To afford life in a big city like San Francisco, California, you'd have to make double what most Americans earn, according to a May Moody's Analytics analysis.
U.S. News and World Report released its ranking of the cities with the lowest cost of living, based on the median gross rent and annual housing costs for mortgage-paying homeowners.
The ranking used data from sources including the U.S. Census Bureau, the FBI and the U.S. Department of Labor. The data was categorized into four indexes:
- Quality of life: How satisfied residents are with their daily lives
- Value: How comfortably the average resident of each city can afford to live within their means
- Desirability: Which ranked cities people would most like to live
- Job market: The strength of each city's job market
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Each index was given a score of 0-10.
Fort Wayne, Indiana is the most affordable place to live in the U.S.
Overall score: 6.6
Money Report
Quality of life: 6.5
Value: 8.2
Fort Wayne is located in northeastern Indiana and close to Ohio and Michigan's borders.
It is the second-most populated city in the state after Indianapolis. In recent years, Fort Wayne has undergone a long-term revitalization to bring new housing and economic development to its downtown and riverfront area, according to U.S. News and World Report.
The cost of living in Fort Wayne is 1% lower than the state average and 9% lower than the national average, according to RentCafe.
As of July 2024, the average annual salary in Fort Wayne is $50,720 and most salaries in the city range between $34,342 to $65,478 annually.
The median rent for all bedroom counts in Fort Wayne is $1,200 while the the average home value is $234,244, up 6.6% over the past year.
The 10 most affordable places to live in the U.S.
- Fort Wayne, Ind.
- Huntsville, Ala.
- Wichita, Kan.
- Springfield, Mo.
- Davenport, Iowa
- Hickory, N.C.
- Montgomery, Ala.
- Green Bay, Wis.
- Little Rock, Ark.
- Oklahoma City, Okla.
Huntsville, Alabama ranked as the second-most affordable place to live in America. It had an overall score of 6.8, a quality of life score of 6.6 and a value score of 8.1.
A July LendingTree report found that Huntsville is the best-overlooked metro area for homeownership. The city's homeownership rate is 70.46%, the median home value is $292,700, and the median annual property taxes for a home with a mortgage are $963.
The city also had one of the lowest median rents — $863 a month for a one-bedroom apartment.
Huntsville's cost of living is 8% lower than the national average and housing expenses are 25% lower, according to PayScale.
A report from ApartmentAdvisor found that Huntsville was also the No. 2 most rent-friendly city in America.
Huntsville became synonymous with the U.S. space program during the Space Race of the 1960s and NASA has one of its largest centers located on a military base in the area. The city is home to the U.S. Space & Rocket Center.
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