Are you tired of feeling the pinch of rising prices and struggling to make ends meet? Well, you’re not alone. Despite inflation easing off its peak, prices are still higher than ideal for a stable economy – and that’s before factoring in the growing insurance crisis affecting homeowners and renters alike. The cost of living varies across states, making some regions more affordable than others. Companies recognize the allure of low living costs in attracting talent, prompting them to consider this factor when deciding on their locations.
But fear not, there is a silver lining in this economic cloud. CNBC’s annual state competitiveness ranking, America’s Top States for Business, sheds light on the ten cheapest places to live in 2024. Let’s take a closer look at these affordable havens.
10. Wisconsin
- Cost of Living Score: 35 out of 50 (B+)
- Annual Homeowners Insurance: $750
- Average Home Price (Madison): $520,565
- Half Gallon of Almond Milk: $4.79
- Monthly Energy Bill: $226.90
Even in Madison, Wisconsin’s most expensive metro area, life remains a relative bargain. A six-pack of beer will set you back 30% less than in Seattle, and homeowners insurance premiums are at an all-time low. The Badger State knows how to make your dollars stretch further.
9. Kansas
- Cost of Living Score: 36 out of 50 (B+)
- Annual Homeowners Insurance: $1,523
- Average Home Price (Manhattan Metro): $395,394
- Half Gallon of Almond Milk: $4.60
- Monthly Energy Bill: $217.21
Who would have thought you could find a two-bedroom apartment in Manhattan for less than $1,000 a month – a steal compared to its New York City counterpart? Meanwhile, rising insurance costs are a small price to pay in a city where rent won’t break the bank.
8. Missouri
- Cost of Living Score: 38 out of 50 (A-)
- Annual Homeowners Insurance: $1,257
- Average Home Price (Kansas City): $440,210
- Half Gallon of Almond Milk: $4.62
- Monthly Energy Bill: $217.10
Missouri continues to offer affordable living, with notable savings on everyday items like fast food. Yet, rising insurance premiums present a challenge for Missourians, emphasizing the need for affordable coverage in the face of increasing risks.
7. Pennsylvania
- Cost of Living Score: 39 out of 50 (A-)
- Annual Homeowners Insurance: $807
- Average Home Price (Allentown): $496,134
- Half Gallon of Almond Milk: $4.54
- Monthly Energy Bill: $210.10
Pennsylvanians enjoy the benefit of low homeowners insurance rates, but recent challenges in the insurance market highlight the importance of maintaining affordable and reliable coverage. The state is taking steps to ensure policyholders are treated fairly and are not exploited.
5. (tie) Indiana
- Cost of Living Score: 40 out of 50 (A-)
- Annual Homeowners Insurance: $1,007
- Average Home Price (Bloomington): $489,491
- Half Gallon of Almond Milk: $4.78
- Monthly Energy Bill: $206.98
Indiana’s housing market offers pockets of affordability amidst national trends. With new homes selling for a fraction of the cost in California, Hoosiers are sure to find value in the housing market while still enjoying a comfortable lifestyle.
5. (tie) Illinois
- Cost of Living Score: 40 out of 50 (A-)
- Annual Homeowners Insurance: $997
- Average Home Price (Chicago): $540,091
- Half Gallon of Almond Milk: $4.87
- Monthly Energy Bill: $206.98
Despite Chicago’s reputation for high living costs, Illinois boasts affordable housing options and competitive insurance premiums. However, recent rate increase proposals could challenge the state’s commitment to affordability if left unchecked.
4. Ohio
- Cost of Living Score: 42 out of 50 (A)
- Annual Homeowners Insurance: $845
- Average Home Price (Lima): $459,420
- Half Gallon of Almond Milk: $4.62
- Monthly Energy Bill: $200.81
Ohioans benefit from affordable housing and insurance rates, providing a relative bargain for residents. Despite increased risk of storm damage, the state has managed to keep insurance costs down, making it an attractive place to call home.
3. Michigan
- Cost of Living Score: 44 out of 50 (A+)
- Annual Homeowners Insurance: $905
- Average Home Price (Detroit): $519,288
- Half Gallon of Almond Milk: $4.84
- Monthly Energy Bill: $180.47
Michigan offers some of the most affordable housing in the country, with eye-popping amenities like inexpensive eye exams and reasonable rent prices. Coupled with low homeowners insurance premiums, residents can enjoy a high standard of living without breaking the bank.
2. Iowa
- Cost of Living Score: 45 out of 50 (A+)
- Annual Homeowners Insurance: $926
- Average Home Price (Ames): $403,253
- Half Gallon of Almond Milk: $4.72
- Monthly Energy Bill: $182.60
Iowa may have slipped to second place, but its affordability remains unmatched. Despite rising insurance costs, basic goods are still affordable, making Iowa a haven for budget-conscious individuals looking to get more bang for their buck.
1. West Virginia
- Cost of Living Score: 46 out of 50 (A+)
- Annual Homeowners Insurance: $920
- Average Home Price (Morgantown): $367,599
- Half Gallon of Almond Milk: $4.56
- Monthly Energy Bill: $178.61
If peak savings are what you seek, West Virginia is the place to be. With prices significantly lower than those in pricier states, residents benefit from a lower cost of living that allows them to stretch their dollars further. Companies take notice too, with low living costs offering an advantage in attracting and retaining talent.
In conclusion, despite the challenges of inflation and rising prices, these ten states offer a beacon of hope for those seeking affordable living options. By providing a high quality of life at a lower cost than many other regions, these states represent the best of both worlds – value and quality. So why not consider making a move to one of these affordable havens and enjoy the benefits of low living costs without compromising on comfort and quality of life.
