Estimated reading time: 3 minutes
The housing market has had a transitional year during 2022 with red-hot pricing and limited inventory. If you’ve been considering a move out of your current city to go somewhere new, we’ve compiled a revisited list of top affordable cities in the country.
City affordability is determined by numerous factors, including the average pricing for local consumer goods, healthcare, and transportation measured against the same local prices in other cities. Because a large portion of people’s paychecks go toward home costs and expenses, our affordability list is determined by two factors: median household income and median home price.
More than 60% of residents in Greenville own their own home, an impress feat for a city of nearly a million residents. Nature preserves and parks provide a natural escape from the city’s bustle. Greenville also has a bus system and a free trolley service for their downtown businesses, making it more accessible than traffic-focused cities.
Average annual salary: $47,100
Median home price: $320,388
Nicknamed the City of the Arts for its theater and visual arts presence, Winston-Salem is a wonderful attraction for young and older folks alike. With living costs nearly 15% below the national average and no Social Security benefits tax, this metro area is home to six colleges, seventy-five recreational parks, and thirty-three wineries.
Average annual salary: $51,914
Median home price: $241,129
Buffalo previously made our top ten list for affordable cities, but this booming 1.1 million resident city deserves additional recognition! Locals are passionate about sports and the outdoors, no matter the season. Reliable bus transportation and walkable neighborhoods like Elmwood Village and Allentown are also large draws for students.
Average annual salary: $53,300
Median home price: $236,791
Previously known as the Steel City, Pittsburgh has been nicknamed the Reinvention City after their comeback from the steel industry collapse. Now, the city is a central hub for technology and educational jobs.
Average annual salary: $54,300
Median home price: $222,479
Home of the Great New York State Fair, Syracuse is known for its weather and all-season recreational activities. With the city proper being a twenty-minute commute to the suburbs, those inside and out of the city enjoy museums, Onondaga Lake, and Syracuse University sporting events.
Average annual salary: $54,890
Median home price: $194,758
Home of the Green Bay Packers NFL team, Green Bay is Wisconsin’s oldest city. Located at the mouth of the Fox River, residents enjoy waterfront attractions and a thriving restaurant community. On top of it all, the commute time in Green Bay is six minutes faster than the national average, according to US News.
Average annual salary: $50,020
Median home price: $181,700
Known as the Horse Capital of the World, Ocala offers various entertainment for sports and art enthusiasts. It’s also home to Silver Springs State Park, one of the largest hot springs in the country.
Average annual salary: $42,050
Median home price: $168,850
With median home prices lower than the state average, Hickory is a great destination for retirees, families, and young professionals. Charlotte, NC is also only an hour away, giving Hickory locals ample places to explore.
Average annual salary: $43,630
Median home price: $161,000
About two hours from major cities, such as Houston and Lake Charles, Beaumont hosts nearly 400,000 residents. Outdoor enthusiasts enjoy Tyrrell Park for horseback riding or exploring the 900-acre Cattail Marsh Scenic Wetlands. The icing on the cake: Texans don’t pay state income taxes.
Average annual salary: $50,110
Median home price: $152,643
Scranton’s cost of living is below the national average, with housing costs noticeably lower than neighboring cities like Philadelphia or New York City for utilities, transportation, and groceries. The city attracts young professionals to its thriving downtown while the low crime rate and low cost of living make it a popular place for families.
Average annual salary: $46,230
Median home price: $100,600
When it comes to your own affordability, we can help. From affordability calculators to unique mortgage products, we have the home financing solution for you. When you’re ready to hear more about how Homestead Funding can help with your home financing, contact us today.
Homestead Funding offers exceptional customer service and a convenient mortgage process. Whatever your financing needs, our goal is to exceed your expectations.