Cities with the Best Housing Affordability
A lot of factors affect the homebuying decision. No matter where you choose to move, you want to be comfortable, right? Determining an area’s housing affordability is important information to arm yourself with during the beginning stages of your home buying search. The expenses incurred after the purchase of your home don’t end when you move in, you’ll be responsible for utilities, taxes, and the upkeep of your home. Are your pockets crinkling at the thought of all the expenses? Don’t worry, according to U.S. News and World Report, these are the cities with the best housing affordability. If you’re in the market for a new home, finding one in any of these places will bring relief to your home buying search and your wallet.
Although Huntsville isn’t as well-known as other Alabama cities like Mobile or Montgomery, it’s number one on this list of cities with the best housing affordability. Not only do Huntsville, Alabama residents spend about 22.6 percent on housing expenses, they also make more than the national average. Residents here make around $52,960 annually.
The Midwest is growing, but don’t worry, the affordability of most Midwest cities is staying the same. That’s good news for Fort Wayne residents! This city is number two on the list for a good reason. If you live here or are planning to move to Fort Wayne, you can expect to spend about 22.9 percent of your income on household costs like utilities and taxes.
Iowa is a state with a great cost of living. With most of the state deemed as being ‘affordable,’ you might want to set your sights on its largest city, Des Moines. This major metro area is seeing a spike in the growth of its businesses and residents alike. If you plan on moving to Des Moines, you can expect to devote about 23.5 percent of your income to your living expenses.
If you want to make your money stretch, consider moving to the beautiful city of Grand Rapids. Grand Rapids is a fast-growing area that isn’t slowing down. Located in Michigan’s Lower Peninsula, residents within the city have about 24.6 percent of their household income going towards their living expenses.
It’s safe to say that Indiana is an affordable place to live. With two cities from this state in the top five of this list, it’s no wonder the state, as well as Indianapolis, are growing rapidly. People who live in Indianapolis spend about 24.8 percent of their paychecks on housing expenses.
Salt Lake City is well-known for being a major metro area. Despite its growth, the city has a pretty affordable cost of living. Salt Lake City residents earn about $46,221 annually and spend roughly 25 percent of their income on housing costs. With a metro of over 2 million, we’d say that’s pretty impressive!
Omaha is the largest metro in Nebraska, and we’re sure Omaha residents enjoy all that the city has to offer including spending only 25.1 percent of their income on living costs. Omaha residents on average make about $46,490 annually. If you’re thinking of moving to the Midwest, this city should be on your radar.
This small city, with a population just over 503,000 is a great place to live if you don’t want to spend a majority of your earnings on living expenses. Fayetteville, located in northwest Arkansas, has a lot of history yet it’s redefining itself daily. The city’s population increased six percent between 2012 and 2016 and doesn’t seem to be slowing down. Part of the reason for the increase is the housing affordability. Residents spend about 25.1 percent of their paychecks on living expenses.
If you live in the Twin Cities – that is, Minneapolis and St. Paul – about 25.1 percent of your income will be dedicated to your living expenses. The Twin Cities has an amazing healthcare sector and the average annual salary is $55,010. Working and living in this Minnesota metro has its benefits, including being able to keep more of your hard earned money in your pocket.
Buffalo is a city with a lot of potential. Not only does the city have a fast-growing downtown area, it’s also another healthcare hub on this list as well as a scenic town with amazing waterfront advantages. Buffalo has a housing affordability rate of 25.3 percent making it the number 10 city on our list. If you live here, less than a third of your income will go towards your living expenses, allowing you to enjoy more of your pay.