Big Five: Lowest cost of living states

Big Five: Lowest cost of living states

August 26th, 2014 by Staff Report in Business Around the Region

A salary of $53,046-the national median-has the same purchasing power in Hawaii as a salary of $39,106 in Mississippi.

• 1. Mississippi, 13.6 percent less than the national average

• 2. Arkansas, 12.4 percent less than the national average

• 3. Alabama, 11.9 percent less than the national average

• 4. Missouri, 119 percent less than the national average

• 5. South Dakota, 11.8 percent less than the national average

Among the 50 states, Tennessee was the 14th cheapest to live with a cost of living 9.3 percent below the U.S. average, while Georgia ranked 19th cheapest with a cost of living 8 percent lower than the U.S. average. Hawaii has the highest cost of living at 17.2 percent above the national average.

Source: U.S. Department of Commece, Bureau of Economic Analyis. Regional Price Parities, wich trackes the difference in prices of goods and services across states.