America's cheapest (livable) cities
These 10 places combine low housing prices, a reasonable cost of living and high quality of life.
As American workers cope with a tough job market and sluggish economy, many may be considering moving to a city where their money can go further. Moving from a big city to a small but thriving locale like Sioux Falls, S.D., may not be for everybody, but for some people the tradeoff will be worthwhile.
"People who have a preference for living in these cities have a lot more time for families, personal recreation and civic activities," says Mark Schill, vice president for research at economic development firm Praxis Strategy Group, which studied some thriving hubs in its new "Enterprising Cities" report. Here is a sampling of 10 cities where you can slash your overhead while enjoying a great quality of life.
Median home price: $52,799
Cost of living: 90.2% of national average
Cost of living: 90.2% of national average
Named to National Geographic's list of the "100 Best Adventure Towns," this small city of nearly 58,000 people offers lots of outdoor recreation in a family-friendly atmosphere where, according to the Council for Community and Economic Research, the cost of living is only 90.2% of the national average for urban areas. The median home cost is $52,799, compared with $153,800 for the United States, according to Sperling's Best Places.
On the weekends, residents can enjoy nearby Yellowstone and Grand Teton National Parks, world-class fishing on the Snake River, historic exhibits at the Museum of Idaho, and live music at Colonial Theater and Civic Auditorium. Just be prepared to make less than you would in a major city. The average hourly wage in Idaho Falls was $17.15 in May 2012, 22% lower than the U.S. average, according to the U.S. Department of Labor's Bureau of Labor Statistics (BLS).
Median home price: $124,250
Cost of living: 84.7% of national average
Cost of living: 84.7% of national average
Residents of this sunny city of more than 107,000 people, about 112 miles from Denver, benefit from a cost of living that is 83.7% of the national average for cities, according to the Council for Community and Economic Research. Housing costs 67% less than the U.S. average, according to Sperling's Best Places, with the median home cost $124,250.
Inhabitants have easy access to attractions like San Isabel National Forest, the Pueblo Weisbrod Aircraft Museum and the popular Buell Children's Museum. The city's once thriving steel industry has declined in recent years. In 2012, the largest employers were Parkview Medical Center and the local school system, according to Pueblo Economic Development Corp. The greatest percentages of jobs are in office and administrative support, sales, and food preparation and service. The mean hourly wage of $18.53 in May 2012 lagged behind the U.S. average of $22.01, according to the BLS.
Median home price: $148,500
Cost of living: 92.6% of national average
Cost of living: 92.6% of national average
Home to the University of Oklahoma, this spirited college town has a cost of living that is 92.6% of the national average, according to the Council for Community and Economic Research. The median home price in this city of more than 115,000 people, located about 20 miles outside of Oklahoma City, is $148,500, putting housing costs at about 90% of the average.. Utilities are about 85% of the U.S. average.
If you're looking for a job, this could be an ideal setting. Thanks in part to the presence of the university, which provides nearly 12,000 jobs, unemployment is only 5%. The National Weather Center also has its headquarters here. And there's plenty to do outside of work in Norman, from joining the throngs of fans who attend the university's football games to browsing French Impressionist paintings at the Fred Jones Jr. Museum of Art.
Median home price: $127,116
Cost of living: 85.7% of national average
Cost of living: 85.7% of national average
This city of just under 300,000 people -- part of a metropolitan area of more than 2 million -- fights above its weight class when it comes to offering a vibrant urban lifestyle at an affordable price. Thanks largely to ultra-low housing costs that are 59% of the national average, the cost of living here is just 86% of the U.S. average, with the median home cost at $127,116.
"Cincinnati offers a very affordable lifestyle, combined with many amenities you might expect in a city larger than Cincinnati," says Trevor Hamilton, vice president of economic development for the Cincinnati USA Partnership, which promotes the region. "We are one of just a few metropolitan areas around the country that offers all five arts disciplines in ballet, symphony, theater, opera and museums." It's also a haven for sports fanatics, thanks to teams like the Cincinnati Bengals.
Median home price: $156,000
Cost of living: 86.9% of national average
Cost of living: 86.9% of national average
With a cost of living that's 87% of the U.S. average and a median home price of $156,000, Nebraska's largest city offers many of the pleasures of urban living without hassles like long commutes.
The city of more than 421,000 people is home to a thriving arts community -- including the Omaha Community Playhouse, the largest community theater in the country -- and has a vibrant indie music scene. Jobseekers take note: Nebraska has only 4% unemployment. The city is a major hub of the telecommunications industry, is home to several Fortune 500 companies, such as ConAgra Foods, Union Pacific, Mutual of Omaha and Berkshire Hathaway, and has a thriving startup scene. The top employers are the Offutt Air Force Base and Alegent Creighton Health, according to the Greater Omaha Chamber of Commerce. With an average hourly wage of $20.30, residents earn about 8% less than the U.S. average.
Median home price: $69,381
Cost of living: 79.2% of national average
Cost of living: 79.2% of national average
With a population of more than 104,000 people, this city offers a cost of living that is 79.2% of the average for the U.S., according to Sperling's Best Places. The median home cost is $69,381.
There are plenty of opportunities to enjoy the outdoors at places such as Lucy Park, located along the Wichita River, and an 18-hole golf course at Weeks Park. Cyclists can participate in a 100-mile bike race called the Hotter'N Hell Hundred, held annually.
Unemployment is lower than the national average, at 6.3%. Though the cost of living is low, salaries in the area are relatively modest, so check out employment opportunities before you move here. The mean annual wage in May 2012 was $35,000, compared with $45,790 for the U.S., according to the BLS. Major employers include Sheppard Air Force Base, the local school district and North Texas State Hospital.
Median home price: $125,250
Cost of living: 90% of national average
Cost of living: 90% of national average
The capital city of Illinois, home to more than 117,000 people, offers an overall cost of living that is 90% of the average for the U.S., according to Sperling's Best Places.
Residents have access to many local attractions, like the Abraham Lincoln Presidential Library and Museum, tours of the Frank Lloyd Wright-designed Dana-Thomas House, 13 golf courses and the 40-acre Adams Wildlife Sanctuary. However, crime has been growing in parts of the city, so research the local neighborhoods carefully before choosing one.
The largest employer, by far, is the state of Illinois, providing jobs for 18,300 workers; followed by Memorial Health System, which employs more than 6,000 people; and St. John's Hospital, which has more than 3,000 workers.
Abraham Lincoln Capital Airport offers daily flights to Chicago and Dallas/Fort Worth International Airport. The nearest big city is St. Louis, located 86 miles away.
Median home price: $138,100
Cost of living: 93% of national average
Cost of living: 93% of national average
Home to University of Arkansas, this attractive city at the base of the Ozark Mountains is the third-largest in Arkansas, with a population of nearly 77,000. It offers plenty to do, with five 18-hole golf courses that are open year round, the Walton Arts Center attracting performers like Lynyrd Skynyrd, cheering on the Arkansas Razorbacks football team or joining Bike, Blues & BBQ, a popular annual motorcycle rally.
Better yet, the cost of living is 85.9% of the average urban area, according to the Council for Community and Economic Research. Housing is only about 3% lower than the national average -- the median home price is $138,100 -- but groceries, utilities and transportation are significantly lower.
Unemployment is low: The seasonally adjusted rate was 5.4% in July 2013 , thanks to the presence of employers like the university, which employs more than 4,200 people.
Median home price: $121,400
Cost of living: 99.8% of national average
Cost of living: 99.8% of national average
While the overall cost of living in Sioux Falls is close to the U.S. average, housing costs that are about 7% lower make this city of more than 159,000 people is an attractive place for families. The lack of a state personal income tax helps keep the cost of living down.
Area residents enjoy attractions ranging from the scenic Falls Park -- one of more than 70 parks and greenways in the city -- to the Great Plains Zoo & Delbridge Museum of Natural History.
Thanks in part to the lack of corporate income tax in the state and its business-friendly climate, Sioux Falls has also attracted many financial services companies as employers, including Wells Fargo and Citigroup. Sanford Health is the largest employer. The annual average wage was $38,770 in May 2012, according to the BLS.
One plus: It's easy to get around, says Schill. "It's a 10-minute commute anywhere you want to go."
Median home price: $213,000
Cost of living: 94% of national average
Cost of living: 94% of national average
Offering recreation like kayaking in Truckee River Whitewater Park, cafe culture in the Riverwalk District downtown and a burgeoning arts district, this city of more than 231,000 people is an attractive refuge from giant metro areas.
Its cost of living is 94% of the average cost in the U.S. Housing prices are rising, according to Bruce Specter, a senior loan consultant with Summit Funding. However, with the median home price at $213,000, it's a heck of a lot cheaper than, for example, San Francisco, where the median home cost is $684,800. Better yet, residents can hold onto more of their pay: There's no individual state income tax or corporate income tax, according to the Tax Foundation, which ranked that state No. 1 for 2013 for its corporate tax climate. Refugees from crowded metro areas will appreciate the lack of traffic.
"We don't have a rush hour -- we have a rush minute," jokes Specter.
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