Top 10 Most Budget-Friendly Cities in the US (2023)
Published on November 21, 2023 | 10 Minute read
Melanie
Ortiz Reyes
Content Specialist
In a landscape where real estate costs often dictate lifestyle choices, finding an affordable city to call home is a top priority for many. Whether you're a first-time homebuyer or looking to relocate, this guide will take you on a journey through the top 10 most budget-friendly cities in the United States. From bustling urban hubs to charming suburban escapes, these cities offer a perfect blend of affordability and quality of life.
The notion of affordability extends beyond the mere cost of living; it's a dynamic equilibrium where annual salary, real estate options, and the overall expenditure harmonize to craft a lifestyle that's not only economically viable but also culturally enriching. From the scenic landscapes of the South to the bustling Midwest, each city on this list is a testament to the possibility of finding not just a house but a welcoming home that resonates with your aspirations.
Chattanooga, Tennessee
Nestled in the heart of the South, Chattanooga offers a delightful mix of scenic beauty and affordability. The city boasts a cost of living well below the national average, making it an attractive option for those looking to maximize their homebuying budget. With a real estate market that provides diverse options, from historic homes to modern condos, first-time homebuyers can find their ideal match without breaking the bank. Local real estate agents are adept at guiding newcomers through the process, ensuring a smooth transition into this charming Tennessee city.
The housing market in Chattanooga offers a diverse range of options, including single-family homes, townhouses, and apartments. The city's real estate caters to various preferences and budgets, providing opportunities for both first-time homebuyers and those looking to upgrade or downsize.
Beyond real estate, Chattanooga's annual salary averages align with the lower cost of living, allowing residents to comfortably enjoy the city's vibrant cultural scene, outdoor activities, and community events. From the Tennessee Aquarium to the bustling arts district, there's no shortage of affordable entertainment options in this southern gem.
Average Annual Salary: $63,000
Average Home Value: $294,500
Lexington, Kentucky
Kentucky's bluegrass capital, Lexington, emerges as a surprising contender for affordable living. The city combines the warmth of southern hospitality with a cost of living that significantly outpaces national averages. Real estate in Lexington caters to a variety of preferences, with a range of single-family homes and cozy apartments available at reasonable prices. Local realtors, well-versed in the nuances of the market, are valuable allies for homebuyers seeking their dream property.
Lexington has experienced steady appreciation in home values over the years. This can be positive for homeowners looking to build equity, but it's important for potential buyers to monitor these trends and market conditions.
With an annual salary that aligns with the affordable cost of living, residents of Lexington enjoy a comfortable lifestyle while still having room in their budgets for leisure activities. From exploring the city's equestrian heritage to indulging in local farm-to-table cuisine, Lexington provides a high quality of life without the hefty price tag.
Average Annual Salary: $65,000
Average Home Value: $289,500
Des Moines, Iowa
Nestled in the heart of the Midwest, Des Moines often flies under the radar but stands out as a hidden gem in the realm of affordability. The city's real estate market offers an array of options for first-time homebuyers, from charming historic homes to modern condominiums. With the guidance of experienced real estate agents familiar with the local market, navigating the homebuying process in Des Moines becomes a seamless experience.
Des Moines has historically maintained a stable real estate market. While there may be fluctuations in home prices, the overall market tends to be resilient, offering a sense of security for both buyers and sellers.
In addition to real estate affordability, Des Moines boasts an annual salary that complements the lower cost of living. Residents find themselves with ample discretionary income to explore the city's cultural attractions, attend community events, and savor the diverse culinary scene. Des Moines proves that an affordable lifestyle doesn't mean sacrificing cultural richness and community engagement.
Average Annual Salary: $69,000
Average Home Value: $194,500
Akron, Ohio
Akron, Ohio, emerges as a beacon of affordability in the Midwest. With a cost of living below the national average and a real estate market that caters to various budgets, Akron is an enticing option for those looking to make their homeownership dreams a reality. Knowledgeable real estate agents in Akron guide prospective buyers through the market's nuances, ensuring a smooth and informed homebuying process.
Akron is known for its relatively affordable housing market, making it an attractive option for homebuyers, especially those looking for affordable living in the Midwest.
Beyond real estate, Akron's annual salary and lower average spend contribute to a comfortable lifestyle. Residents can explore the city's parks, attend local events, and immerse themselves in the arts without straining their finances. Akron proves that an affordable city can also be a dynamic and fulfilling place to call home.
Average Annual Salary: $66,000
Average Home Value: $115,250
Huntsville, Alabama
Nestled in the heart of the Tennessee Valley, Huntsville, Alabama, offers a haven of affordability for homebuyers. The city's real estate market caters to various budgets, with a range of options from single-family homes to modern apartments. Seasoned real estate agents in Huntsville provide valuable insights to help prospective buyers navigate the market and find the perfect home.
The city has witnessed real estate development and growth, with new residential and commercial projects contributing to the changing skyline. Developers have been responding to the demand for modern housing options.
Huntsville's annual salary and cost of living create a harmonious balance, allowing residents to enjoy the city's cultural offerings, outdoor activities, and family-friendly events. From the U.S. Space & Rocket Center to the vibrant downtown scene, Huntsville showcases that an affordable lifestyle doesn't mean sacrificing quality of life.
Average Annual Salary: $78,000
Average Home Value: $277,000
El Paso, Texas
On the western tip of Texas, El Paso stands out as an affordable city with a distinctive blend of cultures. The city's real estate market offers diverse options for first-time homebuyers, from southwestern-style homes to contemporary townhouses. Knowledgeable real estate agents in El Paso guide buyers through the process, ensuring they find a home that aligns with their preferences and budget.
The city offers a variety of housing options, from single-family homes in established neighborhoods to modern townhouses and apartments. Different areas within El Paso cater to various preferences, providing choices for first-time homebuyers, families, and individuals.
El Paso's annual salary and cost of living make it an attractive destination for those seeking an affordable yet enriching lifestyle. Residents can explore the city's historic sites, enjoy authentic Mexican cuisine, and partake in community events without stretching their budgets. El Paso proves that affordability and cultural richness can coexist seamlessly.
Average Annual Salary: $39,000
Average Home Value: $213,300
Oklahoma City, Oklahoma
Oklahoma City emerges as an affordable oasis in the heart of the Sooner State. With a cost of living below the national average and a real estate market that accommodates various budgets, Oklahoma City provides an enticing option for homebuyers. Seasoned real estate agents in Oklahoma City offer valuable guidance, ensuring that buyers make informed decisions and find homes that suit their preferences.
Oklahoma City's housing market has seen steady appreciation in home values over the years. While local real estate markets can experience fluctuations, the overall trend has been positive, contributing to the potential for homeowners to build equity.
The city's annual salary and lower average spend create a financial landscape that allows residents to enjoy the city's cultural attractions, outdoor spaces, and family-friendly events. From the Oklahoma City Museum of Art to the scenic Myriad Botanical Gardens, the city offers a rich tapestry of experiences without the hefty price tag.
Average Annual Salary: $66,000
Average Home Value: $195,500
Little Rock, Arkansas
Little Rock, the capital of Arkansas, stands as a testament to the possibility of budget-friendly living in a vibrant city. The real estate market in Little Rock caters to various budgets, with options ranging from historic homes to modern condos. Local real estate agents bring their expertise to the table, guiding buyers through the market's intricacies and helping them find their ideal homes.
The city has invested in riverfront development, enhancing the appeal of areas along the Arkansas River. This development contributes to the overall growth and attractiveness of Little Rock's real estate market.
Little Rock's annual salary and cost of living create a favorable environment for residents, allowing them to enjoy the city's cultural scene, outdoor activities, and community events without financial strain. From the William J. Clinton Presidential Library to the River Market District, Little Rock offers affordable living without compromising on cultural richness.
Average Annual Salary: $70,000
Average Home Value: $201,500
Sioux Falls, South Dakota
In the upper Midwest, Sioux Falls, South Dakota, is a serene and affordable city. The real estate market in Sioux Falls caters to various budgets, offering an array of housing options from suburban homes to downtown apartments.
Sioux Falls is known for its relatively affordable housing market. The cost of living, including housing costs, tends to be moderate, making it an attractive option for a diverse range of homebuyers.
Sioux Falls' annual salary and cost of living contribute to a balanced financial landscape, allowing residents to explore the city's parks, cultural venues, and family-friendly events. From Falls Park to the Washington Pavilion, Sioux Falls showcases that affordability and quality of life can go hand in hand.
Average Annual Salary: $40,000
Average Home Value: $312,000
Knoxville, Tennessee
Closing our list is Knoxville, Tennessee, often referred to as the gateway to the Great Smoky Mountains. Knoxville's real estate market offers diverse options for first-time homebuyers, with an array of housing styles and neighborhoods to explore. Local real estate agents in Knoxville provide expert guidance, ensuring buyers make informed decisions that align with their budgets and preferences.
The city offers a variety of housing options, including single-family homes, townhouses, and apartments.
Knoxville's annual salary and cost of living create a conducive environment for residents to enjoy the city's natural beauty, cultural attractions, and community events without financial strain. From the Knoxville Museum of Art to the scenic Sunsphere, the city offers a blend of affordability and enriching experiences.
Average Annual Salary: $65,000
Average Home Value: $340,000
In the pursuit of homeownership and a fulfilling lifestyle, these top 10 most budget-friendly cities in the United States stand as beacons of affordability. With diverse real estate options, knowledgeable real estate agents, and a harmonious balance between annual salary and cost of living, these cities offer more than just affordability—they provide a pathway to a vibrant and enriching life. Whether you're a first-time homebuyer or considering a fresh start, these cities open the door to a future where financial feasibility meets the promise of a welcoming home.
Keep in mind that real estate conditions can change based on various factors, including economic trends, interest rates, and local developments. For the most accurate and current information about the housing market, consider consulting with a local real estate professional who can provide insights tailored to your specific needs and preferences.