06/12/2012 01:54 pm ET Updated Jun 12, 2012

Cheapest U.S. Cities Located In Texas, Tennessee

Think you're spending too much money on day-to-day living expenses? It could be because your cost of living in your hometown is too high.

The Street has compiled a list of the 10 cheapest U.S. cities to live in. These cities -- ranging from McAllen, Texas, to Memphis, Tenn. -- have the lowest cost of living out of 300 or so cities surveyed by the Council for Community and Economic Research, according to The Street.

The Council calculates cost of living by researching the local prices of some 60 goods and services in each city every three months and weights them according to how important they are. From that, they calculate the cost of living index -- the lower the index score, the lower the cost of living.

Index scores are out of 100. An index score of 80, for example, means that costs in that city are 20 percent lower than the national average.

A cautionary note: These cities are cheap in part because the people living there earn less money. Lower prices don't mean much if your wage and the value of your home are lower.

Correction: Due to an editing error, the original version of this story misidentified the location of two cities. They are in fact in Arkansas.

Here are the ten cheapest cities in the country:



10 Cheapest U.S. Cities In The Country