Though Mississippi residents have been battling economic hardships, at least the prices are inexpensive.
CNBC ranked the states that have the cheapest costs of living, looking at house prices, grocery prices, utility rates, and the costs of medicine and doctor visits.
Mississippi ranked first, with an average home price of $199,028, and monthly energy bills at around $128. A two liter of Coca-Cola sells for $1.48 on average in the state, and a half gallon of milk is only $2.02.
The Magnolia State has had a run of economic hard luck, including high unemployment, loss of population and serious state fiscal woes. It also has among the lowest personal income in the nation. In short, Mississippi is such a cheap state to live in because that is what its citizens can afford.
Indiana, Michigan, Arkansas, and Oklahoma round out the top five.
Advertisement
Related Stories
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady
Economics
NAHB CEO Tobin Says 'Housing Renaissance' on the Horizon
Responding to positive housing-related data such as falling mortgage rates and increased homebuyer activity, NAHB's CEO Jim Tobin is optimistic
