With the inflation rate reaching a 40-year record high, it is no surprise that 67% of Americans are worried about the cost of living. As a result, more and more people are looking for ways to save on monthly expenses. Since housing is by far the largest expense for Americans, lowering housing costs can surely yield big. One way to do that is to move to a new apartment or a new place where housing rent is cheaper.
The good news is there are several affordable places to live in the United States. However, be aware that a place with a lower cost of living might come with a few caveats, like fewer high-paying job opportunities, not-so-nice weather, and fewer personal preferences. Having said that, here are some of the most affordable places to live in the USA right now.
With a better economy, lower than the average crime rate, and good weather, living in Huntsville, Alabama can be a great option for many. According to the U.S. Census Bureau’s most recent estimates, the cost of living in Huntsville is 8% lower than the U.S. national average and housing is 24% cheaper than the U.S. average. Also, Alabama is one of the most tax-friendly states, with the top rate of 5 percent applied to an individual’s taxable income over $3,000.
Des Moines, Iowa
With a 14% lower cost of living than the national average, Des Moines has a quite affordable housing market. Also, the relatively low state-income taxes are a plus. Despite its affordability, Des Moines provides a good quality of life. Multiple reports suggest that Des Moines residents earn above-average salaries because of the variety of well-paying industries in the metro.
Home to the University of Arkansas, Fayetteville has a low cost of living and a thriving cultural scene. Currently, the cost of living in Fayetteville, Arkansas is $1758, which is 9% lower than the national average. It is a wonderful place to be if you also like the outdoors.
Wichita is an affordable city with a diverse economy, particularly in manufacturing and aviation. The cost of living is 9% lower than the national average. As per the latest estimates, a one-bedroom apartment in Wichita has a median price of $690 per month, while a two-bedroom is slightly higher at $850 a month.
With an affordable housing market, a rich cultural heritage, and a diverse economy, Louisville is becoming increasingly attractive to young professionals and families. The estimated cost of living for one person at $1795, 4% lower than the national average. Also, utilities, groceries, and things like that are pretty cheap here.
Oklahoma City, Oklahoma
For real bargain hunters, Oklahoma is an affordable and safe city with favorable and mild seasons throughout the year. Aside from the budget-friendly rental and homeownership options, the cost of living is 16% lower than the national average. The average rent for a 1 bedroom apartment in Oklahoma City is $976, as per Google.
Omaha is a progressive and diverse city with a cheaper living cost that is 16% lower than the U.S. average. The cost of food and groceries in Omaha is generally reasonable, contributing to a lower overall cost of living. Not to mention the fact that utility costs, transportation expenses, and a few other things are significantly cheaper than many other cities in the United States.