Where to Find The Lowest Cost of Living By City 2023
When choosing where to move, you should compare cities to live in as different cities have widely different costs of living. We'll discuss cost of living, cheap cities in the U.S., and smart money moves everyone should make.
What is cost of living?
The cost of living refers to the amount of money needed to maintain a certain standard of living in a particular place or region. It includes the costs of basic necessities such as housing, food, clothing, healthcare, transportation, and other expenses like entertainment and leisure activities.
The cost of living can vary greatly depending on factors such as the location, the economy, the individual's lifestyle, and the current market conditions. Some places may have a high cost of living due to high demand for housing or limited availability of goods and services, while others may have a lower cost of living due to factors such as a lower cost of labor or lower tax rates.
Understanding the cost of living is essential when considering factors such as job opportunities, as wage comparison by city also varies widely, relocating, or planning a budget.
Top 10 Cheap cities to live in the U.S.
These cities have the lowest cost of living in the U.S. You'll see most of them are in the South and Midwest.
Harlingen, Texas
Cost of living: 24.4% below U.S. average
Metro population: 423,029
Median household income: $48,115
Median home value: $103,500
Unemployment rate: 5.4%
Decatur, Illinois
Cost of living: 22.0% below U.S. average
Metro population: 102,432
Median household income: $46,807
Median home value: $110,800
Unemployment rate: 5.7%
McAllen, Texas
Cost of living: 21.8% below U.S. average
Metro population: 880,356
Median household income: $44,818
Median home value: $107,500
Unemployment rate: 4.3%
Kalamazoo, Michigan
Cost of living: 20.7% below U.S. average
Metro population: 261,108
Median household income: $62,128
Median home value: $208,300
Unemployment rate: 4.5%
Topeka, Kansas
Cost of living: 19.4% below U.S. average
Metro population: 232,670
Median household income: $57,474
Median home value: $154,800
Unemployment rate: 2.7%
Anniston, Alabama
Cost of living: 17.6% below U.S. average
Metro population: 115,972
Median household income: $46,524
Median home value: $139,400
Unemployment rate: 4.4%
Joplin, Missouri
Cost of living: 17.5% below U.S. average
Metro population: 182,541
Median household income: $55,045
Median home value: $149,500
Unemployment rate: 2.3%
Mobile, Alabama
Cost of living: 17.2% below U.S. average
Metro population: 430,714
Median household income: $49,691
Median home value: $159,100
Unemployment rate: 3.5%
Oklahoma City, Oklahoma
Cost of living: 16.8% below U.S. average
Metro population: 1,441,647
Median household income: $61,815
Median home value: $190,800
Unemployment rate: 3.3%
Conway, Arkansas
Cost of living: 16.7% below U.S. average
City population: 65,126
Median household income: $53,029
Median home value: $230,900
Unemployment rate: 2.5%
Smart money moves no matter where you live
A lot of personal finance advice applies no matter what country, state, city, or town you live in.
Create a budget
A budget is a cornerstone of healthy personal finances. A budget gives you vital information; how much money is coming in, how much is going out, and where it's going.
Build an emergency fund
An emergency fund is money set aside for unexpected, necessary expenses like a vehicle or home repair, a medical or dental expense (not covered by insurance), or a period of unemployment.
Having this financial buffer can help keep you out of debt. Rather than putting an emergency expense on a high-interest credit card, you can cover it with cash.
Take care of your credit
Building credit can make it easier to do things like rent a home, buy a car or home, and borrow money for a personal or business loan. Having a healthy credit score can make many of those things cheaper because the better your score, the lower the interest rates you'll be offered. Upwardli can help with both building credit and improving an existing credit score.