• While consumer prices have come down considerably, inflation is still high in many parts of the country. 
• CNBC’s annual America’s Top States for Business study measures the cost of living in all 50 states.
• This year’s study gives extra consideration to housing costs as the nation faces an affordability crisis.

Inflation is easing. The CPI report for June showed that inflation fell to its lowest annual rate in more than two years, but prices are still stubbornly high in many parts of the country. Some states are making consumers feel the most pain when it comes to cost of living — America's most expensive states to live in. Fortunately, other states offer a refuge when it comes to the cost equation.

Each year, CNBC's America's Top States for Business study considers living costs among the ten categories of competitiveness in our methodology.

We rate the states based on an index of prices for a broad range of goods and services calculated by the Council for Community and Economic Research, or C2ER. New this year, with the nation mired in a housing affordability crisis, we are also factoring in data from the National Association of Realtors' Affordability Distribution Score, which looks at the affordability of homes for sale across all income levels as of the end of last year. A score of 1 or higher generally suggests a housing market that is affordable, while the lower a score falls below 1, it is an indicator of a less affordable market without enough listings in local buyers' range.

In 2023, these 10 states will give you the biggest bang for your buck.

9. (tie) Mississippi

Everyday living is abundantly affordable compared to the rest of the country in Mississippi. Tupelo offers some of the lowest health-care costs in the country. A visit to the doctor will cost you about $77, or about one-third the cost in St. Cloud, Minnesota. Housing is also relatively cheap in the Magnolia State compared to the rest of the U.S. But factored against lower wages, it is not as affordable as it might seem.

2023 Cost of Living score: 41 out of 50 points (Top States grade: A-)

Consumer Price Index (June, South Region): Up 3.3%

Housing Affordability Score: 0.73 out of 2.00

Average Home Price (Tupelo): $300,097

Half Gallon of Milk: $2.14

Monthly Energy Bill: $142.63

9. (tie) Illinois

The Land of Lincoln can be a land of contrasts. Residents in the Chicago area do contend with big city costs. But the rest of Illinois tends to balance that out. And statewide, Illinois offers some surprisingly affordable housing relative to wages. In fact, the National Association of Realtors data says Illinois housing, on balance, is the fourth-most affordable in the nation.

2023 Cost of Living score: 41 out of 50 points (Top States grade: A-)

Consumer Price Index (June, Midwest Region): Up 2.4%

Housing Affordability Score: 0.92 out of 2.00

Average Home Price (Decatur): $271,518

Half Gallon of Milk: $2.04

Monthly Energy Bill: $157.85

7. (tie) Missouri

Missouri, the Show Me State, is showing everyone how to live economically. A four-bedroom house in Joplin costs about 25% of what it would in Bethesda, Maryland. And heating and cooling that home will cost nearly 20% less.

2023 Cost of Living score: 43 out of 50 points (Top States grade: A)

Consumer Price Index (June, Midwest Region): Up 2.4%

Housing Affordability Score: 0.85 out of 2.00

Average Home Price (Joplin): $272,606

Half Gallon of Milk: $2.29

Monthly Energy Bill: $169.33

7. (tie) Michigan

Yes, there really is a Kalamazoo in Michigan, and you can buy a house there for about half the cost of a house in Chapel Hill, North Carolina. In fact, housing in the Wolverine State is the second most affordable in the country. Other living costs are cheap, too. A loaf of bread in Kalamazoo is about a third of the cost in St. Cloud, Minnesota.

2023 Cost of Living score: 43 out of 50 points (Top States grade: A)

Consumer Price Index (June, Midwest Region): Up 2.4%

Housing Affordability Score: 0.93 out of 2.00

Average Home Price (Kalamazoo): $259,015

Half Gallon of Milk: $2.02

Monthly Energy Bill: $172.32

5. (tie) West Virginia

At $233,481 for a four-bedroom house in Charleston, you won't get more home for your dollar anywhere else in the country than West Virginia. Even factoring in the wages you can expect in the Mountain State, prices are among the most affordable anywhere. Your grocery dollar goes farther here, too. You can buy a fried chicken here for half of what it would cost in Rapid City, South Dakota.

2023 Cost of Living score: 44 out of 50 points (Top States grade: A+)

Consumer Price Index (June, South Region): Up 3.3%

Housing Affordability Score: 0.9 out of 2.00

Average Home Price (Charleston): $233,481

Half Gallon of Milk: $2.01

Monthly Energy Bill: $178.74

5. (tie) Oklahoma

Life is good and affordable in Oklahoma, the Sooner State. You can rent a two-bedroom apartment in Ponca City for just $546 a month, or less than one-fifth what it would cost you in Portland, Oregon. And you can bring a six-pack of beer home to your new place for 20% less than in Newark, New Jersey.

2023 Cost of Living score: 44 out of 50 points (Top States grade: A+)

Consumer Price Index (June, South Region): Up 3.3%

Housing Affordability Score: 0.81 out of 2.00

Average Home Price (Muskogee): $258,517

Half Gallon of Milk: $2.16

Monthly Energy Bill: $158.83

3. (tie) Ohio

Homes in Ohio are the most affordable in the nation, according to National Association of Realtors data. Other costs in the Buckeye State are affordable as well. You can go see a movie in Brooklyn, Ohio, outside Cleveland, for about 30% less than it would cost in Brooklyn, New York. And your grocery bill will be about 16% less.

2023 Cost of Living score: 45 out of 50 points (Top States grade: A+)

Consumer Price Index (June, Midwest Region): Up 2.4%

Housing Affordability Score: 1.00 out of 2.00

Average Home Price (Lima): $285,688

Half Gallon of Milk: $2.20

Monthly Energy Bill: $160.09

3. (tie) Indiana

Bargains abound in Indiana for just about anything you need to do. Getting your hair done in the Hoosier State — Richmond, to be specific — will cost you about half of what it would in Baton Rouge, Louisiana. A yoga class in South Bend is less than half what it would cost in Des Moines, Iowa.

2023 Cost of Living score: 45 out of 50 points (Top States grade: A+)

Consumer Price Index (June, Midwest Region): Up 2.4%

Housing Affordability Score: 0.9 out of 2.00

Average Home Price (Fort Wayne): $296,241

Half Gallon of Milk: $2.46

Monthly Energy Bill: $170.38

2. Kansas

Living in the Kansas heartland has many advantages, including your grocery bill. A dozen eggs in Topeka costs less than half of what it does in San Diego. A loaf of bread in the state where they grow the wheat costs only about half of what it does in Boston.

2023 Cost of Living score: 46 out of 50 points (Top States grade: A+)

Consumer Price Index (June, Midwest Region): Up 2.4%

Housing Affordability Score: 0.88 out of 2.00

Average Home Price (Wichita): $314,516

Half Gallon of Milk: $2.05

Monthly Energy Bill: $165.13

1. Iowa

Iowa, the Hawkeye State, boasts the second most affordable housing in the nation. Rental costs are cheap, too. A two-bedroom apartment in Burlington goes for $750 a month, or less than a quarter of the rent in Chicago. Your electric bill in Ames is just over half of what it would be in Austin, Texas. And, of course, corn in Iowa costs about half what it does in Tampa, Florida. There are deals as far as the eye can see in America's cheapest state to live in.

2023 Cost of Living score: 47 out of 50 points (Top States grade: A+)

Consumer Price Index (June, Midwest Region): Up 2.4%

Housing Affordability Score: 0.93 out of 2.00

Average Home Price (Burlington): $270,071

Half Gallon of Milk: $2.32

Monthly Energy Bill: $214.78