Living each year is becoming more expensive, while income does not keep up with inflation. Here are some cities that have considerably lower costs of living but higher incomes.
Minneapolis, Minnesota
Being one of the larger cities in the Upper Midwest, Minneapolis has more economic opportunity than many rural towns but also has reasonably lower living costs than the larger cities on the coasts. The average household income in the city is $99,741, just below the national average. You would pay $1,377 monthly for an average apartment, while the average home purchase price is $407,765.
Midland, Texas
They say everything is bigger in Texas, but the cost of living in Midland is more on the lesser side. The average apartment only costs $1,142 per month. Also, the average household income is $115,425, significantly higher than the national average. Additionally, you will be okay with spending a ton to get around since the average gas price is only $3.44 per gallon.
Raleigh, North Carolina
With an average household income of $102,000, Raleigh has some economic opportunities for those looking to move to the South. With this decent income, you will be pleasantly surprised by how affordable home buying is in Raleigh, especially compared to other major cities. The average home in Raleigh costs $434,603. Also, gas prices are reasonable, with an average of $3.68 per gallon.
Virginia Beach, Virginia
Some people have to live close to a beach but cannot afford to live in the more popular beach cities such as San Diego due to the extremely high living costs. If you are one of these people, consider Virginia Beach, known for its beautiful beach scenery and reasonable cost of living. The median home price is $317,000, below the national average. The average household income is $105,520 in Virginia Beach.
Hastings, Nebraska
The average rent for an apartment in Hastings is only $823 per month, which is astounding since anything around a grand is already way less than larger cities on the coast. The average household income is $74,094, which is a little bit on the lower side but arguably worth it due to the low living costs. The average price of purchasing a home is only $394,482. This small city is perfect for those looking for a more quiet lifestyle.
Vineland, New Jersey
You may want to consider Vineland if you are looking for an affordable, walkable suburban area. Renting an apartment in this city will cost you an average of $1,411 monthly, which is reasonable. However, the real opportunity is in the low cost of purchasing a home, which averages $452,650. The average household income is $82,508 annually, while gas costs $3.73 per gallon.
Douglasville, Georgia
The best thing about living in Douglasville is how much less it costs to purchase a home than in many larger cities. The average home price is only $353,013 in Douglasville. For renters, you are looking at an average of $1,547 per month, which is not the cheapest but much better than some places like San Diego, which could cost you around twice as much. Douglasville’s average household income is $78,515.
San Marcos, Texas
Being a suburb of Austin, the city of San Marcos is close enough to all of the action of the big city to keep life exciting and engaging while also far away enough to avoid higher living costs. You will pay $1,674 per month for an average apartment while purchasing will cost you $434,092 on average. The average income for a household in San Marcos, $53,519, is definitely on the low end. Still, if you find employment in Austin proper, you will see an average income of $111,233 per household. Many young professionals may find San Marcos quite attractive.
Redding, California
Although California is known for its beach cities and correlating high rents and costs of living, not all of the Golden State is expensive. Redding may be the perfect place for you if you don’t mind a small-town suburb feel. There is no West Coast beach, but plenty of hiking and nature remain. Also, the average rent for an apartment is only $1,172 per month. The average household income is $82,564 in Redding. Purchasing a home, on average, will cost $547,452, which is not bad for California.
Gunnison, Colorado
Those looking for a more nature-centric lifestyle and an affordable cost of living can go right with Gunnison, which is located close to the center of Colorado. The average rent charged for an apartment is only $1,115 per month. However, the average home price is $630,555, which is significant. Therefore, most residents are renters in Gunnison.
As far as earning potential, the average household income is $61,150 per year, which is not terrible but not very high either. On the other hand, you may earn a lot more if you can accept employment within Gunnison County, not necessarily in the city of Gunnison. The average household income for the county is $96,774 annually.
Bradenton, Florida
Another affordable city with access to beaches is Bradenton, which is less than ten miles from the various public beaches. Bradenton apartments, on average, will cost you $1,475 per month to rent, while gas is only $3.78 per gallon. Purchasing a home will cost, on average, $500,335, which is okay for such close access to beaches in Florida. Also, the average income per household is $108,761 per year.
Burlington, Iowa
The cost of living is meager in Burlington. At the same time, although not that high, income potential may be worth it when you consider how much money you will save by living inexpensively. Renting an apartment will cost, on average, only $855 per month, while purchasing a home will cost $275,949 on average. The average household income is $68,530 annually.
Rockford, Illinois
In the suburban Midwest, Rockford is an excellent option for those looking for affordable living while still making a decent income. Rockford residents pay an average of only $1,092 per month for an apartment, but what is notable is that the average cost of purchasing a home is only $295,003. Residents of this suburban area earn an average of $64,532 annually.
Manhattan, Kansas
Everybody knows Manhattan in New York City, but most people need to be made aware of the city Manhattan in the state of Kansas. This might be why Manhattan, KS, is still relatively affordable while maintaining a decent income-earning environment. Residents only pay $996 per month on average to rent an apartment, while buying a home costs an average of $395,394. The average household income is $75,791 per year.
Lafayette, Louisiana
Lafayette is already a popular tourist location for its lively nightlife and music scene. It is also a great place to live because it is affordable, considering how much of a tourist attraction this dense suburban city in Louisiana already is. On average, purchasing a home will only cost $290,326, while the average rent on an apartment is $1,023 per month. The average yearly household income in Lafayette is $82,752.
Rochester, Minnesota
Although Rochester, MN, is relatively cheap to rent, the earning potential of residents could make up for this. The monthly rent for an apartment is, on average, $1,892 per month. However, the average income for a household in Rochester is $106,381. To purchase a home, it is $406,273 on average.
Storm Lake, Iowa
It only takes a little income to afford housing in Storm Lake, with the average rent paid for an apartment at only $540 per month. Purchase a home is also relatively inexpensive, with the average price being $317,816. The average income is also decent at $71,544 per household each year.
Huntsville, Alabama
Many people are finding that Huntsville is a great place if you are looking to purchase your first home. On average, a home in Huntsville is only $366,914. In contrast, the average income in the city is significantly competitive at $87,475 per household annually. The average rent paid for an apartment is $1,167.