About States With a Low Cost of Living

If you've ever considered relocating, there is an abundance of information at your fingertips online to help you make your decision. The Council for Community and Economic Research publishes quarterly reports outlining the cost-of-living breakdown by state based on housing, taxes, food, utilities, health care, recreation and transportation. Other factors must be considered such as unemployment, crime and an opportunity for greener living, just to name a few.

Identification

The five states with the lowest cost-of-living index during the third quarter of 2008 are Tennessee, Oklahoma, Arkansas, Nebraska and Georgia. According to coli.org, this determination is compiled with data from U.S. Census Bureau, U.S. Bureau of Labor Statistics, CNN Money and the President's Council of Economic Advisors. Rounding out the top 10 lowest states are Texas, Missouri, Kentucky, Alabama and Kansas.

Geography

According to the latest ACCRA survey, states with the lowest cost of living are in the Midwest and the Southeast. If geography is a consideration for you, our top 10 lowest cost-of-living states include mountains, beaches and wide-open spaces.

Considerations

The third quarter 2008 ACCRA survey shows that housing and grocery costs vary the most between states with the highest and lowest cost of living. Oklahoma has the lowest housing figures trailing the highest, Hawaii, by 180 points. The lowest cost for groceries is in Texas which is 60 points lower than the highest, Hawaii. Transportation, utilities and health care show some variance with the largest difference being only 14 points.

Misconceptions

One may think that a low cost of living correlates to a lower source of revenue, but this is not always true. Five of the states with low living costs also have unemployment rates below 6 percent, according to the most recent Bureau of Labor and Statistics report. Nebraska ranks fourth in cost of living and has an unemployment rate of only 3.6 percent, making it a very economically friendly place to live. On another note, the latest CQ Press crime rankings place four of the top 10 states with the lowest cost of living in its top 15 most dangerous places to live.

Benefits

The benefits of living in a state with a low cost of living can be economical but also environmental. If living greener is important to you, consider the latest Businessfacilities.com report listing both Arizona and Texas in the list of top 20 Greenest States. Arizona has the third lowest cost of living, with Texas coming in at sixth. Low cost of living should always compare with quality of life as a means of deciding where you want to live.

Resources

• Compare Cost of Living Here.
• 3rd Quarter 2008 Cost of Living by State