Americans are grappling with the highest inflation in a generation and as rising prices outpace wage growth, the extra expense is squeezing household budgets big-time.

As a result, it's likely that many people will be looking to move somewhere more affordable in the near future, allowing them to save a fortune on housing, groceries, gas, and so on. And who could blame them? After all, the most economical state is more than twice as cheap as the most expensive, according to the latest cost of living data from the Missouri Economic Research and Information Center (MERIC). 

Click or scroll through to find out where each US state's cost of living index ranks, from the most expensive to the most reasonable.

Hawaii is a notoriously exorbitant place to live, as reflected by its 193.3 score in the index (by contrast, the average index is 100).

The Aloha State has the dubious honor of having the country's highest score for housing, despite the fact that it levies the country's lowest property tax rate.

It also has the nation's highest grocery prices to boot, the steepest utility bills, and dearest transportation costs, not to mention expensive healthcare and one of the most punishing rates of income tax. It's perhaps less Aloha and more Al-no-a...

Likewise, housing is largely to blame for New York's burdensome overall cost of living, with the Big Apple's pricey real estate the likely chief culprit.

Yet the cost of goods and services over the other five categories surveyed by MERIC – groceries, utilities, transportation, healthcare, and miscellaneous – is well in excess of the nationwide average, too.

California is a tough place to live for those on tight budgets. Housing costs come in at more than double the national average and just about everything else is extortionate, too: it even has the most expensive gas prices in America.

Adding to the gloom, the state also has the country's highest rate of income tax.

Much like the rest of New England, Massachusetts won't be winning any prizes any time soon for its affordability. The Bay State has some of the heftiest housing costs in the country, and is above-average expensive right across the board.

And that's just the half of it. Piling on the financial pressure, the state, which has been dubbed "Taxachusetts", is considered among the least tax-friendly, with levies on income and property especially heavy.

Spiraling housing costs have pushed Oregon into the top five most expensive states, with real estate hotspots like Portland a financial nightmare for buyers and renters alike.

While the majority of goods and services are pricier than the nationwide average, utility bills are actually cheaper than the median, offering some let-up to people struggling with their finances.

While Alaska is a major energy-producing state, utility prices there are outrageously expensive. In fact, only residents of Hawaii have more expensive bills to pay.

Housing, groceries, and other essentials are painfully costly too, although it's healthcare that's the biggest shock: health insurance, drugs, medical procedures, and so on are pricier in the Last Frontier than in any other state. That said, there is no personal state income tax.

In contrast, Maryland is the second-most affordable state for healthcare, thanks in part to its unique cap on prices in the sector.

By way of example, the typical consultant appointment costs just $350 in Maryland as opposed to $1,775 in the Big Apple (according to the New York Times). But the good news stops there, as prices for just about everything else in the state are significantly greater than the national average. 

Back to perennially pricey New England. Connecticut is the most expensive state when it comes to housing, and its electricity prices are also sky-high.

The price of groceries is the state's most affordable factor, although the cost of living does still exceed the nationwide average according to MERIC.

"Lil Rhody" may well be America's smallest state but the cost of living there is anything but.

It ranks second-most expensive for miscellaneous goods and services, which incorporates everything from hair stylist costs to gym membership fees. Housing, utilities, groceries, transportation, and healthcare all sit above the national average, and the state's tax burden is also pretty weighty.

Mirroring the other New England states, Vermont isn't the sort of place you can live comfortably on a shoestring, with housing and utilities markedly pricey.

But it's not all doom and gloom for those on a strict budget. The state's saving grace is its healthcare, which costs slightly less than the national average.

Stung with the highest property tax rate in the US as well as some of the nation's chunkiest income taxes, residents of New Jersey also pay through the nose for most of their goods and services.

But like Vermont, healthcare costs come in at under the countrywide median, offering some relief to the state's cash-strapped citizens.

Maine might be the most affordable New England state but it doesn't really stack up compared to the US as a whole.

Again, housing is the major drag on people's finances, while healthcare costs are considerably higher than the rest of the country. However, the cost of groceries is only marginally greater than the national average.

Similarly, high housing costs contribute massively to Washington's cost of living, as do its healthcare bills, which are the second-most expensive in the country. Another bummer of residing in the Evergreen State is that it has the nation's stiffest liquor taxes.

On the upside, however, utilities are far more competitively priced, coming in at below the nationwide median, and the overall tax burden is light.

Healthcare and utility bills in New Hampshire typically cost a fair bit more than the national average.

While its groceries and housing aren't excessively priced, they do still exceed the national median. On the other hand, utilities in the Granite State are cheaper than the median, and it's generally tax-friendly.

Grocery prices are Delaware's Achilles heel, with its overall score heavily impacted by the high cost of food in the state.

Transportation is also pointedly more expensive than the national average, as are miscellaneous goods and services. Luckily, the same can't be said for the state's housing, which is only a touch more pricey than the median, while its bills typically work out cheaper than the average.

Utilities are inexpensive in Nevada, miscellaneous goods and services are priced below the national average, and the state is generally regarded as one of the most tax-friendly. Plus, its healthcare costs are only slightly more expensive than the countrywide median.

Sadly, however, the Silver State's overall cost of living score is let down by excessively pricey housing, transportation, and groceries.

Housing is the key factor contributing to the high cost of living in Colorado, though the property tax rate is very low. Transportation and miscellaneous goods also cost more in the Centennial State than they do across the nation as a whole.

Groceries and healthcare, however, are more affordable than the average, while bills are refreshingly cheap.

Housing is also a weak point for Arizona, pushing up its total cost of living index to above the national average.

Its scores for utilities, groceries, and miscellaneous goods, and services are also more expensive, albeit not by very much. Transportation and healthcare are cheaper though, making life fractionally easier for residents.

The cost of housing in the states covered up until now in our list all exceed the national average. However, real estate prices and rental costs are cheaper than the US-wide median in Pennsylvania.

Healthcare is also more affordable, although prices for groceries, utilities, transportation, and miscellaneous goods and services all surpass the national mean.

Transportation ranks as relatively expensive in Idaho, as are housing, healthcare, and miscellaneous goods and services. However, its groceries are affordable and its utilities dirt-cheap – the cheapest in the entire nation, in fact.

Why? The bulk of the state's power comes from hydroelectric sources (which are incredibly cost-effective), while its natural gas prices are the lowest in the country, resulting in super-modest bills for residents.

On the flip side, transportation is very reasonable in Virginia. Smokers might also be interested to know that the state is one of the cheapest for cigarettes.

Groceries and utilities are more affordable than the national average too, though healthcare and miscellaneous goods and services are priced at just above the median, and housing is on the expensive side.

South Dakota's booming real estate market has pushed up property prices in the state, with housing pricier than the national average. Groceries are also more expensive than the median

However, it's not all bad. Other goods and services in the Mount Rushmore State are cheaper, principally its very affordable transportation. As an added bonus, South Dakota is reassuringly tax-friendly.

It's a similar picture in neighboring Montana. Housing and grocery prices are higher than the US median, but apart from healthcare, which teeters just above the national average, other goods and services are cheaper.

Utilities, in particular, are& strikingly affordable, which is an unexpected bonus given how unforgiving the Big Sky Country's bitter winters can be.

Groceries and utilities are rather costly in the Florida, but everything else is more or less affordable than the national average, including housing and healthcare.

Adding to the pluses is the Sunshine State's overall tax-friendliness. No wonder so many seniors choose to spend their golden years there...

Minnesota is bang on the nationwide average for cost of living. Breaking it down, however, the state is actually pretty expensive for its miscellaneous goods and services, healthcare, and groceries.

Its overall score is tempered by its lower-than-average cost of housing, which is naturally the biggest expense for many people, as well as its affordable utilities and transportation.

Now we've arrived at America's more affordable states, where the cost of living works out less than the national average.

Utah's major forte is its low energy prices – the state has some of the most affordable natural gas in the country – and its groceries, housing, and healthcare are also very reasonably priced.

Transportation, however, is costly, while prices for miscellaneous goods and services are higher than the national average.

Housing, utilities, and miscellaneous goods and services are all economically priced in North Dakota – but not everything is cheap in the Peace Garden State.

Groceries are a fraction more expensive than the national average and transportation is moderately dearer, while healthcare is noticeably more costly.

Healthcare in the Badger State is also significantly higher than the national mean, which isn't great for the typical family's finances.

Fortunately, Wisconsinites are blessed with lower than average prices for housing, groceries, utilities, transportation, and miscellaneous goods and services, helping to lighten the load a fraction.

Southern states tend to be more affordable and North Carolina is no exception to the rule – although it's still far from being the cheapest.

The state's low cost of housing is its biggest draw, while its groceries, utilities, and transportation are also more economical than the state average. Be that as it may, healthcare is dearer, and miscellaneous goods and services cost moderately more than the national median.

In terms of cost of living, Wyoming has plenty in its favor. Housing is wonderfully affordable and only one other state has cheaper utilities. The state is exceptionally tax-friendly, with liquor duty the lowest in the country.

While its transportation and healthcare are reasonably priced, its groceries and miscellaneous goods and services slightly exceed the national average in price.

Illinois is also far from a perfect low-cost paradise. This is due to its higher than average transportation prices and cumbersome tax burden – it has one of the highest property tax rates in the US.

Bar these shortcomings, Illinois is actually a very affordable place to live. Despite the property tax, housing is actually its cheapest factor, while its groceries, utilities, healthcare, and miscellaneous goods and services are less expensive than the national median, too.

Housing costs are also well below the national average in Nebraska. The state's utilities are also very economically priced, as are its groceries and miscellaneous goods and services.

Nevertheless, Nebraskans still pay a fraction more than the US average for healthcare and transportation.

Housing is even more affordable in South Carolina. Healthcare is cheaper than the national average, as are groceries, transportation, and miscellaneous goods and services.

The major spanner in the works is the state's utility costs, which are higher than the average US state.

Kentucky positively wows: it has the cheapest healthcare in the country and its housing costs are also mega-low.

While groceries in the Bluegrass State are more affordable than the national average, its utilities are moderately dearer, as are its transportation and miscellaneous goods and services.

Housing and utilities are especially affordable in Louisiana: the state has an extremely low property tax rate and is one of America's major energy producers, which helps to keep fuel prices low.

Unlike every single state covered up to now, the cost of living in Louisiana is cheaper than the national average over all six categories surveyed by MERIC. Pretty impressive, right?

They say everything's big in Texas but thankfully, the cost of living certainly isn't. It boasts the second-cheapest groceries and some of the country's lowest housing costs, as well as affordable healthcare, transportation, and miscellaneous goods and services.

However, despite offering the lowest fuel prices in the country, Texas's utility cost still sits a fraction above the national average.

Shopping for food is pretty easy on the wallet if you live in Michigan, which boasts the nation's lowest grocery costs.

Housing is cheap across the state too, while its utilities, healthcare, and miscellaneous goods and services are all priced below the national average. If it wasn't for its transportation costs, which are just above the average state-wide figure, Michigan would be the epitome of a low-cost idyll.

Housing in Ohio is the seventh-cheapest in the country, with affordable house prices and rents widely across the state.

Everything else is more affordable than the national median, although its grocery prices and the cost of miscellaneous goods and services are within a percentage point a-piece of the American average.

Housing is New Mexico's most affordable category too, but utilities are also a steal in the Land of Enchantment, which further charms both newcomers and long-time residents alike.

Also in its favor are lower than average costs for groceries, healthcare, and transportation, not to mention bargain prices for miscellaneous goods and services.

Miscellaneous goods and services are actually more expensive than the national average in Arkansas, but the state redeems itself magnificently in other areas.

Again, housing is significantly more affordable than the median for the country as a whole, and groceries, transportation, and utilities are competitively priced. Most appealing of all, perhaps, is its incredibly low cost of healthcare – only Kentucky is cheaper by this metric.

Cost of living is below the national average throughout every category in Indiana. Housing is by far the cheapest category though, with home prices and rents a fraction of what you'd pay in, say, Hawaii or California.

Groceries are also much cheaper than the national average, although utilities are just 1% more affordable than the average.

Buying or renting a home and powering it is even more cost-effective in West Virginia, which has some of the cheapest housing and utility prices in the country.

Healthcare and transportation expenses in the state are also incredibly affordable. While its groceries are moderately priced, West Virginia's miscellaneous goods and services teeter perilously close to the national average.

Housing in Iowa costs a whopping 24% less than the national average. However, it's not all rosy.

While living expenses are cheaper than the median across all six categories covered by MERIC, the cost of healthcare in Iowa is just 0.1% lower than the national average. The state's grocery bills are close to the average as well.

Missouri is a strong all-rounder. Uniformly cheap across every category, its cost of housing is especially affordable, as are its groceries and healthcare.

The state ties with Virginia for having one of America's lowest cigarette prices – a pack in the state averages $5.25, compared to $12.85 in New York, where smokes are the most expensive.

Likewise, Tennessee is fabulously affordable across the board as well. Cheap housing is ubiquitous in the state, while its transportation costs are the second-lowest in the country.

Interestingly, Tennessee has the nation's second-highest combined sales tax rate, but it's generally considered to be a very tax-friendly state when other duties are taken into account.

The cost of living is low in Georgia, too. Housing is remarkably affordable and transportation is very low in price.

The Peach State's scores in other categories aren't quite as outstanding but when all is said and done, Georgians pay significantly less for their goods and services that the majority of Americans.

In joint third-cheapest spot is Oklahoma. Yet again, housing is the most affordable category by quite a wide margin. Miscellaneous goods and services are mega-cheap, while groceries, utilities, transportation and healthcare are all reasonable in price.

Another added bonus of life in the Sooner State? It's pretty tax-friendly, too.

Tying with Oklahoma is Alabama. Housing is the state's standout, with the cost of buying and renting property the second-cheapest in the country, and the property tax rate is the second-lowest in the US.

You also get excellent bang for your buck when it comes to healthcare, transportation, and miscellaneous goods and services, and will also pay less than the national average for groceries. However, it's worth knowing that utilities come in at just over the national average.

Kansas is officialyl the runner-up for the US state with the lowest cost of living.

It's the cheapest in the country for miscellaneous goods and services, and its housing also costs peanuts – only two other states are more economical for buying and renting property.

Groceries and transportation are very reasonable in Kansas, although its healthcare and utilities are a tad more expensive than the national average.

The most affordable state of them all, Mississippi is America's low-cost heaven. The state has the country's cheapest housing and transportation, as well as the second-cheapest miscellaneous goods and services.

Groceries, utilities, and healthcare are also very gentle on the bank balance in the Magnolia State. What more could you ask for?

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