In this article, we will discuss the 30 cheapest places to live in the US in 2024 and take a detailed look at the cost of living crisis in the country. You can skip our detailed analysis on the subject, and head over directly to the 5 Cheapest Places To Live In The US in 2024.
Cost of Living in the US
The cost of living has increased significantly in the United States, with American consumers facing the burgeoning impact of rising prices like never before. According to a 2023 report in CNBC, commodities prices over the past 3-4 years have spiked nearly as much as they did in the decade before the coronavirus.
READ ALSO: 26 Most Expensive Places To Live in the US and 20 Best Places to Retire Abroad on $4000 a Month.
High inflation, coupled with the depletion of savings during the pandemic, has led to an increasing number of Americans being at a loss for funds, and having to tap into their 401(k) accounts. A recent survey by Vanguard called How America Saves revealed that the percentage of Americans who made hardship withdrawals from their 401(k) accounts rose from 2.8% in 2022 to 3.6% in 2023.
Moreover, Bankrate’s new Down Payment Survey has revealed that 51% of aspiring homebuyers find the rising cost of living an obstacle in their plans to buy a home, whereas 54% believe that their incomes have not kept pace with rising housing prices in the US. Redfin Corporation (NASDAQ:RDFN) reported in September 2023 that a record 26% of Americans were looking to move to different parts of the country, with most of these relocations driven by their search for affordability.
Retailers in the US have also come under scrutiny over their pricey offerings, forcing them to roll out new deals to lure consumers as Americans become more selective about where they spend their money. Walmart Inc. (NYSE:WMT) for instance rolled out 7,200 short-term deals during the previous quarter, representing a 35% year-over-year increase. The company has also regularly offered discounts on its shelf items and intends to continue doing so in the quarters ahead.
CEO Doug McMillon shared the following remarks about helping bring prices down in Walmart Inc. (NYSE:WMT)’s Q2 2025 Earnings Call:
“We are wired to help bring prices down and we’ll continue working on to get more rollbacks to help customers and help members save money”.
McMillon described the inflation in the country as ‘stubborn’ and noted that while commodity prices were coming down, they remained high for categories such as dry groceries and processed foods.
During the quarter, Walmart Inc. (NYSE:WMT) posted a revenue of $169.4 billion, with an EPS of 67 cents, beating forecasts for both. The results were driven by an increase in store and website visits and a strong show by the company in global markets. As a result, the company has revised its guidance and now expects EPS to be in the range of $2.35 to $2.43, against initial forecasts of $2.23 to $2.37. Walmart Inc. (NYSE:WMT) also anticipates sales growth for FY25 to be between 3.75% and 4.75%, up from a prior growth guidance of 3% to 4%.
While we acknowledge the potential of WMT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than WMT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Methodology
We scanned several articles on the subject to garner a pool of affordable cities in the United States. Then we individually searched for their cost of living index relative to the national average. Data on the cost of living was sourced from Best Living. The 30 Cheapest Places To Live In The US in 2024 are ranked in descending order of their cost of living compared to the national average in the US. In cases where two or more cities had the same cost of living index, we outranked those having greater livability scores – for which we referred to AreaVibes. However, we excluded cities where a lack of safety or similar factors might compromise their overall appeal, ensuring only affordable yet livable options made the final list.
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30 Cheapest Places To Live In The US in 2024:
30. Hickory, North Carolina
Cost of Living Index: 89
Hickory is the 25th most populous city in North Carolina, with a population of close to 50,000 residents. It is located 60 miles northwest of Charlotte, the state’s commercial hub. The city is known for nature and outdoor recreational activities, offering a comfortable living experience for its citizens. Hickory’s cost of living is 11% below the national average in the US.
29. Great Falls, Montana
Cost of Living Index: 87.9
Great Falls is the third most populous city in Montana. It is home to a population of around 60,000 residents. The cost of housing in the city is 20.4% cheaper than the national average. The expenses related to transportation and utilities are also on the lower side. Great Falls is known for its spectacular natural beauty, hiking, and biking trails, museums, and monuments.
28. Des Moines, Iowa
Cost of Living Index: 86.6
Des Moines is the capital city of Iowa, and also the state’s most populous city. It is considered a major center for America’s large insurance industry and also boasts a significant financial-services base. The city, which has a population of around 213,000 people, is an exciting location full of possibilities for anyone looking to move here. It is also one of the cheapest places to live in the US with a cost of living 13.4% below the national average.
27. Green Bay, Wisconsin
Cost of Living Index: 86.1
Green Bay is a vibrant city in Wisconsin’s Brown County and is popular for its cultural attractions and breathtaking views. It is one of the cheapest places to live in the US, with a cost of living nearly 14% below the national average.
26. Midland, Michigan
Cost of Living Index: 85.7
Midland is the county seat of Michigan’s Midland County and has a population of around 42,000 residents. It is one of the safest places to live in the US. Moreover, living in the city is highly affordable due to the low costs associated with housing, medical, transportation, and grocery.
25. Edmond, Oklahoma
Cost of Living Index: 85.5
Edmond is a city that is part of the Oklahoma City metropolitan area, with a population of 96,000 people. It is home to the state’s first church and public schoolhouse, both built in 1889. Edmond is among the most affordable cities to live in in the US with a cost of living significantly below the national average.
24. Winston-Salem, North Carolina
Cost of Living Index: 84.3
Winston-Salem is the fifth most populous city in North Carolina, with a population of around 250,000 residents, as of 2020. The city is known for its rich culture and vibrant spirit and offers a fine blend of charm and modernity. It is one of the cheapest places to live in the US in 2024. Living in Winston-Salem is over 15% cheaper than on average in any other part of the country.
23. Greensboro, North Carolina
Cost of Living Index: 84.2
Greensboro is the county seat of Guilford County in North Carolina. The city is full of attractions, most notably outdoor ones such as lakes, trails, rivers, and parks. It also boasts several athletic venues, which have earned it the title of ‘tournament town’. Greensboro is one of the cheapest places to live in America, with a cost of living nearly 16% lower than the national average.
22. Decatur, Alabama
Cost of Living Index: 83.1
Decatur is one of the best places to live in Alabama for families because of the city’s great school system, and ever-increasing options for restaurants and nightlife. Housing in Decatur is nearly half as expensive as on average elsewhere in the United States. The cost of healthcare, however, is on the higher side in the city.
21. Davenport, Iowa
Cost of Living Index: 82.9
Located on the Mississippi River in eastern Iowa, Davenport is one of the cheapest places to live in the US in 2024, with a cost of living 17.1% below the national average. The city offers plenty of options for outdoor recreation activities, like Riverfront Trail and Credit Island, that keep residents and visitors entertained. You can also experience science exhibits and regional natural history by visiting the Putnam Museum.
20. Florence, Alabama
Cost of Living Index: 82.1
Florence is the county seat of Alabama’s Lauderdale County and has a population of around 42,000 residents. The cost of living in the city is 17.9% lower than the national average. The city has a rich history of habitation by Indigenous cultures and is home to several historical sites and museums.
19. Fort Wayne, Indiana
Cost of Living Index: 82
Fort Wayne, located in northeastern Indiana, is one of the cheapest places to live in the US in 2024. It has a cost of living 18% below the national average, driven mainly by affordable housing. The city has a booming economy, robust education system, and decent air quality making it a top choice for Americans to move to.
18. Conway, Arkansas
Cost of Living Index: 81.9
Conway is the county seat of the Faulkner County in Arkansas. It has a population of over 67,000 residents as of 2022. The city serves as a regional healthcare, educational, and shopping hub for other towns, cities, and surrounding areas within the county. It is also one of the cheapest places to live in the US, with its cost of living being 18.1% below the national average.
17. Roanoke, Virginia
Cost of Living Index: 80.9
Roanoke in Virginia is one of the most affordable places to live in the US, where living is over 19% cheaper than the national average. The city offers major attractions like Mill Mountain Park and the Science Museum of Western Virginia. It is also known for its vibrant nightlife and food culture, where it is a common sight to see local music bands rocking bars, cafes, and restaurants.
16. Akron, Ohio
Cost of Living Index: 80.8
Akron is the fifth-largest city in Ohio. It is located on the banks of the Cuyahoga River and is considered a great place to live for its affordability, nightlife, and art scene. It is one of the cheapest places to live in America, especially due to its cost of housing which is significantly lower than the national average.
15. Evansville, Indiana
Cost of Living Index: 80
Evansville is a vibrant city in Indiana that is famous for its charming downtown area, outdoor attractions like zoos, trails, and parks, as well as its fascinating museums and galleries. It is one of the most affordable places to live in the US due to the cheap costs of housing, transportation, healthcare, and grocery in the city.
14. Topeka, Kansas
Cost of Living Index: 80
Kansas’ capital Topeka is one of the cheapest places to live in the US. The cost of living in the city is 20% lower than the national average, with housing, grocery, and transportation being highly affordable in the city.
13. Jonesboro, Arkansas
Cost of Living Index: 79.1
Jonesboro is the economic and cultural center of northeast Arkansas state. It is also home to the Arkansas State University. The city has a population of over 80,000 residents, making it the fifth most populous in the state. It is one of the most affordable places to live in the United States.
12. Huntington, West Virginia
Cost of Living Index: 79
Huntington is a scenic city located in the western foothills of the Appalachian Mountains. It is the second-most populous city in the state of West Virginia, with a population of approximately 46,000 citizens. The city is known for its natural beauty due to its abundance of parks and recreation areas. It is also one of the most affordable places to live in the US, with a cost of living index of 79 relative to the national average.
11. Montgomery, Alabama
Cost of Living Index: 79
Montgomery is the capital city of the state of Alabama and one of the cheapest places to live in the US, with a cost of living that is 21% below the national average. The city is full of rich history and charm. It served as the capital of the Confederacy during the Civil War and has numerous museums dedicated to military service, civil rights, and other historical aspects of the city.
10. Joplin, Missouri
Cost of Living Index: 77.3
Joplin is located in the Jasper and Newton counties of southwest Missouri. With a cost of living index of 77.3, it is among the most affordable cities to live in the United States. The city offers a suburban feel and comfortable living with a good school system and plenty of outdoor recreational attractions.
9. Kokomo, Indiana
Cost of Living Index: 76.8
Kokomo is the county seat of Howard County in the state of Indiana. The city has a population of around 60,000 residents. It is considered a family-friendly place, with affordable housing, decent schooling, and a vibrant downtown full of shops and eateries to explore.
8. Edinburg, Texas
Cost of Living Index: 76.5
Edinburg is the third-largest city in the Rio Grande Valley, having a population of over 100,000 residents. The city is known for its scenic beauty and vibrant nightlife. It is one of the cheapest places to live in the US in 2024 with a cost of living that is 23.5% below the national average. Housing is nearly half as expensive in the city, with expenses for grocery, healthcare, and utilities also on the lower side.
7. McAllen, Texas
Cost of Living Index: 76.5
McAllen in Texas is the most populous city in Hidalgo County, having a population of around 145,000 people. The city is popular for its low cost of living and mild weather during the winter season. It is also known for its shopping which attracts residents from different parts of the US every year. It costs 23.5% less to live in McAllen than on average in any other part of the country.
6. Wichita Falls, Texas
Cost of Living Index: 76.3
Wichita Falls is one of the cheapest places to live in the US with a cost of living that is 23.7% below the national average. While health and utility expenses are on the higher side, they are offset by the low cost of housing in the city.
5. Peoria, Illinois
Cost of Living Index: 75.6
Peoria, located on the Illinois River, is a major agricultural trading center and has a large produce of corn, soybeans, and livestock. The city’s robust economy, coupled with its low cost of living, makes it one of the best places to live in the US. According to Best Places, for every $100 you spend on housing on average in the US, it costs only $33.3 in Peoria.
4. Harlingen, Texas
Cost of Living Index: 74.9
Harlingen is a vibrant city in the heart of the Rio Grande Valley in Texas, that offers a great blend of Mexican and American culture. Not only is it a cheap place to live in terms of the cost of living, but it is also known for being safe, which makes it a perfect place to relocate to if you are looking for affordable living.
3. Brownsville, Texas
Cost of Living Index: 74.9
Brownsville is one of the cheapest places to live in the US in 2024. The city is part of the Matamoros–Brownsville metropolitan area and is known for its subtropical climate and diverse culture. It is also home to a deep-water seaport, that is connected to the Gulf of Mexico.
2. Youngstown, Ohio
Cost of Living Index: 74.4
Youngstown is the county seat of Mahoning County in Ohio. It is the principal city of the Youngstown–Warren metropolitan area, which is the seventh largest metro area in the state. The city was traditionally known for steel production before the US steel industry went into decline during the 1970s. It is still home to several steel manufacturing operations, though not to the extent of the past. Youngstown is considered one of the cheapest places to live in the US with a cost of living 25.6% below the national average.
1. Amarillo, Texas
Cost of Living Index: 73.6
Amarillo tops the list for cheapest places to live in the US in 2024, with a cost of living index of 73.6, which is considerably lower than the national average. Housing in the city is nearly half as expensive as on average elsewhere in the country. Costs associated with grocery and transportation are also on the lower side. The vibrant city has plenty to offer for almost everyone, ranging from state parks like the Palo Duro Canyon to sites like the Panhandle-Plains Historical Museum for history enthusiasts.
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Disclosure: None. This article was originally published at Insider Monkey.