Cost of living is in the news a lot lately. From rising housing costs to college loans, it’s especially difficult to be young and broke these days. While no situation is perfect, costs vary widely based on location.
According to a study by MagnifyMoney, there’s a few cities where you’re better off if you’re young and broke.
“We started by analyzing more than 100 U.S. cities to find the most favorable and affordable places for people between the ages of 18 and 24. Among other data points, we not only looked at obvious expenses like housing and food, but also unemployment rates, income taxes and the rate of young adults who are living in poverty.”
Based on these findings, here are the top 10 cities to live in if you’re just starting out.
Young and Broke? You Should Live Here
- Madison, Wisconsin
- Grand Rapids, Michigan
- Dayton, Ohio
- Syracuse, New York
- Durham, North Carolina
- Des Moines, Iowa
- Provo, Utah
- Akron, Ohio
- Chattanooga, Tennessee
- Lexington, Kentucky
The list of 10 goes to show that around the country, cost of living varies. What’s more, nearly all of these cities are in the Midwest or South. Those that aren’t are relatively far removed from the cost increasing influence of larger cities. New York, for example, is not generally a low cost of living state. However, Syracuse is upstate, several hours away from New York City’s bloated rent and high taxes.
Of course, if there’s a top 10 cities… there’s also a bottom 10.
The Worst Cities If You’re Young And Broke
- Riverside, California
- Modesto, California
- Bakersfield, California
- Santa Rosa, California
- Stockton, California
- Fresno, California
- Sacramento, California
- Tampa, Florida
- Los Angeles, California
- New York, New York
Well, that escalated pretty quickly, didn’t it? It should come as no surprise, however. California is a really expensive place to live and New York city is no different. These coastal hubs have a lot to offer young people, but those offers come at a high price.
Location, Location, Location
It goes to show that location matters when it comes to cost of living. Many of the top 10 cities for being young and broke are smaller cities in less urban locations. Many of them are also “college towns” which cater to young people and often have a lot of opportunity for recent graduates.
We can’t always decide where to live. However, when we’re just starting out, young and broke and all, there’s often more mobility. If you have a choice, one of the top 10 cities on the list above will put you in a better position for success.
If you do have that mobility, it helps to know before you go! That’s where City vs City can help. City vs City allows you to compare your current cost of living with another city you’re thinking of moving to. Simply input your data and select the zip codes you’re moving to and from.
As a result, you’ll see a side by side comparison of costs between the two cities and know which one is a better fit!
If you’re thinking of moving, don’t make a move without downloading City vs City first!