Different cities across the United States have different costs. Why? Usually, in densely populated cities, the living costs will be higher because jobs typically pay more.
Are you wondering what are the cheapest cities across the US? If so, you aren’t alone.
To help you understand which cities allow you to stretch your paycheck the furthest, we will look at the top five cities that were ranked using this data:
- Median Income Per Household
- Median Monthly Costs
- Median Rent
These factors are then used to give a score out of 100 for affordability.
Here is the rule to go by: The lower the score, the cheaper the city.
The most cost-friendly cities in the United States are Clarksdale, Russellville, Walnut Ridge, Freeman, and Ashland.
Clarksdale has a score of 69.7. The average cost of rent for a studio apartment is $418, half the US average of $821. Looking at a 4-bedroom rental, the average is $887, more than 50% cheaper compared to the average of $1,791 nationally.
Clarksdale’s living costs are cheaper than the average of Mississippi by 13% and 27% less than the average across the nation. Mississippi does have higher state taxes and income taxes compared to the average.
Walnut Ridge, Arkansas
Walnut Ridge has a cost of living score of 71.6. The cost for renting a studio apartment is around an average of $537, just under $300 less than the average in the US.
The rent for a 4-bedroom is $1,167, about $600 cheaper than what you can expect for the United States average.
The average cost of utilities is 18% less than the average of the United States, the cost of transportation is 11% less, groceries are 14% less. Overall, Walnut Ridge is 22% cheaper than average in the United States.
Freeman, South Dakota
Freeman has a cost of living score of 73.7. The average rent for a studio apartment is $541, and a 4-bedroom rents for an average of $1,221. Both prices are cheaper than the average in the United States.
Freeman has a median home value of $89,744, way lower than the national average of $295,300. The rate of homeownership in Freeman is 69.2% which is 4% higher than the average.
The sales tax in Freeman is 6.5%, which is 2% higher than South Dakota and about 1% lower than the national average.
Ashland has a cost of living score of 74.9. The average rent for a studio apartment is $500 and the average rent for a 4-bedroom is $1,165. Both of these are lower than the national average. The overall cost of living is 11% less than the national average.
Utility and gas are both about 2% cheaper than average, while groceries are 9% lower than the national average.
Russellville has a cost of living score of 75.6. The average rent cost of a studio apartment is $505, about $300 less than the US average of $821. The average rent of a 4-bedroom place is $1,080, over $700 cheaper than the US average of $1,791.
Russellville has a living cost that is 9% lower than the average of Alabama and is 18% lower than the national average. Alabama also has a cheaper sales tax than the national average by 21% and a lower state income tax by 19%.
If you are curious about the cheapest cities in the United States where your money will stretch the farthest, you will find what you are looking for in this article. Listed are the top five cities in the United States that will give you the most bang for your buck.
Each city has been given a rating out of 100, comparing their cost of living to the national average. Clarksdale, Walnut Ridge, Freeman, Ashland, and Russellville are extremely cost-friendly.
You will be able to live for prices much lower than the national average, as well as buy groceries and pay less expensive utilities.
If you are looking for somewhere to move where you will be able to get your paychecks to last you longer each month, any of these cities will be a great choice.