With rising home prices and inflation, an area’s cost of living may be a growing factor when finding a place to live. U.S. News & World Report surveyed about 3,500 people to find the factors most important to determine a place to live and factored the results into its annual Best Places to Live rankings. To identify the most affordable places on its list, U.S. News calculate the median annual household income that goes toward the average cost to own or rent a home as well as the average costs for utilities and taxes.
The following 10 places topped U.S. News & World Report’s list of the best affordable places to live in the U.S. in 2022 and 2023:
1. Hickory, N.C.
Income spent on living expenses: 19.3%
2. Green Bay, Wis.
Income spent on living expenses: 20.03%
3. Huntsville, Ala.
Income spent on living expenses: 20.12%
4. Quad Cities—Davenport-Bettendorf, Iowa and Moline-Rock Island, Ill.
Income spent on living expenses: 20.24%
5. Fort Wayne, Ind.
Income spent on living expenses: 20.32%
6. Pittsburgh
Income spent on living expenses: 20.4%
7. Beaumont, Texas
Income spent on living expenses: 20.55%
8. Fayetteville, Ark.
Income spent on living expenses: 20.56%
9. Peoria, Ill.
Income spent on living expenses: 20.59%
10. Youngstown, Ohio
Income spent on living expenses: 20.64%
View the full list of the top 25 locales and more about each town at U.S. News & World Report.
Source: “The 25 Best Affordable Places to Live in the U.S. in 2022-2023,” U.S. News & World Report (May 17, 2022)
