George Kamel: How Much It Costs To Live in the 12 Cheapest States

With the cost of living soaring across the U.S., many Americans are financially stretched thin. More than 70% of survey respondents told GOBankingRates they are living paycheck to paycheck at least some of the time; nearly 50% are living paycheck to paycheck all of the time.

With financial stress mounting, those cutting corners to get by may be wondering which are the cheapest states in the U.S. — and how much it costs to live in each. Personal finance expert George Kamel, who works with financial guru Dave Ramsey, assembled a list of the 12 states with the lowest cost of living.

Also check out the cost of living in every state since President Biden took office.

• Median Home Value: $224,400
• Median Monthly Rent: $1,375
• Median Household Income: $66,986
• Unemployment Rate: 3.9% 
• Cost of living: 8.2% lower than the national average

• Median Home Value: $194,600
• Median Monthly Rent: $1,100
• Median Household Income: $69,588
• Unemployment Rate: 2.8%
• Cost of living: 9.9% lower than the national average

• Median Home Value: $208,700
• Median Monthly Rent: $1,395
• Median Household Income: $66,785
• Unemployment Rate: 3.7%
• Cost of living: 9.7% lower than the national average

• Median Home Value: $221,200
• Median Monthly Rent: $1,300
• Median Household Income: $64,811
• Unemployment Rate: 3.5%
• Cost of living: 11.5% lower than the national average

• Median Home Value: $179,800
• Median Monthly Rent: $1,375
• Median Household Income: $55,432
• Unemployment Rate: 3.4%
• Cost of living: 11.5% lower than the national average

• Median Home Value: $155,100
• Median Monthly Rent: $900
• Median Household Income: $54,329
• Unemployment Rate: 4.2%
• Cost of living: 16.2% lower than the national average

• Median Home Value: $297,400
• Median Monthly Rent: $2,000
• Median Household Income: $72,837
• Unemployment Rate: 3.2%
• Cost of living: 8.7% lower than the national average

• Median Home Value: $284,800
• Median Monthly Rent: $1,795
• Median Household Income: $65,254
• Unemployment Rate: 3.0%
• Cost of living: 9.7% lower than the national average

• Median Home Value: $200,900
• Median Monthly Rent: $1,398
• Median Household Income: $59,674
• Unemployment Rate: 3.0%
• Cost of living: 11.9% lower than the national average

• Median Home Value: $191,700
• Median Monthly Rent: $1,395
• Median Household Income: $59,673
• Unemployment Rate: 3.5%
• Cost of living: 13.6% lower than the national average

• Median Home Value: $162,500
• Median Monthly Rent: $1,450
• Median Household Income: $52,719
• Unemployment Rate: 2.8%
• Cost of living: 11.7% lower than the national average

• Median Home Value: $206,600
• Median Monthly Rent: $1,250
• Median Household Income: $68,925
• Unemployment Rate: 2.9%
• Cost of living: 12.7% lower than the national average