What are the cheapest states to live in?

The Magnolia State was deemed the cheapest state in the county to live in

If you are looking to save a decent penny on living expenses, Mississippi is likely your best option, according to recent estimates.

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The Magnolia State was deemed the cheapest state in the county to live in by World Population Review, which reviewed the cost of living within each state taking into account housing, food, taxes, and healthcare.

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The index is based on an average of 100. Any state that ranks below 100 means its cost of living is below the national average. Conversely, any ranking above 100 indicates that the cost of living is higher than the national average.

Overall, the analysis revealed that states with the lowest cost of living were in the south, with the Magnolia State leading the pack.

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1. Mississippi

The state's cost of living index is 86.1. In addition, it's housing cost index ranks 70.1. The cost of living in Missippi is about 19 percent lower than the national average. The living wage for the state, which is comprised of some of the cheapest food, health care, and many other personal the nation, is $48,537, according to the estimates. Housing costs roughly $795 while childcare, dubbed the cheapest in the county, will cost $2,869 a year.

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Jackson, Mississippi. (iStock)

2. Arkansas

Although Mississippi is dubbed the cheapest state to live in overall, Arkansas residents spend the least on housing, the analysis revealed. The average resident spends about $708 per month on rent or mortgages and the median home cost is $128,800. The living wage for the state is about $49,970. Like Mississippi, personal expenses including utilities and transportation are significantly lower in the state compared to others.

Little Rock, Arkansas. (iStock)

3. Oklahoma

Coming up on the heels of both states is Arkansas’s neighbor, Oklahoma. The state has the third-lowest cost of living with the average home price of about $124,800. Comparatively, rent for a two-bedroom apartment costs an average of about $740. Like Mississippi and Arkansas, the state has some of the cheapest personal necessities including utilities and grocery shopping costs. The overall cost of living for the state is 15 percent below the national average, according to the statistics.

Downtown Oklahoma City, Oklahoma. (iStock)

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