Which US State Has the Lowest Cost of Living?

 


The States With the Cheapest Real Estate: Which US State Has the Lowest Cost of Living?



Section 1: Which US state has the cheapest real estate?


Section 2: How did they calculate the real estate costs?


Section 3: The 12 states with the lowest real estate costs


The overall ranking of the 12 cheapest real estate states for homebuyers in 2016 was:


Alaska Mississippi Missouri New Hampshire Alabama Washington California Florida South Dakota Georgia


Most recent figures, as of January 2017, show that the average home costs around $335,112, but there is an average of $146,811 discrepancy between the lowest and the highest price in each state. The cost of rent in each state is also relative, with the lowest being $9.67 and the highest being $1,137 in New York.


The United States of America is the most developed country in the world, but it’s still a place where a lot of its people live on under a livable wage.


Why are some states more expensive than others?


Increasing real estate costs are one of the many factors making life in the U.S. increasingly expensive.


You can pay for your home in a lot of different ways: A mortgage, an FHA loan, a home equity loan, a second mortgage, or a cash-out refinancing are some of the options.


While the average cost of living varies from state to state, some parts of the country are cheaper than others. In these five U.S. states, you can still find homes for under $200,000.


Next time you’re looking to buy or sell a home, take a look at some of the most affordable cities. You can also use the median home price data to find a listing that’s in your price range.


Methodology


To identify the cheapest U.S.


What should you do if you want to buy a house in a cheaper state?


Depending on where you’re looking, you’ll have a lot to think about.


In the first place, you’ll want to understand the overall affordability of the property.


That involves looking at the cost of living in each area, including mortgage payments, taxes, utilities, and all other charges that come with being a homeowner.


You’ll want to pay attention to property taxes and utilities to see whether they’re reasonable compared to the overall cost of living in the area.


Second, you’ll want to compare the overall cost of living in the region with the area’s market prices.


Conclusion


Now that we’ve covered what purchasing a home can cost a person in the US, let’s start looking at which state is the cheapest on average for buying a house. A big question people have when looking to buy a home is “how much does it cost to live here?” Luckily, we have the data. For the purposes of this article, I’ll be ignoring the cost of living in Alaska (which includes Alaska, the Aleutian Islands, Aleutian Islands, and Unalaska/Dutch Harbor), Hawaii, American Samoa, Guam, and the Northern Mariana Islands. That said, these are very high cost of living areas, and it will be discussed at a later time. Let’s start breaking down the cost of living in each state.



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