15 Cities With Really High Salaries and Really Low Costs of Living

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With costs of living staying on the high side around the U.S., staying where you are might no longer be ideal for your financial situation. If you’re moving to a new city to lower costs, you also want to go where the salaries are high, to make taking such a job worth the move.

Cities on the often-coveted East and West Coasts may have high salaries but also a higher cost of living. However, cities in the Midwest and South, particularly Ohio and Illinois, have the magic combination of low costs of living and high salaries.

To find cities with high salaries and low costs of living, GOBankingRates analyzed and ranked cities in the U.S. that had a population of at least 20,000 residents, a median household income above the median national income and a single family home value under $1,000,000. Using the cost of living indexes and the national average expenditure costs from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs for each city were calculated. That number then was subtracted from the median yearly income for each city, so residents know exactly how much they stand to pocket after the expenses.

If you want to relocate to a place where you can get the most bang for your buck, let this be your guide. Keep reading to see where your paycheck will stretch the furthest.

Perrysburg, Ohio

• Household median income: $98,419
• Total annual cost of living: $44,689

In Perrysburg, the monthly average mortgage cost is $1,907 for an average home value of $335,536.

South Euclid, Ohio

• Household median income: $75,933
• Total annual cost of living: $33,714

In South Euclid, you’ll pay a very low $999 monthly mortgage cost and less than $1,900 in other monthly expenditures.

Germantown, Tennessee

• Household median income: $140,429
• Total annual cost of living: $57,670

In Germantown, the median income is significantly higher than most of the nation, and after annual costs, it leaves more than $82,000 after expenses.

Madison, Mississippi

• Household median income: $124,575
• Total annual cost of living: $50,436

In Madison, Mississippi, the average home value is around $403,000, resulting in an average monthly mortgage payment of $2,289.

Granger, Indiana

• Household median income: $112,734
• Total annual cost of living: $48,877

Granger, Indiana not only has a high median income, resulting in a more than $63,000 surplus, it has a high livability score of 78.

Beavercreek, Ohio

• Household median income: $108,140
• Total annual cost of living: $44,694

In Beavercreek, Ohio, after paying annual costs of nearly $45,000, people making the median household income will have more than $63,000 to work with.

Dublin, Ohio

• Household median income: $158,363
• Total annual cost of living: $64,561

Dublin, Ohio is one of the bigger cities on this list, with a population of 48,893, which seems to only have a positive effect on the median household income of nearly $160,000 per year.

Urbandale, Iowa

• Household median income: $111,888
• Total annual cost of living: $46,506

Urbandale offers the best of all possible options, with a high median income, of $111,888, an average home value of not quite $360,000 and a livability score of 90.

Libertyville, Illinois

• Household median income: $161,302
• Total annual cost of living: $64,347

Libertyville has the highest median income on this list, at $161,302. The average home value is over $600,000, though, resulting in a relatively high mortgage payment.

Plainville, Illinois

• Household median income: $143,064
• Total annual cost of living: $51,068

Plainville, Illinois is plain in name only, offering a high median income and low costs that leave people with almost $92,000 in surplus after basic expenses.

Solon, Ohio

• Household median income: $128,470
• Total annual cost of living: $51,688

Solon, Ohio is another town with super high livability, a score of 90, and a median income that leaves its residents with more than $76,000 per year.

Avon, Ohio

• Household median income: $128,087
• Total annual cost of living: $53,255

In Avon, the average home value is $462,889, resulting in an average monthly mortgage payment of $2,630.

Frankfurt, Illinois

• Household median income: $157,615
• Total annual cost of living: $56,306

Frankfurt, Ohio makes up for a slightly lower livability score, of 68, with a very high median household income. Residents at that income level will have a surplus of more than $101,000 after expenses.

Carlsbad, New Mexico

• Household median income: $77,209
• Total annual cost of living: $34,953

In Carlsbad, New Mexico, while the median household income is among the lower on this list, so are annual costs of living, resulting in a significant surplus.

Hudson, Ohio

• Household median income: $160,280
• Total annual cost of living: $58,741

In Hudson, Ohio, more than $160,000 per year in median income can give a very comfortable living when your annual expenses are not even $60,000 per year. Add a livability score of 88, and you see why this is a great place to live.

Lauren Monitz contributed to the reporting for this article.

Methodology: For this study, GOBankingRates analyzed cities across the United States to find cities with high salaries and low costs of living. First, GOBankingRates found the median household income, total population, total households and population ages 65 and over, all sourced from the U.S. Census American Community Survey. For a city to qualify for this study, it had to have a population of at least 20,000 residents total, have a median household income above the national income ($74,580), and have a single family home value under $1,000,000. This ensures the locations have high incomes, low costs of living and high quality data available. For each city, a number of factors were found, including: cost-of-living indexe,s as sourced from Sperlings BestPlaces; livability index, as sourced from AreaVibes; and the average single family home value, as sourced from the Zillow Home Value Index from June 2024. Using the cost-of-living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for all residents, the average expenditure costs for each city can be calculated. Using the average single family home value, the national average 30-year fixed mortgage rate, and assuming a 10% down payment, the average mortgage cost can be calculated for each city. Using the mortgage and expenditure costs, the average total cost of living can be calculated. The mortgage cost was scored and weighted at 1.00, the expenditure cost was scored and weighted at 1.00, and the household median income was scored and weighted at 1.30. All the scores were summed and sorted to show the places with high incomes and low costs of living. The livability index was sourced from AreaVibes and included as supplemental information. All data was collected on and is up to date as of Aug. 19, 2024.

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