West Virginia has the lowest housing costs of any U.S. More good news for Tennesseeans: The average effective property tax rate in 2022 in the state was only 0.56%.ģ Tennessee counties make list of places with lowest risk for housing downturn in 2023 Canva #9. The state also has a low unemployment rate, at 3.5% at the end of 2022, according to the Bureau of Labor Statistics. Tennessee has no personal income tax, keeping household expenses slightly lower than elsewhere. population lives within 550 miles of the state’s borders, according to the Arkansas Economic Development Commission. Arkansas’ transportation costs are 9% lower than the national average and about two-fifths of the U.S. It’s easy to find affordable housing in Arkansas, where housing costs are 22% less than the national average. Ohio’s two largest cities, Columbus and Cleveland, offer a city feel without the high cost of living of other Midwestern cities like Chicago. Ohio residents can thank affordable housing for their low cost of living, with housing costs almost 25% lower than the national average, according to a 2022 report by the Council for Community and Economic Research. As food costs rise across the United States, Nebraska’s reliance on locally grown food has kept prices more stable than in other parts of the country. As a result, electricity in Nebraska costs 25.6% less than the national average. NebraskaĪccording to the Nebraska Department of Environment and Energy, Nebraska is the only state to generate electricity solely from publicly-owned power systems. In 2022, two Michigan cities-Detroit and Grand Rapids-ranked in the top 20 affordable housing markets internationally, according to a report by the Urban Reform Institute and the Frontier Centre for Public Policy. Housing costs are almost 20% cheaper in Michigan than the national average. Since Wisconsin is not as heavily dependent on imported energy sources as many other states, its gas prices tend to stay lower than elsewhere. According to the Energy Information Administration, Wisconsin is one of the nation’s top fuel ethanol producers. Lower taxes keep the state more affordable for residents and businesses. Wisconsin has a conservative fiscal policy and experienced the lowest state and local tax burden in 50 years in 2022, according to a report by the Wisconsin Policy Forum. That helps keep prices low and the state more affordable. The state has the country’s lowest corporate income tax rate, according to the nonprofit Tax Foundation. North Carolina boasts a diverse technology, finance, and aerospace job market.
Despite its low cost of living, North Carolina has some of the top healthcare facilities in the country, an extensive education system, and easy transportation, including four international airports, according to the North Carolina Department of Commerce.
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