where it’s fair to live with a living rate of 88. 9 in the current quarter. Although utilities are more expensive than average, Indiana has a housing score of 77. 3 compared to an average of 100.

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Second quarter 2022 life index: 88. 6

With a living rate of 88. 6 in the current quarter, Missouri is the seventh largest state in the United States. Housing is about 20% less expensive in Missouri, while transportation prices are also lower than the national average.

Second quarter 2022 life index: 88. 5

West Virginia ranks sixth on our list of the 20 cheapest states to live in the U. S. The U. S. has a second quarter 2022 living rate index of 88. 5. Although sweat prices are above average, the state has a housing ratio of 67. 8 to an average of 100.

Click to continue reading and see the five cheapest states to live in the U. S. U. S.

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