Shocking Ranking: 10 States With The Lowest Cost Of Living In 2024
The cost of housing continues to rise. The cost of living and inflation are not going down. Here is a look at ten states with the lowest cost of living in 2024!
The cost of living crisis is not going away between inflation and the cost of housing. These are the top 10 states with the lowest cost of living in 2024!
North Dakota
North Dakota is a state in the upper midwest that is known as an agricultural state. It has two nicknames: Peace Garden State and Roughrider State. The median cost of a home in 2024 is roughly $262,000, with a 1.42% property tax rate.
Median home cost - $262,0481
Median rent - $8312
Property tax - 1.42%3
Sales tax - 5%4
Income tax - 1.1% to 2.64%5
Average monthly health insurance premium - $5486
Average cost of one week of groceries - $265.117
Average monthly utility cost - $396.938
West Virginia
West Virginia is nicknamed the Mountain State. The state is known for its scenic mountain beauty and the wide range of outdoor activities available to the people living in West Virginia. The estimated median cost of a house in West Virginia is $160,000. The state has a low property tax rate of 0.49%.
Median house cost - $158,495
Median rent - $899
Property tax - 0.49%
Sales tax - 6%
Income tax - 3% to 6.5%
Average monthly health insurance premium- $877
Average cost of one week of groceries - $239.24
Average utility cost - $486.11
Michigan
Michigan is a state in the Midwest known for the Great Lakes, Motown, and the state with the most lighthouses. The median home cost in the state is roughly $225,000. The state has a property tax rate of 1.62%.
Median home cost -$225,827
Median rent rate - $1,335
Property tax - 1.62%
Sales tax - 6%
Income tax - 4.25%
Average monthly health insurance premium - $497
Average cost of one week of groceries - $236.38
Average monthly utility cost - $413.07
Louisiana
Louisiana is recognized for its jazz music, creole and cajun food, and Mardi Gras and Jazz Fest. The estimated median home cost in the state is $200,000. It is the state with the lowest property tax rate at 0.18%.
Median home cost - $201,120
Median rent rate - $1,395
Property tax - 0.18%
Sales tax - 4%
Income tax - 1.85% to 4.25%
Average monthly health insurance premium - $666
Average cost of one week of groceries - $282.95
Average monthly utility cost - $389.62
Louisiana is also known for making great hot sauces. I love hot sauces and buffalo wings. In college, I completed the Buffalo Wild Wings Blazin Challenge!
Ohio
Ohio is known for the Wright Brothers, Amish Country, and the Rock and Roll Hall of Fame. The median house cost is about $220,000. The state’s property tax is 1.36%.
Median cost of a house - $220,798
Median rent rate - $1,300
Property tax - 1.36%
Sales tax - 5.75%
Income tax - 2.77% to 3.99%
Average monthly health insurance premium - $535
Average cost of one week of groceries - $253.74
Average utility cost - $472.71
South Dakota
South Dakota is known for Mount Rushmore, Deadwood, and the Sturgis Motorcycle Rally. The median house price in the state is nearly $300,000. The state has a 1.28% property tax rate.
The median cost of a house - $297,880
Median rent rate - $1,025
Property tax -1.28%
Sales tax - 4%
Income tax - 0%
Average monthly health insurance premium - $715
Average cost of one week of groceries - $256.48
Average utility cost - $408.75
Missouri
Missouri is recognized as the home of Mark Twain, Kansas City Barbecue, and the Ozarks. The current estimated median cost of a house in Missouri is $240,000. The state has a lower property tax rate of 0.91%.
Median cost of a house - $240,768
Median rent rate - $1,300
Property tax - 0.91%
Sales tax - 4.23%
Income tax - 1.5% to 5.3%
Average monthly health insurance premium - $594
Average cost of one week of groceries - $244.43
Average utility cost - $447.05
Kentucky
Kentucky is known for bourbon, bluegrass music, and the Kentucky Derby. The approximate median house cost in Kentucky is nearly $200,000. The state features one of the lowest property tax rates at 0.72%.
Median cost of a house - $197,759
Median rent rate - $1,250
Property tax - 0.72%
Sales tax - 6%
Income tax - 5%
Average monthly health insurance premium - $497
Average cost of one week of groceries - $254.57
Average utility cost - $464.67
Oklahoma
Oklahoma is recognized as a top oil producer in the United States, with Route 66 and tornadoes. The median house cost in Oklahoma is nearly $200,000. The state has a lower property tax rate of 0.74%.
Median cost of a house - $199,764
Median rent rate - $1,400
Property tax - 0.74%
Sales tax - 4.5%
Income tax - 0.25% to 4.75%
Average monthly health insurance premium - $596
Average cost of one week of groceries - $279.16
Average utility cost - $407.49
Arkansas
Arkansas is known as the Natural State since it features 52 national parks, Little Rock, and Johnny Cash.
Median cost of a house - $198,501
Median monthly rent rate - $1,235
Property tax - 0.52$
Sales tax - 6.5%
Income tax - 2% to 5%
Average monthly health insurance premium - $461
Average cost of one week of groceries - $260.91
Average utility cost - $404.19
Secure Single’s Algorithm recommends:
Summary
These are the top ten states with the lowest cost of living in the United States. If you decide to move to another state, include the cost of moving to the state.
Become A Secure Single.
Would you move to any of these states to reduce your cost of living? Are there any states that need to be added to this list? Let us know in the comments below!
Smash that like button and share this post to help Secure Single to grow!
Views expressed in this article are the author's opinions and do not necessarily reflect the views of Secure Single. It is intended for informational and educational purposes only. It is not investment or financial advice. James Bollen authorizes Thriving Solo: How to Flourish and Live Your Perfect Life (Without A Soulmate). It is now available in paperback and for the Kindle on Amazon.
Arky, Jake. “Housing Market 2024: Here’s the Average Home Price in Every State.” GOBankingRates, www.gobankingrates.com/investing/real-estate/median-home-price-by-state/.
“Average Rent By State 2024.” World Population Review, worldpopulationreview.com/state-rankings/average-rent-by-state.
“The 2023-2024 Tax Resource.” Tax Rates, https://www.tax-rates.org/taxtables/property-tax-by-state.
“The 2023-2024 Tax Resource.” Tax Rates, https://www.tax-rates.org/taxtables/sales-tax-by-state.
“The 2023-2024 Tax Resource.” Tax Rates, https://www.tax-rates.org/taxtables/income-tax-by-state.
“Average Cost of Health Insurance (2024) - Valuepenguin.” Value Penguin, https://www.valuepenguin.com/average-cost-of-health-insurance.
“Most Expensive States and Cities for Groceries: 2024 Food Cost Study.” Help Advisor, https://www.helpadvisor.com/community-health/cost-of-groceries-report.
Durrani, Ana. “Monthly Utility Costs in the U.S. by State.” Forbes, Forbes Magazine, 24 May 2023, https://www.forbes.com/home-improvement/living/monthly-utility-costs-by-state/.