REPORT: Indiana is one of the most affordable states to live in

INDIANAPOLIS -- A new study says Hoosiers have it good and cheap compared to most of the United States. 

A recent report by GOBankingRates has Indiana ranked as one of the top three most affordable states to live. 

The financial website looks at what it would take financially to live in all 50 states according to the cost of living.

You can guess some of the most expensive ones, such as California, New York and Hawaii. 

Indiana came in as the third most affordable, following Oklahoma and Michigan. 

3.  Indiana

It costs 12 percent less than the national average to live in the Hoosier state with affordable transportation health care and housing. A home is a cool 24 percent lower than the national average.

2.  Michigan

Residents of the Great Lakes state enjoy paying almost 12 percent less than the average American for common living expenses such as food and the largest savings is housing costs which are about 23 percent lower than the rest of the country.

1.  Oklahoma

The big win here is the grocery bill which is 7 percent lower than the national average and transportation costs which are about 12 percent lower. The cheap housing and great college football are both huge bonuses.

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