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5 Most Affordable States to Live In [2024]

5 cheapest cost of living states
5 cheapest cost of living states
Brian Reese
September 21, 2023

In this blog post, we reveal and explain the Top 5 Most Affordable States to Live in 2024!

We have carefully ranked these states from 1 to 5, based on affordability, quality of life, economic opportunities, home value growth estimates, and the Zillow Home Value Index (ZHVI).

With the average home value in the U.S. currently at $349,770, it’s important to consider cost-effective options for affordable living without conceding on quality of life.

While these 5 states offer a diverse range of affordable options, we encourage you to conduct thorough online research and carefully consider your personal priorities, including employment and family needs.

Okay, let’s explore the 5 most affordable places to live right now.

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What are the Most Affordable States to Live In?

Most Affordable States to Live In
  • Alabama
  • Missouri
  • Oklahoma
  • West Virginia
  • Tennessee

#1. Alabama: Average Home Value $223,795

Alabama claims the top spot as the most affordable place to live in the United States! This state beckons with a captivating fusion of southern hospitality, natural splendor, and cultural abundance. From bustling urban centers to tranquil rural landscapes, Alabama exudes a warm and inviting ambiance that fosters strong community bonds. Offering a more budget-friendly cost of living compared to many other states, Alabama allows for a high quality of life without straining your finances. Its diverse terrain, spanning from pristine Gulf Coast beaches to rolling hills and lush forests, caters to a wide array of outdoor enthusiasts.

#2. Missouri: Average Home Value $177,536

Missouri secures the second spot as one of the most cost effective states to live in! Missouri extends a warm welcome with its captivating fusion of Midwestern charm, unspoiled natural beauty, and a thriving cultural scene. Whether you’re in bustling cities or the tranquility of rural expanses, the state offers an inclusive environment that nurtures close-knit communities. With a cost of living that strikes a harmonious balance between comfort and affordability, Missouri empowers residents to savor life’s joys and passions. Its diverse landscape, ranging from the rolling Ozark hills to the majestic Mississippi River, caters to a wide range of outdoor enthusiasts and adventurers.

#3. Oklahoma: Average Home Value $198,629

Completing the top three most affordable states to live in is Oklahoma, coming in at #3. Oklahoma extends a welcoming embrace, boasting a captivating blend of southern hospitality, expansive vistas, and a thriving cultural scene. Whether you find yourself in dynamic urban centers or amidst tranquil rural landscapes, the state fosters a strong sense of belonging and camaraderie among its residents. With a cost of living that ensures a comfortable and fulfilling lifestyle, Oklahoma empowers you to savor life’s pleasures while pursuing your dreams. Its diverse geography, spanning from vast prairies to ancient mountains, caters to a wide range of outdoor enthusiasts.

#4. West Virginia: Average Home Value $158,668

West Virginia stands as an exquisite (and highly affordable) state to reside in, offering a wealth of unique and captivating experiences that cater to a diverse range of individuals and families. The state’s natural splendor, tight-knit communities, and deep-rooted cultural heritage are just a few of the compelling reasons why many are drawn to make West Virginia their home. From the rolling hills of the Appalachian Mountains to the meandering rivers and charming small towns, the landscape serves as a picturesque backdrop for a peaceful and enriching lifestyle. The comparatively lower cost of living provides financial flexibility, while the strong sense of community nurtures authentic connections.

#5. Tennessee: Average Home Value $311,678

Tennessee beckons people with a multitude of compelling reasons to explore its captivating landscapes and vibrant communities. The state’s diverse geography, spanning from the majestic Great Smoky Mountains to bustling urban centers, sets the stage for a rich and fulfilling life. Tennessee’s renowned music scene, historical significance, and genuine southern hospitality weave a tapestry of cultural experiences. The affordability of living in the state allows for a comfortable lifestyle, whether you choose to reside in a bustling city or a charming small town.

About the Author

Brian Reese Air Force Veteran

Brian Reese is a senior advisor and co-owner at District Lending. He is one of the world’s leading experts in veteran benefits, having helped millions of veterans secure their financial future since 2013. Brian is the founder VA Claims Insider, an education-based Coaching & Consulting company whose mission is to educate and empower veterans to get the VA disability benefits they’ve earned for their honorable service. A former active-duty air force officer, Brian deployed to Afghanistan in support of Operation Enduring Freedom. He is a distinguished graduate of management of the United States Air Force Academy and earned his MBA as a National Honor Scholar from the Spears School of Business at Oklahoma State University.

In Brian’s Words:

“As a military veteran, I’ve made it my life’s mission to help people live happier and wealthier lives. District Lending brings this mission to life. We believe in integrity, honesty, and transparency, which is why you’ll see our rates right on our website. You’ll find lower rates and zero lending fees, which means you can buy your dream home for less. The savings are passed on to you — the way it should be.”

– Brian Reese, Advisor and Co-Owner, District Lending

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