Home prices may feel like they’re soaring in Texas, but a new ranking shows the overall cost of living in the Lone Star State is pretty reasonable.
In fact, Texas ranks ninth on CNBC’s new list of America’s 10 cheapest states to live in 2017.
“The rapid change in the Texas economy following the recent collapse of oil prices has been difficult for the Lone Star State, but the silver lining appears to be a substantial drop in the cost of living — merchants simply can’t charge as much these days,” CNBC says. Last year, Texas appeared at No. 21 on the list.
To illustrate the cost of living in each state, CNBC highlighted basic expenses for a state’s most expensive area. In Texas, CNBC identified the suburban area of Plano-Allen near Dallas as the most expensive.
Here are the costs for Plano-Allen:
- Average home price: $337,651
- Half gallon of milk: $1.63
- T-bone steak: $10.26
- Monthly energy bill: $160.65
- Doctor’s office visit: $120.28
The average home price in Plano-Allen is the most expensive on the list, but the price of a doctor's visit and the cost of a juicy T-bone steak clock in lower than other some cities on the list.
Mississippi tops CNBC’s list of the cheapest states to live in 2017, followed by Indiana, Michigan, Arkansas, Oklahoma, Idaho, Tennessee, Kansas, Texas, and Kentucky.
“One of the most powerful ways to attract great workers is to provide them an affordable place to live. These 10 states certainly have that going for them,” CNBC says.