Choosing to live in a city with lower housing and living costs could help you stretch your budget further.
- Buying a home can be expensive — but if you choose to move to a lower-cost city, you may be able to score an affordable home.
- Tulsa, Augusta, and Akron are a few U.S. cities with cheaper home and living costs.
Investing in a home is a big financial commitment. If you’re considering homeownership and have flexibility in where you may live, you may wonder where the best places to buy are throughout the country.
Home prices vary significantly around the country, so it’s essential to research before putting in offers and getting a mortgage. Luckily, there are some fantastic places to live with reasonable home prices and affordable living costs. Here are five cities to consider.
1. Tulsa, Oklahoma
Tulsa is a popular Oklahoma city to live in. The city has a community feel and has plenty of shops, restaurants, and recreational activities.
According to Redfin, the median home sale price in August 2022 was $225,000. But that’s not all there is to love about Tulsa. Payscale.com notes that the cost of living in Tulsa is 14% lower than the national average.
2. Augusta, Georgia
Augusta, Georgia, is another great place to buy a home. Close to the South Carolina border, this city is home to the beautiful Augusta Riverwalk, which runs along the Savannah River. Redfin data shows that this city’s median home sale price in August 2022 was $199,990.
In addition to buying an affordable home, you can also live here without breaking your budget. Payscale.com notes that the cost of living in Augusta is 13% lower than the national average.
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3. El Paso, Texas
If you’re considering moving somewhere in the Southwestern part of the country, you may want to look at Texas. El Paso is one city that has affordable home prices and living costs. Redfin data shows that the median home sale price was $239,950 in August 2022. According to Payscale.com, the cost of living in El Paso is 10% lower than the national average.
4. Akron, Ohio
If you’re open to living in the state of Ohio, Akron is another city to consider. You can likely find a reasonably priced home to buy here. According to Redfin, the median home sale price was $135,000 in August 2022 — which is much lower than the national average.
But the savings don’t stop there. You can expect to pay reasonable living costs in this area. Payscale.com data shows that living costs are 3% below the national average.
5. Green Bay, Wisconsin
Wisconsin is home to more than great cheese and dairy products. It’s also home to Green Bay, another one of the best cities to buy a home. You can find a reasonably priced home here. Redfin data shows that the median home sale price was $224,950 in August 2022.
In addition to having affordable housing options, living costs are also reasonable in this city. Payscale.com notes that the cost of living in Green Bay is 10% lower than the national average.
The current national median home sale price is $406,074. But that doesn’t mean it’s expensive to buy and live everywhere. If you look in more affordable parts of the country, you could score an inexpensive home and enjoy lower living costs.
Buying a home could be a great move depending on your personal finance goals. But make sure to outline your goals and research home prices and mortgage rates before doing so.
Are you ready to learn more? You can review our list of best mortgage lenders to start planning.
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