A new study ranked Oklahoma number one for the lowest cost of living in the country.
Personal finance and consumer banking information website GOBankingRates analyzed data from the Missouri Economic Research and Information Center, and the Bureau of Labor Statistics to determine the cost-of-living index in each state compared to the national average.
In Oklahoma, the study found that the annual cost of living for the average family is $62,898. That's 14.8% lower than the national average of $72,967.
Annually, housing costs are 32% lower than the national average in the Sooner State, grocery costs are 6% lower and utility costs are 2% lower, according to the study.
The national average for the annual cost of groceries is $5,703. It's $14,507 for housing, and $4,549 for utilities.
Top 10 most affordable states, according to GOBankingRates
Ranking Oklahoma on top, GOBankingRates found that these states had the lowest cost of living:
- Oklahoma: $62,898
- Mississippi: $62,971
- Kansas: $63,554
- West Virginia: $63,992
- Alabama: $64,430
- Missouri: $64,576
- Arkansas: $64,941
- Tennessee: $65,889
- Iowa: $65,889
- Michigan: $66,108
Top 10 most expensive states, according to GOBankingRates
Hawaii ranked number one as the most expensive state for cost of living. Here's how other states compared, according to GOBankingRates:
- Hawaii: $131,560
- Massachusetts: $106,897
- California: $101,059
- New York: $91,865
- Alaska: $91,355
- Maryland: $85,007
- Washington: $84,642
- Vermont: $84,131
- Oregon: $83,693
- New Hampshire: $83,255
