18 American Cities Where You Can Actually Afford to Buy a Home

Written By Jill Taylor

Regardless of whether you own or rent, there is no doubt that housing costs are the biggest expense in your budget. The 18 best U.S. cities where housing is actually affordable allow you to minimize the biggest outlay, and in this current cost of living crisis, we need all the savings we can get.

Green Bay, Wisconsin

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Ranked the best place to live in 2023 by U.S. News, Green Bay is one of the most affordable cities in the U.S. and is a pretty nice spot to set up a home. The average for income spent on housing costs here is less than 20%, allowing plenty of room in your budget for other expenses, savings, investments, and fun money.

Peoria, Illinois

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The cost of living in Peoria is one of the best in the U.S., with residents spending around 20% of their household income on rent or mortgage payments plus utilities and property taxes. Distanced from the major metropolitan areas of Illinois, housing costs are low without compromising on city vibes.

Youngstown, Ohio

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Realtor.com statistics show that the average house price is less than $135,000, making it a great location for first time buyers wanting bang for their buck. Rent is also extremely affordable at an average of just $775 a month, a phenomenal 61% lower than the national average.

Beaumont, Texas

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With no taxes, Texas is one of the most affordable states in which to live. Close to the border of Louisiana, Beaumont allows you to enjoy the best of both states. Property prices have dropped in recent years, with people leaving the town in favor of Houston, Dallas, and Austin, allowing you to grab a bargain.

Huntsville, Alabama

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Considered to be one of the best places to live in the U.S., alongside the fourth most affordable city, Huntsville is a top contender for budget-friendly housing. It is 23% cheaper to live in this Alabama city than the national average with a current downtrend.

Hickory, North Carolina

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Rated the best affordable place to live in the U.S. 2023-2024 by multiple sources, Hickory offers housing with an 18.95% median spend of your household income. Most residents of Hickory own their homes and the city is renowned for affordable condos and townhouses.

Knoxville, Tennessee

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Considered one of the best places to live in Tennessee, Knoxville offers a city vibe with a suburban community surrounded by incredible natural beauty. Niche.com says that most Knoxville residents rent with monthly payments of around $1000 on average. For buyers in Knoxville, you can expect a median home value just shy of $185,000.

Huntington, West Virginia

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Both renting and buying are incredibly affordable in Huntington. The average rent is around $841 a month, while home values are $114,800. Nestled at the foothills of the Appalachian Mountains, it is hard to find such a scenic location to reside at such an affordable price.

Ashland, Kentucky

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You can enjoy a cost of living 12% lower than the national average in Ashland, but better yet, house prices are a whopping 27% lower. Regularly appearing on lists of great places to retire, Ashland has a charming, small-town ambiance while helping your money stretch further.

Fort Wayne, Indiana

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Housing costs in Fort Wayne are a staggering 26% lower than the national average, according to rentcafe.com. Whether you are buying or renting, you are guaranteed to find a property that suits your budget, alongside living costs that are extremely cost-efficient.

Quad Cities

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Straddling the state lines of both Illinois and Iowa, the Quad Cities benefit from great housing costs. The cities of Rock Island, Moline, Davenport, and Bettendorf are bursting with midwestern charm and are considered great places to raise a family. Housing costs across this metropolitan area average just 20% of the median household income.

Spartanburg, South Carolina

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With top marks for education and diversity, in addition to being recommended for families, Spartanburg is surprisingly affordable for such a quality city. Median home values are $165,000 while median rent is $983, providing you with a budget-friendly location to settle down and raise children in a good community.

Greenville, South Carolina

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One of the biggest artistic hubs in South Carolina, Greenville is an extremely creative and cultural place to live. Great for professionals with plenty of job opportunities while equally outstanding for families boasting great schools, Greenville is a phenomenal place to live that is highly affordable.

Fayetteville, Arkansas

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A dense suburban area where over 60% of the population rent, Fayetteville has great housing costs with monthly payments of just $944. With house prices higher than the national average, it is no surprise that many choose to rent in Fayetteville which in contrast, is highly affordable.

South Bend, Indiana

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Residents of South Bend spend around 20% of their monthly household income on housing costs. The area is known for great rental options for seniors and low-income families, with affordable living scattered across the city. Both homeownership and renting are very accessible in South Bend.

Brownsville, Texas

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Although Brownsville may not be the cheapest place to live on this list, when considering the value for money you are receiving, it is insanely affordable. If you want budget-friendly housing without promising on quality, Brownsville is the spot. Households spend around 24% of their monthly income on housing but what you get for that is simply outstanding.

Chattanooga, Tennessee

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The housing market in Chattanooga is not remotely competitive, which is a great benefit to buyers. You can grab a great deal when purchasing a property in this Tennessee city with an average house price of $230,500 for huge homes. It is also a great spot to be a renter with monthly payments way below the national average.

Pittsburgh, Pennsylvania

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If you’re looking to live in a major city, Pittsburgh is arguably the most affordable option. The second-most populous city in Pennsylvania is considered mid-size in comparison to the biggest cities in the U.S., and the housing prices reflect this. You will spend just 20.1% of your income on housing costs with affordable rent and low-cost mortgage payments.

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