We cannot dispute the fact that rent has reached its peak this year and that living in an urban space can be rough sometimes. Smart cities have an insane cost of living, and unfortunately not everyone can afford that lifestyle. However, there are a collection of cities that are affordable and unlike many cities, are not experiencing an affordable housing crisis. These might not be the most walkable or exciting as some other cities, but the cost of living is so low that one can look past that. Here are the top 5 most affordable cities in the U.S. where if you purchase a home, you most likely won’t break the bank!
1. Toledo, OH
As of last month, the average rent for a one-bedroom apartment is $540 a month. It’s also cheap to rent a home in this city. As of last year, the median rent for a single-family home was only $790! Compared to other cities in Ohio, Toledo is the cheapest in terms of rent and cost of living. Currently the city wants to transform Toledo into an urban space rife with development but no plans have been announced yet.
2. Topeka, KS
Despite the history and art in this city, Topeka is often overlooked. It shouldn’t be though because its living standards are quite low! The average home price in Topeka is under $100,000, which is absolutely mind-blowing. Granted, the economy in this city compared to others is not as strong. However, if one is looking to purchase a home this city might be a safe bet.
3. South Bend, IN
The median home price is nearly $120,000, while the median household income is $54,000. Property taxes are up in this area, and the population is pretty low. South Bend boasts a ton of Catholic churches and schools, such as the University of Notre Dame. The city also has a low unemployment rate of 3.7%.
4. Evansville, IN
Transportation is cheap, and so is housing! According to Zillow, the median home value in Evansville is only $111,100. Additionally, the median rent for a one-bedroom apartment is about $700. Despite the 6% increase of housing in the last year, the cost of living remains low. Millennials should consider purchasing a home here because they might be able to afford it!
5. Fort Wayne, IN
Another Indiana city takes the spot on this list. Fort Wayne has been recognized as the most affordable city in the U.S. This city has a fairly small population, which naturally comes with low rent. The median home value is $99,800—less than $100,000! Wild right? The city has a goal to increase its population to 1 million. We’re uncertain as to when and how that will happen, but it looks like Fort Wayne may lose the spot of being the cheapest city in the country.