- US News & World Report released its 2023 ranking of the most affordable places to live in the US.
- The cost of housing in these 15 cities was less than a quarter of what the typical resident made.
- Spots in the South and Midwest, such as Hickory, North Carolina, and Youngstown, Ohio, top the list.
Believe it or not — you don’t have to sacrifice quality for affordability if you’re looking to move in 2023.
A US News & World Report ranking of the cheapest places to live in the US listed several affordable cities — mostly in the South and Midwest — with great schools and urban amenities.
US News & World Report assessed typical incomes, typical housing costs including taxes and utilities, and the percentage of income that goes to the cost of housing to determine the rankings. It also considered the cost of goods and services across the cities.
Rent or mortgage payments are considered affordable when a person limits them to 30% or less of what they make each month, according to Insider’s personal finance desk. In each of the cities on the list — including Brownsville, Texas, and Youngstown, Ohio — the costs were even less: residents typically spent less than 25% of their monthly incomes on housing.
No big cities made the cut. In fact, most of these places have a small-town flair with access to parks and hiking trails — outdoorsy lures that have been popular with American movers since the pandemic.
Several spots, such as Fayetteville, Arkansas, and Green Bay, Wisconsin, also topped US News & World Report’s list of best places to live in the US. That ranking, also released last week, considered affordability, how many people were moving there, how happy residents were, crime rates, and other quality-of-life indicators.
Here are the typical incomes and costs of housing in US News & World Report’s list of the top 15 cheapest places to live.
