Indiana Ranks Among the Cheapest States to Live in the Nation
Recently, Forbes took a deep dive into the cost of living in each state to determine which ones in the nation are the cheapest to live in.
Just How Much Does the Average American Spend a Month to Live?
In the study, Forbes reveals data from the U.S. Bureau of Labor Statistics which details how much the average American household spends every month on living expenses - $5,111 per month or just over $61,000 per year.
Other Things to Consider
Other statistics that should be considered before moving to one cheapest states to live include average salaries, poverty and unemployment rates, and housing availability.
You’ll find that many of these less expensive states fall in similar regions like the Southeast and Midwest, but that doesn’t mean there aren’t still hotspots in those areas. The cost of living index for each state is based on the average cost of each expense factor across the state, including their urban centers, which are likely to have higher housing costs in particular and less availability.
The Cheapest of Cheap States - Mississippi
Mississippi takes the number one spot for the cheapest state to live in the entire United States. With the lowest average cost for housing and lowest transportation costs too, Mississippi tops the list. However, it isn't without its trade-offs. The state also has the highest poverty rate in the nation, and the quality of education and healthcare are considered poor quality as well.
Indiana Takes the Number 10 Position
Indiana takes the number 10 position to round out the list of cheapest states to live. The cost of living in the Hoosier State is well below the national average in many categories, including the average cost of a single-family home - $185,805 compared to the national average of $412,000. The low unemployment rate also contributes to Indiana making the list of cheapest states to live. However, not all of the statistics for Indiana are glowing. As Forbes points out, Indiana has a high rate of both drug addiction and overdoses.
To see the entire list of Top 10 Cheapest States to live in the nation, visit Forbes.com. It is worth noting that the article mentions the date from 2022, but was most recently updated in 2024.
[Source: Forbes]
More From WGBF-FM
