The Midwest state with the lowest cost of living revealed - after its major city was ranked 'cheapest place to rent'
Oklahoma has been ranked as the state with the lowest cost of living after its major city was revealed as the cheapest big city in the country to rent in.
Prices have risen rapidly since the annual inflation rate jumped to seven percent in 2021 and Americans have been left feeling the pinch.
But new research has revealed that Oklahoma has the lowest cost of living across all 50 states.
Annual costs for the average family are 14.8 percent lower than the national average, according to GOBankingRates.
It comes after research showed the average rent for an apartment in Oklahoma City is 46 percent below the national average.
Oklahoma has been ranked as the state with the lowest cost of living after its major city was revealed as the cheapest big city in the country to rent in
It comes after research showed the average rent for an apartment in Oklahoma City (pictured) is 46 percent below the national average
Using the average price of groceries, housing and utilities, Oklahoma is the state with the lowest cost of living.
A family in the Midwest state can expect to spend $62,900 a year on these essentials which is almost 15 percent lower than anywhere else in the country.
Oklahomans spend six percent less on groceries and another two percent less on utilities.
But the biggest savings come in housing which costs nearly a third less than the national average.
Real estate agents in the area say Americans have been drawn in by the cheap house prices as they are able to work remotely.
Almost 120,000 people moved to Oklahoma in 2022 and it is is among the top 10 states which see the most out-of-state residents move there.
Mississippi is the second cheapest state with the average family spending $62,971 per year.
Hawaii is the most expensive, with living costs at $131,560 followed by Massachusetts and California, both at more than $100,000.
New York and Alaska are next on the list of the highest cost of living at more than $91,000.
The cost of living in Oklahoma's neighboring states Kansas, Arkansas, Texas is 23 percent, 11 percent and 7.3 percent lower than the national average.
Oklahoma City is the cheapest big city in the country to rent in, according to a new poll.
The average rent for an apartment is $839 per month, which is 46 percent below the national average, data compiled by the Council for Community and Economic Research's Cost of Living Index showed.
In terms of rent affordability, Oklahoma City, boasting a population of 1,396,445, came just ahead of Birmingham, Alabama, and nearby Tulsa, Oklahoma.
The list - which was compiled by Kiplinger from metro areas in the U.S. with a population of more than 1 million residents - showcases a lot of affordable cities in the South and the West.
Annual costs for the average family in Oklahoma is 14.8 percent lower than the national average, according to GOBankingRate. Pictured: Wichita Mountains Wildlife Refuge waterfall
A family in the Midwest state can expect to spend $62,900 a year on essentials which is almost 15 percent lower than anywhere else in the country
Almost 120,000 people moved to Oklahoma in 2022 and it is is among the top 10 states which see the most out-of-state residents move there
Earlier this year, it was revealed how it is now cheaper to rent than it is to buy a property in all 50 of America's biggest metropolitan areas, according to Realtor.com's rental report.
While it was already more affordable to rent than buy in the vast majority of metro areas in 2023, elevated mortgage rates and soaring house prices have now flipped the remaining markets.
In Oklahoma City, while the cost of living is similar to that found in any other small town, Oklahoma City has a variety of big-city amenities, including its own philharmonic orchestra, the National Softball Hall of Fame and Museum and the NBA's Oklahoma City Thunder basketball team.
Several leading oil and gas companies have also made Oklahoma City their home with oil-producers major employers in the region.
Devon Energy, Chesapeake Energy and Continental Resources are all based in the town.
There are currently 12 cities across the state of Oklahoma that are among the cheapest small towns in America.
