Whether you’re just starting, already in retirement – or at any point in between — your financial well-being can be impacted greatly by your city’s cost of living. Even with a high income or plenty of retirement savings, it can be tough to get by where costs are high. More affordable cities, meanwhile, can make it easier to get ahead financially.
But living in a cheap city can come with trade-offs — such as a lack of amenities, struggling school districts or even higher crime rates. To identify affordable places where you can get ahead financially without sacrificing the quality of life, GOBankingRates analyzed U.S. cities that have populations of at least 100,000 and factored in other things people take into account when deciding where to live.
Keep reading to find out where to live to enjoy a good quality of life and save money on your monthly expenses and bills.
30. Independence, Missouri
- Total population: 122,230
- Median household income: $53,996
- Average home value, January 2023: $177,135
- Livability: 71
- Violent crime rate: 5.52
- Property crime rate: 35.88
- Overall cost of living: 85.5
- Annual expenditure: $57,223
29. Tyler, Texas
- Total population: 104,945
- Median household income: $58,385
- Average home value, January 2023: $222,562
- Livability: 70
- Violent crime rate: 4.50
- Property crime rate: 26.44
- Overall cost of living: 82.8
- Annual expenditure: $55,416
28. Lexington, Kentucky
- Total population: 321,354
- Median household income: $61,526
- Average home value, January 2023: $263,350
- Livability: 76
- Violent crime rate: 3.04
- Property crime rate: 29.35
- Overall cost of living: 90.5
- Annual expenditure: $60,570
27. Lincoln, Nebraska
- Median household income: $51,408
- Average home value, 2021: $214,342
- Livability: 77
- Violent crime rate: 3.43
- Property crime rate: 17.14
- Overall cost of living: 89.9
- Annual expenditure: $55,512.35
26. Amarillo, Texas
- Total population: 200,371
- Median household income: $55,174
- Average home value, January 2023: $181,193
- Livability: 73
- Violent crime rate: 7.46
- Property crime rate: 33.71
- Overall cost of living: 77.8
- Annual expenditure: $52,070
25. Grand Prairie, Texas
- Total population: 195,992
- Median household income: $73,352
- Average home value, January 2023: $310,799
- Livability: 80
- Violent crime rate: 2.19
- Property crime rate: 17.39
- Overall cost of living: 101.1
- Annual expenditure: $67,664
24. Warren, Michigan
- Total population: 138,996
- Median household income: $55,153
- Average home value, January 2023: $184,946
- Livability: 70
- Violent crime rate: 5.24
- Property crime rate: 15.61
- Overall cost of living: 92.8
- Annual expenditure: $62,109
23. Hampton, Virginia
- Total population: 136,748
- Median household income: $59,380
- Average home value, January 2023: $233,401
- Livability: 72
- Violent crime rate: 2.87
- Property crime rate: 24.99
- Overall cost of living: 88
- Annual expenditure: $58,897
22. Norman, Oklahoma
- Total population: 125,745
- Median household income: $59,866
- Average home value, January 2023: $227,192
- Livability: 76
- Violent crime rate: 3.17
- Property crime rate: 31.23
- Overall cost of living: 87
- Annual expenditure: $58,227
21. College Station, Texas
- Total population: 116,276
- Median household income: $50,089
- Average home value, January 2023: $316,722
- Livability: 79
- Violent crime rate: 1.97
- Property crime rate: 20.71
- Overall cost of living: 88.5
- Annual expenditure: $59,231
20. Rio Rancho, New Mexico
- Total population: 102,403
- Median household income: $70,615
- Average home value, January 2023: $299,638
- Livability: 78
- Violent crime rate: 1.88
- Property crime rate: 15.05
- Overall cost of living: 94
- Annual expenditure: $62,912
19. Des Moines, Iowa
- Total population: 213,545
- Median household income: $58,444
- Average home value, January 2023: $179,879
- Livability: 75
- Violent crime rate: 6.32
- Property crime rate: 31.89
- Overall cost of living: 78.7
- Annual expenditure: $52,672
18. Joliet, Illinois
- Total population: 150,323
- Median household income: $77,373
- Average home value, January 2023: $205,688
- Livability: 70
- Violent crime rate: 5.05
- Property crime rate: 11.51
- Overall cost of living: 84.1
- Annual expenditure: $56,286
17. Lakeland, Florida
- Total population: 110,401
- Median household income: $52,972
- Average home value, January 2023: $279,678
- Livability: 82
- Violent crime rate: 3.68
- Property crime rate: 24.02
- Overall cost of living: 88.3
- Annual expenditure: $59,097
16. Dearborn, Michigan
- Total population: 107,985
- Median household income: $60,184
- Average home value, January 2023: $201,400
- Livability: 75
- Violent crime rate: 3.35
- Property crime rate: 16.28
- Overall cost of living: 95.7
- Annual expenditure: $64,050
15. Green Bay, Wisconsin
- Total population: 107,083
- Median household income: $55,221
- Average home value, January 2023: $206,384
- Livability: 70
- Violent crime rate: 4.54
- Property crime rate: 15.22
- Overall cost of living: 80.3
- Annual expenditure: $53,743
14. Palm Bay, Florida
- Total population: 118,709
- Median household income: $55,963
- Average home value, January 2023: $300,135
- Livability: 80
- Violent crime rate: 2.81
- Property crime rate: 14.13
- Overall cost of living: 90.4
- Annual expenditure: $60,503
13. Rochester, Minnesota
- Total population: 119,732
- Median household income: $79,159
- Average home value, January 2023: $302,864
- Livability: 85
- Violent crime rate: 2.93
- Property crime rate: 19.37
- Overall cost of living: 92.5
- Annual expenditure: $61,908
12. Elgin, Illinois
- Total population: 114,156
- Median household income: $79,757
- Average home value, January 2023: $269,339
- Livability: 77
- Violent crime rate: 2.12
- Property crime rate: 10.13
- Overall cost of living: 91.6
- Annual expenditure: $61,306
11. Sterling Heights, Michigan
- Total population: 134,062
- Median household income: $70,211
- Average home value, January 2023: $279,667
- Livability: 82
- Violent crime rate: 1.85
- Property crime rate: 8.40
- Overall cost of living: 101.5
- Annual expenditure: $67,932
10. Aurora, Illinois
- Total population: 183,447
- Median household income: $79,642
- Average home value, January 2023: $254,418
- Livability: 77
- Violent crime rate: 3.39
- Property crime rate: 8.21
- Overall cost of living: 89.1
- Annual expenditure: $59,633
9. Wichita Falls, Texas
- Total population: 102,563
- Median household income: $50,856
- Average home value, January 2023: $147,753
- Livability: 75
- Violent crime rate: 5.82
- Property crime rate: 31.59
- Overall cost of living: 75.7
- Annual expenditure: $50,664
8. Broken Arrow, Oklahoma
- Total population: 112,751
- Median household income: $76,733
- Average home value, January 2023: $246,072
- Livability: 79
- Violent crime rate: 1.52
- Property crime rate: 18.53
- Overall cost of living: 89.3
- Annual expenditure: $59,767
7. Cedar Rapids, Iowa
- Total population: 136,512
- Median household income: $63,170
- Average home value, January 2023: $187,941
- Livability: 76
- Violent crime rate: 3.41
- Property crime rate: 26.78
- Overall cost of living: 79.2
- Annual expenditure: $53,007
6. Abilene, Texas
- Total population: 125,474
- Median household income: $54,493
- Average home value, January 2023: $174,950
- Livability: 75
- Violent crime rate: 4.78
- Property crime rate: 20.68
- Overall cost of living: 79.3
- Annual expenditure: $53,074
5. Laredo, Texas
- Total population: 254,697
- Median household income: $55,603
- Average home value, January 2023: $196,466
- Livability: 72
- Violent crime rate: 3.15
- Property crime rate: 12.37
- Overall cost of living: 82
- Annual expenditure: $54,881
4. Fort Wayne, Indiana
- Total population: 262,676
- Median household income: $53,978
- Average home value, January 2023: $195,509
- Livability: 75
- Violent crime rate: 2.64
- Property crime rate: 23.13
- Overall cost of living: 80.6
- Annual expenditure: $53,944
3. El Paso, Texas
- Total population: 676,395
- Median household income: $51,325
- Average home value, January 2023: $190,159
- Livability: 74
- Violent crime rate: 2.54
- Property crime rate: 12.73
- Overall cost of living: 82
- Annual expenditure: $54,881
2. Brownsville, Texas
- Total population: 185,849
- Median household income: $43,174
- Average home value, January 2023: $153,842
- Livability: 73
- Violent crime rate: 3.97
- Property crime rate: 18.27
- Overall cost of living: 73.4
- Annual expenditure: $49,125
1. Wichita Falls, Texas
- Total population: 141,941
- Median household income: $52,422
- Average home value, January 2023: $195,966
- Livability: 81
- Violent crime rate: 1.82
- Property crime rate: 18.27
- Overall cost of living: 78.8
- Annual expenditure: $52,739
More From GOBankingRates
Methodology: GOBankingRates determined cheap cities you’ll love to live in by analyzing U.S. cities with at least 100,000 people along the following criteria: (1) average home value price, based on taking the average home value from the months January 2022 through January 2023 from Zillow’s January 2023 data; this value had to be cheaper than the corresponding value for the U.S. overall, $324,127, in order to be considered as a finalist in the study; (2) livability score, sourced from AreaVibes; (3) violent crime rate per 1,000 residents; (4) property crime rate per 1,000 residents, sourced from NeighborhoodScout; and (5) annual expenditure as sourced from the 2021 Bureau of Labor Statistics Consumer Expenditure Survey and then factored for each city from Sperling’s Best Places cost of living indices. Each factor was scored, then added up for the final ranking. All data compiled on March 6, 2023. Population numbers were sourced from the Census Bureau’s 2021 American Community Survey.
Jami Farkas and Jordan Rosenfeld contributed to the reporting for this article.