If you were hoping to move to California, perhaps searching for San Francisco homes for sale, you probably got quite a bit of sticker shock as it’s one of the most expensive states to live in the country. It might leave you wondering which states are the cheapest so that you can save more for retirement or simply spend more of your hard-earned money on some of the better things in life.
Research has been conducted by multiple organizations, coming up with slightly different results. For example, CNBCfound that housing costs are cheapest in Iowa, but the overall cheapest state to live in was Mississippi, where the average home is just over $214,000 and a two-bedroom apartment in the city of Gulfport can be had for only $778 a month. In the Golden Gate City, a comparable unit would be over $4,000 a month. Ouch.
These five states are all much better bets to consider for getting the most out of your money.
Michigan
Many people connect Michigan to the auto industry, but it offers so much more. Not only is it one of the most affordable states to live in with the average home price at just over $295,000 with a median household income of about $55,000, but it’s filled with striking natural beauty. There’s no other state that has as much freshwater shoreline – 3,000 miles, in fact, including some gorgeous beaches, ideal for those who enjoy outdoor adventures and a more active lifestyle.
Oklahoma
Oklahoma’s cost of living is one of the lowest in the country and its average home price is just over $270,000 with a median household income of a little over $50,000. If you’re looking for the cheapest city in the state to call home, the small town of Alva sits along the Salt Fork Arkansas River, and its median home value is under $90,000.
Indiana
Indiana’s average home price is less than $280,000 with the median household income at just over $54,000. If you’re a sports fan, you can look forward to cheering on the NFL’s Indianapolis Colts and the Indianapolis 500, among a long list of other options, and you might even find it easy to land a good job thanks to companies like Angie’s List and Subaru setting up shop here.
Ohio
Ohio also ranks high among affordability with average home prices of only a little over $262,000. It also has low food and energy costs. Central Ohio is considered one of the best areas to live in the Buckeye State, with the Columbus suburb of Dublin often ranked among the top picks. It’s famous for its Irish Festival, and residents take home an average of over $114,000 per household.
Iowa
When it comes to housing affordability, Iowa is often ranked at No. 1 in the country. U.S. News and World Report recently ranked it as the best state to live in the United States based on the economy, education, health care, crime, quality of life, opportunity and other factors. The median home value in Cedar Rapids is just $130,000, and the city offers lots of parks, museums and libraries to take advantage of.
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