A new report from the U.S. Commerce Department has confirmed what most of us living in South Dakota already knew: it's a fairly inexpensive state to live in!

According to the findings, there are only four states that are cheaper to live in.

But there is always a flip side to the good, as South Dakota is the only state in the country where real personal income actually declined over the past five years. Real personal income is defined as how much your actual wages rose in relation to how much inflation there was. Here in South Dakota, our wages are not keeping up with inflation (again, not a real surprise for those of us who live here) Conversely, North Dakota had the highest gain in real personal income growth at over 15%.

"For the first time, Americans looking to move or take a job anywhere in the country can compare inflation-adjusted incomes across states and metropolitan areas to better understand how their personal income may be affected by a job change or move. Businesses considering relocating or establishing new plants also now have a comprehensive and consistent measure of differences in the cost of living and the purchasing power of consumers nationwide. The Commerce Department’s 'Open for Business Agenda' prioritizes making our data more accessible and understandable so that it can continue powering both small and large businesses nationwide," said U.S. Secretary of Commerce Penny Pritzker.

The report calculated prices of a variety of goods, like food and housing, and shows that prices in states like Mississippi and Missouri are lower than in the rest of the country.

On the other hand, the Northeast is the most expensive place to live.

Here’s a rundown of the 10 cheapest states to live in:

South Dakota
West Virginia

And, here are the 10 most expensive states to live in:

District of Columbia
New York
New Jersey
New Hampshire

So how do you feel about living in South Dakota? Our income isn't going up as fast as it should, but at least prices of housing, food and essentials aren't spiraling out of control either.