The rising cost of living has made it increasingly challenging for many Americans to find affordable places to reside while still enjoying a high quality of life. In light of this, Empower, a reputable financial services company, recently conducted a study to identify the 20 best and most affordable cities in the United States.
The report drew insights from a survey of 1,000 Americans and data analysis from trusted sources such as Realtor.com, Zumper, Falaya, AdvisorSmith, SmartAsset, and CurrentResults.
Affordable Cities for Working Adults:
Sioux Falls, South Dakota: Topping the list as the most affordable place to live in the U.S., Sioux Falls boasts a reasonable cost of living that enables residents to stretch their budgets further. With a healthy employment rate and a perfect blend of urban amenities and natural beauty, this city offers working adults an excellent quality of life.
Springfield, Illinois: Known for its affordability, Springfield stands out for its low cost of living and its rich cultural attractions. Residents can explore numerous museums and historical sites without breaking the bank.
Wichita, Kansas: Wichita secures the third spot on the list due to its low cost of living, family-friendly atmosphere, and diverse range of affordable housing options. The city provides ample opportunities for working adults to establish a comfortable lifestyle.
Virginia Beach, Virginia: Offering a desirable coastal lifestyle, Virginia Beach combines affordability with top-notch healthcare facilities and a vibrant cultural scene. Residents can enjoy a high quality of life without exorbitant living expenses.
Des Moines, Iowa: Balancing affordability, a thriving job market, and a vibrant cultural scene, Des Moines emerges as an attractive option for working adults seeking an affordable yet enriching lifestyle.
Oklahoma City, Oklahoma: With affordable housing options and a lower cost of living than many other major U.S. cities, Oklahoma City welcomes residents looking for a cheap place to call home.
Lincoln, Nebraska: As one of two cities from Nebraska on the list, Lincoln offers a peaceful and affordable living environment. The city’s strong sense of community makes it an attractive destination for working adults.
Omaha, Nebraska: Sharing the spotlight with Lincoln is Omaha, which stands out for its affordability and high quality of life. Residents can enjoy a range of amenities and opportunities without straining their budgets.
Cheapest Cities for Retirees:
Las Vegas, Nevada: Las Vegas takes the top spot on the list of affordable places for retirees. Renowned for its entertainment options and tax-friendly environment, the city boasts top-tier healthcare facilities, making it an attractive option for retirees seeking an affordable and fulfilling retirement.
Pittsburgh, Pennsylvania: Pittsburgh distinguishes itself as a city with a strong focus on healthcare quality and accessibility, making it an excellent choice for retirees needing reliable medical care.
Sioux Falls, South Dakota: Notably, Sioux Falls appears again on this list, highlighting its suitability as an affordable retirement destination. With no state income tax and low property taxes, the city offers retirees financial stability and peace of mind.
Dream Destinations:
Denver, Colorado: Topping the list of dream destinations, Denver captures the hearts of many Americans. Boasting a solid job market and attractive income levels, Denver appeals to individuals seeking career growth and prosperity. However, it is essential to note that while Denver ranks high in desirability, it falls slightly lower in affordability due to higher living expenses.
San Diego, California: Coming in second among dream destinations, San Diego is known for its pleasant climate, beautiful beaches, and numerous recreational opportunities. However, it faces challenges in affordability, primarily due to high living expenses and housing costs.
New York City, New York: Despite its enduring popularity as a dream location for many Americans, New York City needs more affordability. The city’s high cost of living and soaring rent prices make it challenging to achieve financial stability.