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.