The smart people over at Forbes sorted through the Top 100 largest Metropolitan Statistical Areas (MSAs) and Metropolitan Divisions (MDs) to find which are the most affordable cities to live in the U.S. Each has a population of 600,000 plus, so no small towns, which likely would have lapped the field in this contest.
Obviously, cities like New York City, Los Angeles, and Honolulu did not make the Top 10. They’re simply too expensive. But which cities did make the affordability list?
Well, I wouldn’t be writing about it if Louisville hadn’t made it the list. Where did we rank? Number eight! That’s pretty cool, huh?
The rankings are made up of the Cost of Living Index weighted roughly 68% and the Housing Opportunity Index weighted around 32%. Real estate is certainly part of the equation but this way things you spend money on regularly are given more emphasis.
Without further ado.
Top 10 Most Affordable Cities to Live in the U.S.
- Buffalo, NY
Population: 1,135,509 | Housing Opportunity Index: 88.5 | Cost-of-living index: 96.1 - Memphis, TN
Population: 1,316,100 | Housing Opportunity Index: 78.7 | Cost-of-living index: 91.8 - Cincinnati, OH
Population: 2,130,151 | Housing Opportunity Index: 83.8 | Cost-of-living index: 96.5 - Dayton, OH
Population: 841,502 | Housing Opportunity Index: 85.4 | Cost-of-living index: 97.4 - Knoxville, TN
Population: 698,030 | Housing Opportunity Index: 77.4 | Cost-of-living index: 88.9 - Akron, OH
Population: 703,200 | Housing Opportunity Index: 86.8 | Cost-of-living index: 98.5 - Grand Rapids, MI
Population: 774,160 | Housing Opportunity Index: 85.1 | Cost-of-living index: 97.6 - Louisville, KY
Population: 1,283,566 | Housing Opportunity Index: 77.4 | Cost-of-living index: 92.4 - Oklahoma City, OK
Population: 1,252,987 | Housing Opportunity Index: 77.8 | Cost-of-living index: 92.9 - Warren, MI
Population: 2,475,666 | Housing Opportunity Index: 81.9 | Cost-of-living index: 98.7
Looks like Ohio is doing amazingly well with three cities in the Top 10. Tennessee also had two representatives in these rankings. In a bit of surprise, top honors go to upstate New York and Buffalo.
When we include the following cities to round out the Top 20 we get a number of cities in the South and Midwest but not a single city out West.
The Next Most Affordable Cities to Live in the U.S.
11. Toledo, OH (tie)
11. Detroit, MH (tie)
12. Birmingham, Ala.
13. St. Louis, Mo.
14. Virginia Beach, Va
15. Jacksonville, Fla.
16. Pittsburgh, Pa.
17. Tulsa, Okla.
18. Tampa, Fla.
19. Syracuse, N.Y.
20. Columbus, Ohio
Interesting to note that not a single city in Texas made the Top 20. That surprises me.
Very interesting stuff if you’re thinking about relocating and want to know where you can stretch your dollars the farthest. If you’re making a move, it’s smart to consider which are the most affordable cities to live in before contacting a Realtor.
