Here Are The Top Five Cheapest Cities In America

Not all cities are created equal, especially from a cost of living standpoint. Costs vary widely from state to state and city to city. And while residents bemoan the high costs associated with New York or Los Angeles, there’s a lot of space in-between the coasts where life is a little more affordable. Here are the five cheapest cities in America to live in.

Based on reporting by CNBC, here is where you can get the most bang for your buck.

 

Tupelo, Mississippi

Cost-of-living index is 20.8 percent below the national average.
City population: 38,842
Median household income: $43,153 (U.S. median: $55,322)
Median home listing price: $169,900 (U.S. median: $259,900)
Median monthly rent: $1,100
Housing costs: 33.1 percent below the national average

Richmond, Indiana

Cost-of-living index: 21.3 percent below the national average
City population: 35,664
Median household income: $30,844 (U.S. median: $55,322)
Median home listing price: $74,500 (U.S. median: $259,900)
Median monthly rent: $800
Housing costs: 39 percent below the national average

Harlingen, Texas

Cost-of-living index: 21.5 percent below the national average
City population: 65,539
Median household income: $35,718 (U.S. median: $55,322)
Median home listing price: $135,000 (U.S. median: $259,900)
Median monthly rent: $1,200
Housing costs: 32.4 percent below the national average

Conway, Arkansas

Cost-of-living index: 22.2 percent below the national average
City population: 65,300
Median household income: $47,190 (U.S. median: $55,322)
Median home listing price: $175,000 (U.S. median: $259,900)
Median monthly rent: $1,000
Housing costs: 37.3 percent below the national average

McAllen, Texas

Cost-of-living index: 24 percent below the national average
City population: 142,212
Median household income: $45,568 (U.S. median: $55,322)
Median home listing price: $208,990 (U.S. median: $259,900)
Median monthly rent: $1,300
Housing costs: 39.7 percent below the national average

Key Findings

The cheapest cities in America tend to be in the south and mid-west. The cities have the lowest average of combined expenses. However, the study is also quick to point out that this doesn’t mean that everything is cheap.

Likewise, jobs may be more scarce and incomes may be relatively low. This is why knowing the true cost of living is important. City vs City can help with that.

With City vs City, we calculate the real cost of living in your city. We examine after-tax income, expenses, savings, and all major state and local taxes. As a result, we arrive at an accurate look at what your cost of living is in your city.

Then, we compare these findings at the zip code level with another city of your choosing. Where can you get more bang for your buck? Conway, Arkansas or McAllen Texas? Download the City vs City app and find out!