In this article we discuss the 5 most affordable major cities in the U.S. If you want to read our detailed analysis of these American cities, go directly to the 10 Most Affordable Major Cities in the U.S.
5. Fort Wayne, Indiana
Cost of living: 12% below U.S. average
Median home price: $242,206
Located in northeastern Indiana, Fort Wayne is rated as one of the most affordable major cities in the U.S. The city is widely known for its traditional lifestyle with a quiet neighborhood. The housing expenses are over 30% lower than the national average and offer a median rent of $758. The job market is also resilient with manufacturers like General Motors Company (NYSE: GM) investing in the city’s economy.
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4. Florence, Alabama
Cost of living: 12% below U.S. average
Median home price: $239,777
Florence has always been a tourist attraction due to its distinctive sites which come at a reasonable price. Over the past years, the city’s population has increased by 3.1%, mainly because of affordable real estate. Housing-related expenses are over 31% lower than the U.S. average, and a median rent stands at $751. The Healthcare of the city is also 21% lower than what an average American pays.
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3. Augusta, Georgia
Cost of living: 13% below U.S. average
Median home price: $236,307
Augusta might not be a good alternative to a big city initially but offers a lot once settled in. The city is loved for plenty of parks, quality education, minimal commute, and affordable housing. The housing expenses are 32% lower than the national average with a median rent of over $740. Moreover, Augusta is also home to the manufacturing companies like Graphic Packaging Holding Company (NYSE: GPK) and Kellogg Company (NYSE: K). With a population of 127,139 people, the unemployment rate of the city stands at 4.1%.
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2. Tulsa, Oklahoma
Cost of living: 8% below U.S. average
Median home price: $225,203
Tulsa is the second-largest city in Oklahoma which makes it a desirable place for those moving from big cities. The housing expenses are 35% lower than the national average with a median rent of over $700. The city also has an Affordable Housing Trust Fund, which offers better living conditions to its citizens. Moreover, Tulsa also provides better job opportunities to the residents with major employers like Avis Budget Group, Inc. (NASDAQ: CAR) and Cimarex Energy Co. (NYSE: XEC). Due to the availability of jobs, the unemployment rate in Tulsa is 4.2%.
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1. McAllen, Texas
Cost of living: 24% below U.S. average
Median home price: $216,875
McAllen is one of the fastest-growing cities in the U.S. with a population rise of over 9.0% in the last decade. Housing-related expenses are a whopping 37% lower than the national average with median rent as low as $679. The McAllen Housing Authority offers safe and affordable housing to low-income residents and currently serves over 130 families.
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