The 8 Least Expensive States to Live in the U.S.
After looking at the cheapest cities in the country to live, it only makes sense to determine which states have the lowest cost of living for Americans. With states such as California and Texas competing with each other for business and tourism, it’s time to have a competitive look at the states that make life less expensive.
The Bureau of Economic Analysis’s Regional Price Parity metric helps determine which states are more competitively priced than others in terms of cost of living. It’s important to note, though, that the RPP includes rent in its basket of priced goods, which can sometimes weigh heavily on the outcomes of expensive versus inexpensive. Now, here’s a look at the eight cheapest states in the union:
Coming in at number eight is Nebraska. The Midwestern state has the second-lowest unemployment in the nation at 3.8 percent. Moreover, the RPP shows that the cost of goods and services there is 10.2 percent lower than the national average. The Cornhuskers pay a 5.5 percent sales tax, placing it in the middle of the pack, at twenty-eighth, when compared to other states. It fares slightly worse in property taxes, with residents paying 1.76 percent of their home’s value in tax.