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Top 10 Cities with the Lowest Cost of Living

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Low Cost of Living AreasDeciding on which city is the most ideal for you to live in can be difficult. Usually, money is one of the biggest factors people take into consideration while choosing a city.

If you're tight on a budget, there are still many options for affordable cities that will also be of quality experience. In fact, in some of these cities, the average annual salary is high while the cost of living is low.

Keep reading our list of the top 10 cities with the lowest cost of living to find an affordable city which you can call home.

10. Buffalo, New York

On the shore of Great Lakes, Buffalo is one city where you can find low-cost living. Buffalo is the second-largest city in upstate New York, and the average person living here makes a yearly salary of $46,390. Out of this income, 25.26 percent is spent on living expenses. According the research from the Economic Policy Institute in Washington D.C., a family with four members including two adults and two children are able to live a comfortable life in Buffalo with a salary of $88,071 per year.

9. Minneapolis-St. Paul, Minnesota

Although these are two separate cities, they are only separated by the Mississippi River running through the middle. This is why they are called the "Twin Cities" and can be looked as one location. With the total population being over three million, residents here are earning a median annual salary of $55,010. On top of that, about 25 percent of this income is spent on bills which is a rather small portion.

8. Fayetteville, Arkansas

If you're looking to experience living in the south while being money-conscious, Fayetteville may be a good option. The population of this city is steadily growing. In the metro area, the population stands at 503,642 people of which the average annual salary is $44,980. Even though the population is increasing through net migration, this city still remains as a low-cost area. Similar to Minneapolis-St. Paul and Buffalo, residents here put in about 25 percent of their income into their cost of living.

7. Omaha, Nebraska

Home to beautiful parks, rivers and suburbs, living in Omaha not only gives peace to your mind but to your bank account as well. The cost of living in this state overall is 11.5 percent lower than the national average. With the median yearly salary being $46,490, a quarter of that is spent on living expenses. The largest savings come from housing, since the national average is 26 percent higher. Although there has been a slight increase in cost of living in the past few years, it still keeps its reputation as one of the most affordable cities.

6. Salt Lake City, Utah

Salt Lake City's population is increasing pretty fast; who would want to miss out on beautiful sunsets behind endless ranges of mountains? Besides a serene environment, Salt Lake City also provides you with low-cost options. Just like Fayetteville, Salt Lake City also has kept its cost of living at a low despite the rapid population growth. The average income per-capita is actually higher than the national average and of this income, 25 percent is spent on your living needs.

5. Indianapolis, Indiana

You might know Indianapolis the best for their annual world famous Indie 500 race. In addition to this, Indianapolis is also known to be one of the most affordable cities in the country. With a large population -- close to two million residents -- the median salary is $46,840. Out of these earnings, a small 24.75 percent of money is saved for living expenses such as household needs, mortgage payments, and taxes.

4. Grand Rapids, Michigan

If you want to get your money's worth, living in Grand Rapids could be a great idea for you. Being the second-largest city in the state of Michigan, Grand Rapids is home to beautiful buildings, bridges and unique architecture. Their average yearly salary at $43,610 is a little lower than the national average salary which is $49,630. However, the lower average income does balance out the cost of living, because residents of Grand Rapids only have to spend 24.6 percent of their income to live a quality life.

3. Des Moines, Iowa

Moving into a state in the midwest region of the United States could be a new and interesting experience for some people, especially if it includes having a city that has one of the cheapest costs of living nationwide. In fact, for two years straight, Des Moines, was able to keep its position as the number one most affordable city to live in America. However, as of this year on this list, two other cities with even more affordable living costs have pushed Des Moines back to number three. The residents living here make an average of $49,420 annually, and 23.25 percent of money is taken out to meet living costs.

2. Fort Wayne, Indiana

The state of Indiana makes it on this top 10 list for most cost-friendly cities. Even though this city is on the smaller scale, it is the reason why expenses are typically much less. The population in Fort Wayne is less than half a million people that are making a yearly average of $42,250. A very low 22.86 percent of the total income is dedicated to living expenses. Additionally, Fort Wayne is very close to Ohio and Michigan, so you can always make a quick trip to these states any time you want to explore.

1. Huntsville, Alabama

Coming in first place as the city with the lowest cost of living is Huntsville, Alabama. If you want to consider relocating to the south, then keep Huntsville in mind to save you the most money out of any other city. With a median annual salary of $52,960 (which is actually higher than some other cities on this list), the Huntsville population only uses 22.56 percent of that average salary towards living costs.

This list proves that you do not have to break the bank and give away a hefty amount of your hard-earned money to be able to live in a city that is both low-cost and gives you quality living. If you need to find a new location as your home while being cost efficient, look into moving into one of these cities mentioned above. This will allow you to get the most of your money out of your paycheck whether its for investing, saving or simply spending on yourself.

Staff Writer  Posted by Staff Writer on September 27, 2018

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