When you think about your ideal home, what factors come to mind? Maybe it’s the number of bedrooms or whether there’s a pool in the backyard. But for most people, location is king.
We want homes in close proximity to family and friends, good schools, and an abundance of entertainment options. But these amenities come with a price. How much does it cost to live in a certain area, and can you afford to do so?
The most and least expensive states
While home prices are generally back on the rise, there are still remarkable differences depending on which state you choose to call home. A single-family, three-bedroom home in Jackson, Mississippi, might cost you around $50,000. Meanwhile, a new condo with similar square footage in San Francisco could cost an astounding $4.5 million. The only explanation: The condo is located in a city with astronomical job opportunities and a sky-high cost of living.
If you’re looking for a low-cost place to live with cheaper housing, groceries, and utilities, reviewing the least expensive states is a good place to start. The Missouri Economic Research and Information Center compiled a list of the cheapest states for 2016, ranked by overall cost of living index. We’ve narrowed it down to the 15 most cost-effective locations. Are you already living in one of the least expensive states? Let’s find out.
Editor’s note: Zillow prices were updated as of March, 24, 2017.