Are you feeling the crushed by the recession where you live?  If taxes are rising and rents are increasing in your hometown, you might be wondering where the cheapest place to live is these days.  There are a few different things to consider, so let’s take a look.

Cheapest Place to Rent

It can be difficult to sell homes or even condos right now, so many owners have turned their properties into rental units.  If you’re searching in the right cities, you can find much more than a tiny apartment for a decent price.  According to msnbc.msn.com, Wichita, Kansas tops the list for the cheapest rent.  You can find a 600-square-foot unit with one bedroom, a washer and dryer, and a full kitchen for $470/month.  Plus, your rent includes golf and country club fees.

Oklahoma City comes in second at $490/month for a 900-square-foot unit with a gym on the property, followed by Tulsa, Oklahoma at $520/month for a 600-square-foot, one-bedroom unit.  Knoxville, Tennessee sounds appealing at $560/month with a one-bedroom unit that is surrounded by woods and includes a balcony, pool, tennis court, and playground.  Finally, Dayton, Ohio is fifth at $570/month for a 500-square-foot, one-bedroom unit on the lake, and a portion of your rent can go towards an eventual down payment if you decide to buy and own.

Cheapest Place to Buy a Home

If you’re looking to become a homeowner, the cheapest average home price is found in Minot, North Dakota: $132,300.  Out of the top ten cheapest home prices, the most expensive is Cadillac, Michigan at $151,530.  This list comes from Coldwell Banker, considering 2200-square-foot homes with four bedrooms and 2 ½ baths.  If that’s what you’re interested in and you want the cheapest prices available, you can also hover around Texas, Ohio, Kansas, and Oklahoma.  (Looks like the central region is coming out on top…)

Of course, you must also consider the cost of living in any city.  If you were to stumble upon a great deal in New York City, it might get overshadowed by taxes, insurance rates, interest rates, travel costs, etc.  If you don’t already live in one of the cheapest places and are considering moving, are there jobs available in your desired field?  Do they pay well enough to offset the cost of living?  Investigate and be sure that prices are not cheap simply because average salaries are low.

If you find a good deal that’s balanced out, take advantage of it.  You never know when prices might shoot up again, so make the move as soon as you can to stay ahead of it!