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Affordable Cities
By Leah Etling on Mar 3, 2017 in News
Where are the most affordable places to live in the U.S.?
Demographia’s 13th Annual Affordability Survey brought to light a list of affor
dable markets in the U.S. based on their median multiple, a number obtained by dividing the median house price by the median household income. The Median Multiple is widely used for evaluating urban markets and has been recommended by the World Bank and the United Nations.
According to the survey, there are 82 affordable housing markets in the country. Racine, Wisc., is the most affordable of them this year, followed by Bay City, Mich. Decatur, Ill., Elmira, N.Y., and East Stroudsburg, Pa.
America’s Kringle Capital is No. 1
With a population of less than 80,000, Racine is officially the most affordable city to live in based on median house price and median household income. If you decide to settle here, you’ll be 22 miles south of Milwaukee and 77 miles north of Chicago.
Located at the mouth of the Root River, on the shore of Lake Michigan, the city is most famous for its Danish pastries. In fact, its nickname is derived from the kringle, an oval-shaped, buttery, flaky delicacy.
But Racine is more than finger-licking desserts. The city boasts a zoo, a beautiful lakefront, a picturesque lighthouse, museums and historic architecture.
Affordability Perks
Bay City, Mich., ranks second in the top 5 most affordable cities. According to recent data published by mlive.com, the city is oversupplied, which keeps home prices and rent levels very low. City officials are struggling to eliminate blight, increase home values and attract new homebuyers. So if you’re thinking about moving to a riverfront property in a quiet town, now’s the time to do it.
The third most affordable city in the U.S. this year is Decatur, Ill. In 2015, Decatur’s estimated population was 73,254. With such a quaint population, the city is truly a hidden gem. Its motto is Decatur, We Like it Here.
But there’s another top city that could alleviate all your stress by walking daily along quiet squares—Elmira. This 28,000-person town on the hills of southwestern New York is fairly isolated from other cities. But it doesn’t feel isolated. The popular Finger Lakes region and Watkins Glen International Speedway are nearby.
According to bestplaces.net, the cost of living index here is one of the lowest in the state and extremely low for the region. Elmira’s cost of living is 17 percent lower than the U.S. average.
Lastly, if you really want to be part of a small community, try living in East Stroudsburg, a borough in Monroe County, Pa. Less than 10,000 people reside here.
Interestingly enough, the borough was relatively expensive just two years ago. According to a Philadelphia Federal Reserve study in February 2015, rents in East Stroudsburg were $704 more than what’s considered affordable (30 percent of income).
To Relocate or Not to Relocate?
While the cost of housing in these cities is relatively inexpensive, there is more to consider. Demographia’s survey does not account for property tax rates, the variety of schools and healthcare available in the area, commuting costs, house sizes or building quality.
These cities are America’s crème de la crème when it comes to affordability. They are the opposite of metro lifestyle—perhaps uneventful–but you’ll probably have the extra cash to travel to different big cities whenever you feel the urge.
Images courtesy of smithgroupjjr.com and Demographia
