The 25 Best Cities To Move to With Cheap Housing and a Strong Job Market
With many American families struggling with high rent, credit card debt and student loans, it might be difficult to find an affordable place to lay down roots.
Finding a place to live with good-paying jobs and affordable housing is certainly a delicate balance. Many U.S. cities have one or the other, with American families assuming that a city with decent wages will come with high housing costs. But luckily, there are plenty of cities that offer the best of both worlds.
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To identify cities in the U.S. that have plenty of jobs and cheap housing, GOBankingRates gathered information on the 200 biggest housing markets in the U.S., according to Zillow. We gathered data available regarding the typical home value and monthly rent as of June 2024, as well as its Metro Statistical Area unemployment rate, according to the June 2024 Bureau of Labor Statistics data.
The 25 cities in the final ranking have values lower than the U.S. national average in all of the above factors. Additional data on labor force participation and livability score was gathered from the American Community Survey and AreaVibes.
Keep reading to find out if your city has cheap housing and job opportunities.
1. Birmingham, Alabama
Typical home value: $126,757
Typical rent: $1,338
Unemployment rate: 2.7%
Labor force participation rate: 57.9%
Median household income: $42,464
Livability score (out of 100): 67
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2. Sioux Falls, South Dakota
Typical home value: $329,429
Typical rent: $1,205
Unemployment rate: 1.9%
Labor force participation rate: 74.2%
Median household income: $71,785
Livability score (out of 100): 85
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3. Des Moines, Iowa
Typical home value: $208,871
Typical rent: $1,114
Unemployment rate: 2.9%
Labor force participation rate: 70%
Median household income: $62,378
Livability score (out of 100): 83
4. Montgomery, Alabama
Typical home value: $143,945
Typical rent: $1,301
Unemployment rate: 3%
Labor force participation rate: 59.7%
Median household income: $54,166
Livability score (out of 100): 64
5. Huntsville, Alabama
Typical home value: $287,351
Typical rent: $1,382
Unemployment rate: 2.5%
Labor force participation rate: 63.4%
Median household income: $67,874
Livability score (out of 100): 83
6. Little Rock, Arkansas
Typical home value: $214,995
Typical rent: $1,202
Unemployment rate: 3.4%
Labor force participation rate: 64.8%
Median household income: $58,697
Livability score (out of 100): 72
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7. Amarillo, Texas
Typical home value: $202,017
Typical rent: $1,286
Unemployment rate: 3.4%
Labor force participation rate: 65.6%
Median household income: $60,628
Livability score (out of 100): 66
8. Lincoln, Nebraska
Typical home value: $284,822
Typical rent: $1,294
Unemployment rate: 3%
Labor force participation rate: 70.9%
Median household income: $67,846
Livability score (out of 100): 84
9. Erie, Pennsylvania
Typical home value: $181,423
Typical rent: $1,006
Unemployment rate: 3.9%
Labor force participation rate: 59.2%
Median household income: $43,135
Livability score (out of 100): 82
10. Mobile, Alabama
Typical home value: $194,348
Typical rent: $1,309
Unemployment rate: 3.5%
Labor force participation rate: 58.1%
Median household income: $48,524
Livability score (out of 100): 73
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11. Oklahoma City
Typical home value: $208,400
Typical rent: $1,259
Unemployment rate: 3.5%
Labor force participation rate: 67.4%
Median household income: $64,251
Livability score (out of 100): 81
12. Tulsa, Oklahoma
Typical home value: $211,819
Typical rent: $1,256
Unemployment rate: 3.7%
Labor force participation rate: 64.7%
Median household income: $56,648
Livability score (out of 100): 75
13. Baltimore
Typical home value: $187,450
Typical rent: $1,744
Unemployment rate: 3.2%
Labor force participation rate: 62.1%
Median household income: $58,349
Livability score (out of 100): 77
14. Wichita, Kansas
Typical home value: $202,485
Typical rent: $1,094
Unemployment rate: 4%
Labor force participation rate: 66%
Median household income: $60,712
Livability score (out of 100): 68
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15. Evansville, Indiana
Typical home value: $192,114
Typical rent: $981
Unemployment rate: 4.2%
Labor force participation rate: 64%
Median household income: $49,853
Livability score (out of 100): 66
16. Milwaukee
Typical home value: $212,016
Typical rent: $1,322
Unemployment rate: 3.7%
Labor force participation rate: 64%
Median household income: $49,733
Livability score (out of 100): 79
17. York, Pennsylvania
Typical home value: $262,440
Typical rent: $1,210
Unemployment rate: 3.6%
Labor force participation rate: 64.5%
Median household income: $42,351
Livability score (out of 100): 73
18. Omaha, Nebraska
Typical home value: $286,124
Typical rent: $1,390
Unemployment rate: 3.3%
Labor force participation rate: 69.9%
Median household income: $70,202
Livability score (out of 100): 83
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19. Springfield, Missouri
Typical home value: $235,075
Typical rent: $1,228
Unemployment rate: 3.8%
Labor force participation rate: 59.6%
Median household income: $43,450
Livability score (out of 100): 74
20. Syracuse, New York
Typical home value: $194,277
Typical rent: $1,499
Unemployment rate: 3.7%
Labor force participation rate: 57%
Median household income: $43,584
Livability score (out of 100): 77
21. Rochester, New York
Typical home value: $227,390
Typical rent: $1,469
Unemployment rate: 3.7%
Labor force participation rate: 61.6%
Median household income: $44,156
Livability score (out of 100): 76
22. Norfolk, Virginia
Typical home value: $302,883
Typical rent: $1,603
Unemployment rate: 3.2%
Labor force participation rate: 70%
Median household income: $60,998
Livability score (out of 100): 81
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23. Kansas City, Missouri
Typical home value: $246,401
Typical rent: $1,395
Unemployment rate: 3.8%
Labor force participation rate: 69%
Median household income: $65,256
Livability score (out of 100): 78
24. Buffalo, New York
Typical home value: $231,648
Typical rent: $1,389
Unemployment rate: 3.9%
Labor force participation rate: 60.2%
Median household income: $46,184
Livability score (out of 100): 79
25. Fort Wayne, Indiana
Typical home value: $235,574
Typical rent: $1,267
Unemployment rate: 4.1%
Labor force participation rate: 66.2%
Median household income: $58,233
Livability score (out of 100): 84
Laura Beck and Jordan Rosenfeld contributed to the reporting for this article.
Methodology: In order to identify cities in the U.S. that have plenty of jobs and cheap housing, GOBankingRates gathered information on the top 200 biggest housing markets in the U.S., according to Zillow. To be considered for ranking, each city had to have data available on: its June 2024 typical home value, according to Zillow, its June 2024 typical monthly rent, according to Zillow and (3) its Metro Statistical Area unemployment rate, according to the June 2024 Bureau of Labor Statistics data. The 48 cities in the final ranking have values lower than the U.S. national average in all 3 of the above factors. The highlighted cities were then scored on all three factors and ranked against each other, with factors and carrying half as much weight as factor. Supplemental information was also provided on the final 25 cities including labor force participation rate (for the population 16+), median household income from the 2022 American Community Survey and livability score from AreaVibes. All data was collected on and is up-to-date as of Aug. 5, 2024.
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This article originally appeared on GOBankingRates.com: The 25 Best Cities To Move to With Cheap Housing and a Strong Job Market