Wesley Hitt
- US News & World Report released its 2023 ranking of the most affordable places to live in the US.
- The cost of housing in these 15 cities is less than a quarter what the typical resident makes.
- Spots in the South and Midwest, like Hickory, North Carolina, and Youngstown, Ohio, top the list.
Believe it or not — you don’t have to sacrifice quality for affordability if you’re looking to move in 2023.
In fact, there are several affordable cities throughout the US with great schools and urban amenities — mostly in the South and Midwest, according to a US News & World Report ranking of the cheapest places to live, released last week.
In order to determine the rankings, US News & World Report assessed typical incomes, typical housing costs (including taxes and utilities), and the percentage of income that goes to the cost of housing. It also took into account the cost of goods and services across the cities.
Rent or mortgage payments are considered affordable when a person limits them to 30% or less of what they make each month, according to Insider’s personal finance desk. In each of the cities on the US News list — from Brownsville, Texas, to Youngstown, Ohio — the costs were even less: typical residents spend under 25% of their monthly incomes on housing.
No big cities made the cut. In fact, most of these places have a small-town flair and access to parks and hiking trails — outdoorsy lures that have been popular with American movers since the pandemic.
Several of these spots, like Fayetteville, Arkansas, and Green Bay, Wisconsin, also topped US News & World Report’s overall list of best places to live. That ranking, also released last week, considered not only affordability but also how many people are moving there, how happy residents are, crime rates, and other quality-of-life indicators.
Here are the typical incomes and cost of housing in the top 15 cheapest places to live, according to US News & World Report.
Danita Delimont/Shutterstock
Population of the metro area: 420,554
Average salary: $39,240
Percent of income spent on living costs: 23.34%
Denis Tangney Jr/Getty Images
Population of the metro area: 323,681
Average salary: $49,240
Percent of income spent on living costs: 20.94%
Blazen Images/Getty Images
Population of the metro area: 538,063
Average salary: $51,590
Percent of income spent on living costs:: 20.44%
Kevin Ruck/Shutterstock
Population of the metro area: 918,166
Average salary: $48,350
Percent of income spent on living costs: 21.31%
Teresa Kopec/Getty Images
Population of the metro area: 322,864
Average salary: $47,400
Percent of income spent on living costs: 21.67%
Getty Images.
Population of the metro area: 873,816
Average salary: $49,290
Percent of income spent on living costs: 21.13%
Ryan Brohm / Shutterstock.com
Population of the metro area: 384,055
Average salary: $51,240
Percent of income spent on living costs: 20.14%
Ali Majdfar
Population of the metro area: 326,590
Average salary: $51,510
Percent of income spent on living costs: 19.92%
Henryk Sadura/Getty Images
Population of the metro area: 404,226
Average salary: $54,370
Percent of income spent on living costs: 20.62%
DenisTangneyJr/Getty Images
Population of the metro area: 397,924
Average salary: $50,750
Percent of income spent on living costs: 20.31%
Posnov/Getty Images
Population of the metro area: 415,887
Average salary: $50,330
Percent of income spent on living costs: 20.07%
Denis Tangney/Getty Images
Population of the metro area: 483,366
Average salary: $61,140
Percent of income spent on living costs: 19.62%
DenisTangneyJr/Getty Images
Population of the metro area: 361,177
Average salary: $45,520
Percent of income spent on living costs: 20.69%
Sean Pavone / Shutterstock
Population of the metro area: 542,459
Average salary: $45,090
Percent of income spent on living costs: 20.29%
Jeff Yount/Getty Images
Population of the metro area: 364,877
Average salary: $44,470 per year
Percent of income spent on living costs: 18.95%
The post The 15 cheapest cities to live in the US, where locals spend under 25% of their incomes on housing and can also enjoy parks and great schools first appeared on The News And Times – thenewsandtimes.com.