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We’re in one of the cheapest states in the union! As the cost of living continues to rise, many people are facing new challenges when it comes to managing their finances. Naturally, individuals are reevaluating their financial situations, and for some, this might include contemplating a potential move.
According to the latest list of the cheapest states to live in America, as identified by MIT’s Living Wage data for 2023, you shouldn’t leave Indiana.
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The team at MIT compiles the best set of geographical data on what a family of various sizes can realistically expect to spend to live a decent life each year. Not super comfy, but not in poverty.
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In particular they look at the cost of the following items:
- Food
- Childcare
- Medical
- Housing
- Transportation
- Other Personal Necessities
- Taxes
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Top 9 Cheapest states to live in 2023:
- Tennessee:
- Indiana: With its low cost of living, Indiana comes in second place. Here in Indiana, the average wage is about $52,000 a year. That means that if you make this amount of money each year, you can live comfortably enough. Sure, you’ll have to work until you’re 70 and you probably won’t have a big ole boat.
- Mississippi:
- South Dakota:
- Alabama:
- Arkansas:
- Wyoming:
- Kentucky:
- Oklahoma:
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Here’s a quick look at the most expensive states in America:
- Massachusetts
- California
- New Jersey
