The cost of living in the U.S. is on the rise. It now takes $119.27 to buy what $100 could buy before the pandemic. The median sale price in the U.S. increased by 3.7% and is now $403,164.
The year 2024 is expected to shake up the real estate market. As per the housing market prediction, home prices may stay high or even increase, with a few exceptions. The average cost of living is between between $2,500 and $3,500 per month. Moreover, 67% of Americans are worried about the cost of living.
It could be difficult to afford a house in expensive states like Massachusetts, New York, and Florida. But, If you are looking for a cheaper option, Houzeo has compiled a list of affordable places to live in the U.S. You can fulfill your dream of buying a house in your favorite state without spending too much money.
3 Tips to Move Affordably 💲
- Explore Your Mortgage Options: You can opt for FHA, VA, or USDA loans for low downpayment mortgages. Additionally, you can consider no-closing-cost mortgages or down payment assistance programs.
- Research and Compare Mortgage Lenders: You can save over $84,000 by shopping for mortgages. Compare mortgage lenders based on their interest rates, guidelines, loan offers, and mortgage policies.
- Buy Without a Realtor: You can look for properties on FSBO websites where you don’t need to employ a buyer agent commission. Thereby also gaining leveerage to negotiate with the seller.
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Cheapest Places to Live in the United States in 2024
This list provides insights into the average household income, median listing price, population, unemployment rate, and poverty rate of the cities.
| City | Median Household Income | Median Home Value | Population | Unemployment Rate | Poverty Rate |
|---|---|---|---|---|---|
| Rockford | $50,744 | $141,710 | 146,713 | 5.2% | 22.2% |
| Memphis | $48,090 | $142,688 | 621,056 | 4.9% | 23.6% |
| Fort Smith | $50,799 | $167,867 | 89,992 | 3.4% | 18.9% |
| Brownsville | $46,735 | $172,333 | 189,382 | 4.7% | 26.1% |
| Wichita | $60,712 | $181,958 | 396,192 | 2.5% | 15.5% |
| Decatur | $55,164 | $204,980 | 57,922 | 1.9% | 4.85% |
| McAllen | $56,326 | $216,572 | 144,579 | 5.9% | 21.0% |
7 Cheapest Places to Live in US
The average United States home value is $342,685. If you’re considering shifting to USA, here are some cities that offer affordable living options below its :
1. Rockford, Illinois
| 🟢 Cost of Living Compared to National Average | 21%⬇️ |
| 🏡 Median Home Price | $141,710 |
| 💲 Median Rent | $975 |
| 🌅 Known For | Anderson Japanese Gardens |
Rockford is an affordable place to live in Illinois. Its median house rent ranges from $220 to $6,100. It also offers affordable transportation, which is 17.5% lower than the national average.
Rockford, Illinois, is considered a good place to live with an exceptional quality of life with a livability score of 60. The city’s health facilities and safety measures play a major role in it.
The city also offers 40 specialized S.T.E.A.M. programs, contributing to a well-rounded educational environment by improving the admission rate of colleges.
» Homes for Sale in Rockford, IL: Find your dream home in this city.
2. Memphis, Tennessee
| 🟢 Cost of Living Compared to National Average | 14.2%⬇️ |
| 🏡 Median Home Price | $142,688 |
| 💲 Median Rent | $1,275 |
| 🌅 Known For | Sun Studio |
Memphis is one of the most budget-friendly rental destinations in Tennessee with an average home rent ranging from $450 – $12,950. Moreover, the healthcare costs are 3.2% below the national average in this city.
Memphis, Tennessee, offers a rich cultural experience with its vibrant music scene, historical significance, and diverse attractions. The city is known for its blues heritage, iconic landmarks like Beale Street, and cultural events like Juneteenth and Dia De Los Muertos.
» Homes for Sale in Memphis, TN: Browse thousands of property listings in Bluff City.
3. Fort Smith, Arkansas
| 🟢 Cost of Living Compared to National Average | 23.4%⬇️ |
| 🏡 Median Home Price | $167,867 |
| 💲 Median Rent | $960 |
| 🌅 Known For | Fort Smith Museum of History |
With rental costs below the national average, Fort Smith stands as one of the most affordable cities to live in Arkansas. The house rent is between $500 – $2,550.
The city is home to the Fort Smith National Historic Site, preserving the history of the fort, the Indian Removal era, and the Western frontier.
The city also offers a range of activities. You can watch the sunset over Indian Territory from the heights of a vintage Ferris Wheel situated in the heart of downtown. You can also enjoy outdoor activities such as hiking, biking, and picnicking in parks like Creekmore Park and Ben Geren Regional Park.
» Homes for Sale in Fort Smith, AR: View all the properties for sale in this city.
4. Brownsville, Texas
| 🟢 Cost of Living Compared to National Average | 25.1%⬇️ |
| 🏡 Median Home Price | $172,333 |
| 💲 Median Rent | $1,200 |
| 🌅 Known For | Sabal Palm Sanctuary |
Brownsville is a budget-friendly city in Texas with a median rent that is $800 lower than the national median. A low cost of living and affordable housing has led to a population growth of 2.8% since 2020.
Being located along the Rio Grande, Brownsville offers scenic views and recreational opportunities along the river. Additionally, downtown Brownsville is known for its traditional Mexican “zarapes” (blankets mixed with ponchos) and handcrafted leather goods, including belts and saddles.
» Homes for Sale in Brownsville, TX: Browse through thousands of affordable properties.
5. Wichita, Kansas
| 🟢 Cost of Living Compared to National Average | 17.2%⬇️ |
| 🏡 Median Home Price | $181,958 |
| 💲 Median Rent | $1,295 |
| 🌅 Known For | The Keeper of the Plains |
Also known as “Cowtown,” Wichita’s monthly average cost of living is $1,667. The average grocery expenses are 5% lower than the national average.
Known as the “Air Capital of the World,” Wichita has a strong presence in the aviation and aerospace industry. The city hosts major aircraft manufacturing companies like Spirit Aerosystems Holding and EagleMed LLC. Home to Wichita State University, the city contributes significantly to education and research.
» Homes for Sale in Wichita, KS: Browse through thousands of properties in Cowtown.
6. Decatur, Alabama
| 🟢 Cost of Living Compared to National Average | 16.9%⬇️ |
| 🏡 Median Home Price | $204,980 |
| 💲 Median Rent | $1,000 |
| 🌅 Known For | Cook Museum |
The house rent in Decatur, Alabama is between $600 – $4,525. With an average household income of $72,952, you can comfortably live in this city. A low cost of living and affordable housing has led to a population growth of 1.38% since 2020.
Decatur is home to the Wheeler National Wildlife Refuge, a haven for birdwatchers and nature enthusiasts. The city also offers outdoor enthusiasts opportunities for fishing, boating, and other recreational activities.
» Homes for Sale in Decatur, AL: Find a home in one of the cheapest places to live in Alabama.
7. McAllen, Texas
| 🟢 Cost of Living Compared to National Average | 23.5%⬇️ |
| 🏡 Median Home Price | $216,572 |
| 💲 Median Rent | $1,350 |
| 🌅 Known For | Quinta Mazatlan |
McAllen is one of the best places to live in Texas, with a slight year-over-year median home price growth of 4.8%. The monthly cost of food and transportation is ~8% lower than the state average.
Known as a shopping destination, McAllen is home to La Plaza Mall, one of the largest shopping malls in Texas. The city provides outdoor enthusiasts with opportunities for birdwatching and exploration. Two notable locations are Quinta Mazatlan World Birding Center and McAllen Nature Center.
» Homes for Sale in McAllen, TX: Get yourself a home in this vibrant city.
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Cheapest U.S. Cities for Working Adults
The following are the cheapest cities to live in the United States for working adults:
- Kansas City, MO: Known for its affordability, Kansas City offers a median home price of $224,794 and a low cost of living. The Kansas City region accounts for 20% of the state’s employment, with significant contributions from industries like health care, social assistance, and retail trade.
- Indianapolis, IN: With a median home price of $215,216, Indianapolis is a budget-friendly city. The unemployment rate of the city is just 3.1%. It also hosts institutions like Indiana University, contributing to a diverse cultural and educational environment.
Cheapest U.S. Cities for Retirees
Here are the top cities to live in the US for retirees:
- Brownsville, TX: Brownsville is a retiree-friendly city with a low cost of living and a median home price of $172,333. The pleasant climate and healthcare options like Valley Regional Medical Center and DHR Health Brownsville make it attractive for senior citizens.
- South Bend, IN: South Bend is affordable for retirees with a median home price of $165,714.The city hosts cultural events such as Back to the 80s, IDEA Week, and Celebration for a King. These events foster a vibrant community tailored for retirees to enjoy their lives.
Cheapest Places to Live in the USA for Families
Here are the best cities to raise a family in the US:
- Akron, OH: Akron is a family-friendly city, featuring a median home price of $119,643. It offers quality schools like Akron STEM High School and diverse recreational activities for families.
- Oklahoma City, OK: With a median home price of $194,318, Oklahoma City provides an affordable family lifestyle. It has family-oriented attractions like the Science Museum and the Oklahoma City Zoo.
Cheapest Places to Live Near You
| Region | Best Places to Live Near Me |
|---|---|
| Northeast | Connecticut | Maine | Massachusetts | New Hampshire | New Jersey | New York | Pennsylvania | Rhode Island | Vermont |
| Midwest | Illinois | Indiana | Iowa | Kansas | Michigan | Minnesota | Missouri | Nebraska | North Dakota | Ohio | South Dakota | Wisconsin |
| South | Alabama | Arkansas | Delaware | Florida | Georgia | Kentucky | Louisiana | Maryland | North Carolina | Oklahoma | South Carolina | Tennessee | Texas | Virginia | District of Columbia | West Virginia |
| West | Alaska | Arizona | California | Colorado | Hawaii | Idaho | Montana | Nevada | New Mexico | Oregon | Utah | Washington State | Wyoming |
- 🏡 Do You Need Professional Assistance While Buying a Home?
Look no further! You can access a network of top real estate professionals through Houzeo Pros. They will cater to all your needs and requirements.
The Bottom Line
The average cost of living in the US is between $2,500 and $3,500 per month. However, if you want to shift to affordable places, you can find affordable housing in cities like Rockford, Memphis, and Fort Smith.
Cities like McAllen and Decatur have a slightly expensive cost of living but provide better job opportunities. You must research the city’s home prices and living costs before relocating.
Find Homes for Sale in the US Under Your Specific Budget
Find Homes For Sale by Home Type and Style
The market offers a wider range of homes than ever before. But don’t get overwhelmed! Knowing your preferred style can help you narrow your search. Here are some options to target your search by home style:
» Need More Clarity? Read these exclusive Houzeo reviews and learn why the platform is the best in America’s competitive housing market.
Research Methodology
We’ve created this list by considering factors such as cost of living, median home price, and rental price range. We have also accounted for the population, median household income, poverty rate, and unemployment rate in these cities.
To compile this list of the cheapest areas to live in California, we have drawn data from the Economic Research Institute, World Population Review, Rent Cafe, and Zillow.
FAQs
Which place has the lowest cost of living in the US?
The cheapest place to live in the US is Rockford, Illinois with all the major facilities available. It offers affordable transportation, which is 17.5% lower than the national average.
Which city is the cheapest and safest to live in the US?
Some of the cheapest and safest cities in the US to live in are Boise, Idaho; Huntsville, Alabama; and Fort Wayne, Indiana.
Where is the best place to live in the US?
The best place to live in the US is Green Bay, WI, followed by Huntsville, AL, Raleigh, NC, Boulder, CO, Sarasota, FL, Naples, FL, and Portland, ME.
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