The Best U.S. Cities With Affordable Living
Living on a budget has become a top priority for many in a world where financial conditions are always changing.
There are U.S. cities stand out as beacons of economic prudence, providing an appealing balance between affordable living expenses and improved standards of living.
1. Toledo, Ohio
The median salary of Toledo, Ohio is $37,220 and a median home listing price of $239,900, making it a reasonably priced and economically promising place. Its economic lifestyle is enhanced by its $184 monthly utilities and $7,682 estimated annual food costs.
Toledo's strategic location near Detroit, Cleveland, and Chicago adds to its allure. Even with the economic hardships of the 1980s, growth has been noticeable recently.
In the past year, construction employment increased by 6.4% and the financial activities sector by 1.4%, respectively, according to a Federal Reserve study, outpacing both Ohio and national averages.
Toledo has access to a highly trained workforce due to its concentration of several universities within a 60-mile radius, including Bowling Green University and the University of Toledo. The Toledo Clinic and Owens Corning are two significant employers that support the city's economic stability.
2. Memphis, Tennessee
Memphis is an affordable place to live with a median home listing price of $327,275 and a median salary of $38,949. The $158 monthly utility expenditure and the $7,616 annual food expense add to its affordability.
Memphis, which has a median age of 34 and a population of around 650,000, is well-positioned for a future tech surge.
In terms of Black-owned enterprises receiving venture financing, the city leads its peers; 16% of early-stage companies include Black founders, compared to 1% nationwide.
FedEx, the state government of Tennessee, and the federal government are among the major employers located in Memphis. Economic growth is demonstrated by the 9.88% rise in income per capita from 2018 to 2019.
Memphis is known for its musical legacy, which includes blues, rock 'n' roll, and its connection to Elvis at Graceland. These factors combine to make Memphis a culturally vibrant and affordable city, even outside of its economic vitality.
3. Detroit, Michigan
One of the most affordable havens for homebuyers is Detroit, sometimes known as the Motor City. A real estate gem, boasting a median home listing price of $270,000, is complemented by a median wage of $36,000, notwithstanding past struggles.
With just 6% of monthly income going toward mortgage payments, the city's low mortgage burden is its most notable quality. Big companies such as General Motors and technological giants like Microsoft have contributed to Detroit's economic recovery.
With the launch of a developer academy in North America, Apple has cemented the city's position as a burgeoning metropolis with a thriving culinary and cultural scene.
4. Baltimore, Maryland
Baltimore maintains its reputation as a vibrant city with budget-friendly housing. With a median home listing price of $365,875 and a median salary of $50,108, the city provides a reasonably balanced financial environment.
With $241 in monthly utilities and $8,434 in annual food costs, the city is a desirable place for residents to live.
Baltimore's economy is diverse and is home to renowned employers including Johns Hopkins University and Northrop Grumman, one of the biggest arms manufacturers in the world.
With nearly 18% of the workforce employed in federal, state, or municipal roles, the government sector is a major player in the labor market.
Due to Baltimore's strategic location, less than an hour from Washington, D.C., residents have more options to work in the nation's capital without having to deal with the high cost of housing there.
5. Rochester, New York
With a median home listing price of $274,338 and a median salary of $41,646, Rochester, New York, is emerging as a city on the rise. Considering $197 in monthly utilities and $8,966 in annual food costs, the city is affordable and a desirable option for anyone looking for an affordable yet exciting way of life.
The real estate analytics organization ATTOM Data Solutions released reports showing that Rochester's Return on Investment (ROI) for sellers has increased significantly, by an astounding 49.9%.
The main employer in the city is the University of Rochester and its medical complex, which employs 32,000 people.
Rochester is steadily growing and stable because of this economic and educational pillar, which attracts people seeking both affordable living options and opportunities to advance their careers.
6. Wisconsin's Milwaukee
Milwaukee, which is located on the west side of Lake Michigan, is an appealing choice for individuals looking for a budget-friendly and exciting urban experience. Milwaukee has an alluring cost of living, with a typical salary of $41,166 and a median home listing price of $239,900.
Residents spend around $202 on utilities each month, whereas the predicted annual cost of food is $7,682. The city is famous for its brewing heritage, being home to well-known brands including Schlitz, Miller, and Pabst.
With more than 30 breweries, Milwaukee's beer scene is still vibrant, but the healthcare industry increasingly dominates the city's economy.
Milwaukee, home to about 600,000 people, is linked to three major healthcare employers: Froedtert Health (10,900), Ascension Wisconsin (15,500), and Aurora Health Care (25,900).
Milwaukee has been a popular travel destination due to this change in economic priorities and its reasonably priced property market, particularly for individuals looking to escape the more expensive living in nearby Chicago.
Milwaukee's median home listing prices are about half those of Chicago, making it a desirable choice for those who want to balance job opportunities and affordability.
7. Montgomery, Alabama
Montgomery comes to the spotlight as a cost-effective jewel with bright future career prospects. It offers an affordable cost of living, with a typical salary of $39,505 and an average home listing price of $299,224.
The cost of food is expected to be $7,616 annually, while the cost of utilities is $238 per month. Montgomery is noteworthy because it has the lowest median annual real estate taxes (about $512) of any city on the list.
Although Montgomery may go unnoticed by some, it is a growing center for the aerospace sector. Holding large corporations like Lockheed Martin, Raytheon, Leidos, Northrop Grumman, Boeing, and the U.S. Department of Defense, Montgomery is establishing itself as a prominent leader in this industry.
The recent 225,000-square-foot complex that Lockheed Martin invested in highlights the city's dedication to expansion and development.
8. Cleveland, Ohio
Cleveland attracts those looking for a balanced lifestyle by marketing itself as a dynamic and economical city. Cleveland provides stable employment and affordable housing prices, with a typical salary of $47,268 and a typical home selling for $248,480 in 2023.
With a median age of 36, its young population takes advantage of Lake Erie's vibrant waterfront culture, which includes boat parties and water sports. Large preserves around the city appeal to nature enthusiasts.
Cleveland's economy is boosted by the public-private Cleveland Innovation District, which is expected to create 20,000 jobs over the next 10 years. Despite facing economic difficulties, Cleveland continues to be an affordable and thriving city.
9. Buffalo, New York
Buffalo, New York, is a city that combines economic accessibility with urban revitalization, ranking among the most budget-friendly cities in the United States. Buffalo's median salary is $41,036 and its median home listing price is $277,697. This means that living there is affordable for most people.
A total of $194 for monthly utilities and $8,966 for annual food expenses make it even more affordable. Buffalo has changed dramatically over the last ten years, with an increase in restaurants, entertainment venues, and community gatherings that challenge the city's reputation as a winter destination.
With a population of less than 300,000, the city offers an ideal alternative to life in a big city, and its real estate market is still remarkably affordable. Buffalo's median listing price for a single-family home in 2020 was $184,000.
This was substantially less than the national median, which attracted individuals looking for affordability without sacrificing a rich culinary scene.
10. Kansas City, Kansas
Ranking tenth among the most affordable U.S. cities, Kansas City, Kansas, offers an intriguing fusion of Midwest charm with economic viability.
With a median salary of $37,861 and a typical listing price of $453,363, Kansas City presents a compelling choice for individuals seeking affordable living. The approximate $271 monthly utility bill and the $7,682 annual food expenditure are other factors in the city's affordability.
The Midwest city is particularly renowned for being a great place for first-time home buyers, with median listing costs that regularly fall below $200,000. The city's economy heavily depends on the healthcare industry, with large employers like the University of Kansas Medical Center and Hospital employing over 10,000 people altogether.
In addition to healthcare, Kansas City is a manufacturing and transportation hub with a wide range of job prospects. Kansas City is a hub for people looking for a vibrant and dynamic community as well as an affordable place to live because of its advantageous location and robust economy.
Try Affordable Living
Your quality of life may change considerably if you live in an affordable city. You could enjoy the facilities and opportunities these cities have to offer in addition to saving more money for your long-term goals.
These low-cost cities in the U.S. have everything you might want: a bustling economy, a gorgeous natural setting, or a rich cultural heritage.
Note that affordability encompasses more than simply financial considerations; it also includes the happiness and contentment that come from residing in an area that meets your requirements and preferences.