The cost of living varies greatly throughout the United States but communities from every corner of the country are feeling the heat as housing, food, transportation, health care, and costs of other necessities are rising.
The online business publication known as 24/7 Wall St. has collected data from the Economic Policy Institute’s Family Budget Calculator to identify the least expensive place to live in every state. They based these findings on the estimated monthly cost for a single adult to maintain a modest yet adequate standard of living.
So where is the most affordable place to live in Missouri? According to 24/7 Wall St., that would be St. Louis.
St. Louis is the second largest city in Missouri with a population of 286,578 as of 2022. The population has been in decline for several decades but has experience a slight uptick in 2010.
It is estimated that the monthly cost of living in St. Louis on average is only $2,625 with just 22% of that total going to housing costs. This is on the much lower end of the spectrum for the national average cost of living per month which can reach an average as high as $3,500.
The average income here is $41,107 a year meaning most residents make well above the income needed to live comfortably.
It is this combination of factors that makes St. Louis a more affordable option when compared to other towns and cities in Minnesota.
What do you think? Did you know St. Louis was considered one of the most affordable areas in the country? Let us know what you think in the comments.
Note: This article includes data that has been collected over the past several years to provide context to an ongoing economic trend.