Least Expensive States

1. Mississippi
One of the less densely populated states, Mississippi is one of the least expensive states to live in. With low per capita income, the state’s housing costs remain correspondingly low as well, making the cost of living affordable. Mississippi previously relied mainly on cotton production to drive the economy. In the last fifteen years however, Mississippi has diversified agricultural and livestock industries, ensuring economic growth. Now focusing on producing rice, soybeans, chicken and catfish, Mississippi continues to pursue diversification to enrich its economy, a strategy which has been successful so far.

2. Arkansas
Like Mississippi, Arkansas is a more rural state, offering consumers low housing costs. Arkansas also boasts incredibly low costs for doing business, attracting six Fortune 500 companies to the state. Arkansas’ low cost of living is balanced by a lower household income than average, but still remains a top state for economic climate.

3. Alabama
Also a state that previously relied on cotton production, Alabama has switched focus to livestock and poultry production with considerable success. Cotton remains a crucial crop, but peanuts, vegetables and greenhouse plants have let the state diversify agricultural interests. Another state with low cost of living, Alabama also holds rich forest and hydroelectric resources, letting the state somewhat insulate itself from economic challenges.

4. Missouri
Missouri is a state that relies heavily on industry to drive the economy. Producing large amounts of transportation equipment, electrical equipment, metals, and machinery, the state is also a leading market for livestock and wheat. This state also holds important metal resources, making mining and chemical refinement contribute to a positive economy as well. Not only that, Missouri boasts over 100 000 farms, ranking second only to Texas in number of farms. Additionally, newer development around several lakes in the state is increasing tourism, making Missouri a strong economic state.

5. South Dakota
South Dakota, much like Arkansas and Mississippi, offers low cost housing for consumers, yet is consistently ranked in the top ten for best states to do business in America. A crucial factor in deciding where new jobs will land, low costs for businesses is the cornerstone of South Dakotas economic success. Slashing business related taxes in 2010 helped this state become more competitive to prospective employers, keeping the economy working for South Dakota citizens.