Fed Up With NYC & San Francisco? We Don't Blame You
It goes without saying that the cost of living in the U.S. has never
been higher – if you live in a city like LA or New York City, you’re
probably no stranger to paying upwards of $3,000 for your apartment, and
while politicians are doing their best to ensure all Americans receive a
livable wage, in the meantime, it can be tough to cover day-to-day
expenses, especially when living in an expensive, big city.
If you’re able to pick up and move to a new city – if you work
remotely or you’re in an industry that you could pick up wherever you
are, it can be tempting to leave the big, expensive city life for a more
affordable cost of living elsewhere. In fact, freeing up that extra
income can help you get ahead and plan for the future, even if that
means eventually moving back to your city of choice.
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According to
U.S. News & World Report, and
GOBankingRates,
these are the metropolises that are the most affordable in terms of
real estate, median annual salary and percentage of income spent on
living expenses. According to various reports, citizens can live
comfortably while making $50,000 per year. Here, the most affordable
metros in the U.S. – from unapologetic big cities to cities with a more
small town feel.
Louisville, Kentucky
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With a median annual salary of $45,100, Louisville residents
reportedly spend 21.1% of their household income on living expenses.
This means that they’re able to dedicate more of their income on classic
Kentucky activities or travel to big city neighbors like Nashville or
Cincinnati. Incidentally, Louisville was also ranked 64th on the list of
Best Places 2019 according to U.S. News & World Report.
Buffalo, New York
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Sick of life in the city but not ready to totally abandon New York?
Head upstate to Buffalo. Tucked along the Canadian border at Lake Erie,
this Northern town has a median annual salary of $48,180 and residents
spend about 21% of their income on living expenses. Buffalo ranked 52 on
the list of Best Places 2019, largely due to its low cost of living and
proximity to jaw-dropping natural attractions like Niagara Falls.
Baton Rouge, Louisiana
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Yes, Baton Rouge is a surprisingly affordable place to call home.
With a median annual salary of $44,500, residents only spend about 20%
of their annual income on living expenses. The city has a very strong
economy and was rated as one of the "Top 10 Places for Young Adults" in
2010 by
portfolio.com.
The city was also called one of the best places in the country to start
a new business by CNN, due to this strong economic upswing.
Indianapolis, Indiana
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Unlike Indiana as a whole, Indianapolis is well known for its
financial services, insurance, and pharmaceutical industry, which paves
the way for its strong economy. Indianapolis residents spend just 20% of
their income on living expenses and need just $40,726.80 to live
comfortably (though the median income is about $10K more than that per
year).
Pittsburgh, Pennsylvania
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Located in the Western part of Pennsylvania, Pittsburgh is a great
option for NYC-dwellers to escape the bustle of the city while enjoying a
much more affordable cost of living. A six hour drive from its big city
counterparts, Pittsburgh ranks 50th on the Best Places 2019 list. The
main reasons for its economic upswing include the shift away from steel
and toward high technology, robotics, and nuclear engineering.
Phoenix, Arizona
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Anyone who has been to Phoenix could see the appeal of living there –
the dry heat, sweeping mountain views, and proximity to neighbouring
Nevada and California are big selling features. But Phoenix residents
also benefit from a considerably low cost of living. Residents only need
to earn about $48,628.96 annually to live comfortably in the city, but
that’s positioned to change as Arizona grows – so if the desert is
calling you, go, now!
Detroit, Michigan
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It’s well known that the loss of the industrial and auto industry hit
Detroit hard. The largest U.S. city to ever file for bankruptcy
protection has since seen significantly lower unemployment rates (even
lower than the national average these days) and the economy is only
growing, with several major corporations based in the city, including
three Fortune 500 companies. Residents need just $34,808 annually to
live comfortably, with a one-bedroom apartment running around $600 per
month.
Las Vegas, Nevada
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Living in Las Vegas may seem unimaginable to an outsider, but there’s
a lot more than goes on in the city outside of The Strip. While the big
economic draw in Vegas is tourism and gaming, there are handfuls of
other major corporations based in the city, including Zappos and
Allegiant Airlines. Residents will need $43,454.96 annually to live
comfortably in Las Vegas.
Memphis, Tennessee
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If you’re just starting out or on a budget, Memphis is a great
alternative to neighboring Nashville. The city is just as music-focused
as its bigger city counterpart, but residents will need around
$42,260.16 to live comfortably, so if you love the music industry, this
may be a great alternative. Due to its central geographic location, the
main economic draw in Memphis is the transportation and shipping
industry, specifically serving as a primary hub for FedEx and other
Fortune 500 companies such as AutoZone and International Paper.
San Antonio, Texas
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San Antonio is the oldest municipality in Texas, and while the cost
of living is currently low, GOBankingRates researchers expect it to rise
significantly in the near future. For now, residents need just
$43,460.40 to live comfortably in the city, with big employers including
the military (the largest local economic draw), health care,
government, and financial services.
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