25 American Cities With the Lowest Cost of Living in 2024

Your cost of living can significantly impact your daily and long-term finances as well as your ability to build wealth. Though New York, Los Angeles and San Francisco are popular, they often price residents out based on rent alone. However, there are many metro areas where you don’t have to sacrifice your standard of living just to make ends meet.

Paying for your living expenses is one thing, but actually, saving money is becoming rarer when you live in America. As you create not only your budget but also your five-year plan, you need to factor in all cost of living calculations, including housing costs and what you’ll spend on miscellaneous goods and services in your area.

If you want to make a change or are just thinking of moving somewhere more affordable, it’s good to look at any community and economic research you can find.

• Average Home Value: $133.728
• Average Rent: $792
• Median Household Income: $46,356
• Population: 35,642

Indiana is a state packed with big cities, but Richmond just might just be the right blend of suburban comfort and metro convenience. Its population of young professionals appreciates its many parks and solid public school selection while only averaging monthly expenses of around $1,676.

• Average Home Value: $193,585
• Average Rent: $912
• Median Household Income: $41,512
• Population: 21,826

Not only are many Mt. Pleasant residents able to afford a home, but they also save on daily expenses, such as clothing and groceries. In general, this city’s occupants have an estimated monthly cost of expenditures coming in around $1,764.

• Average Home Value: $129,695
• Average Rent: $926
• Median Household Income: $40,309
• Population: 65,167

Living in Muncie offers you the chance to buy your house in an area with highly-rated public school districts. The kids will love the parks and playgrounds, and when they are done running around, you can get a babysitter and hit one of the many lively bars in the area. The average monthly cost of expenditures comes in around $1,881 per person.

• Average Home Value: $216,751
• Average Rent: $1,243
• Median Household Income: $34,493
• Population: 22,698

The housing market in Athens is one of the more budget-friendly, which is the main reason why so many current residents are homeowners. Not only are home prices reasonable, but you can also enjoy a night out with the money you save in one of its many bars, restaurants or coffee shops.

• Average Home Value: $139,983
• Average Rent: $794
• Median Household Income: $54,104
• Population: 67,256

Although the average monthly cost of expenditures is relatively high in Waterloo at $1,971, its low monthly mortgage and rent costs make up for that — you’ll pay under $1,000 each month for either.

• Average Home Value: $164,034.58
• Average Rent: $858.33
• Median Household Income: $61,667
• Population: 26,156

Austin boasts affordable housing and a lower-than-average cost of living. The average montly expenses per resident average around $1,679.

• Average Home Value: $193,999
• Average Rent: $976
• Median Household Income: $60,040
• Population: 34,500

Manitowoc can help make your start in real estate a bit easier, as housing is generally cheaper than the national average. If you move there, you can expect to pay around $1,670 on monthly expenses, all in.

• Average Home Value: $257,008
• Average Rent: $1,354
• Median Household Income: $69,132
• Population: 17,773

Affordable housing options and a lower cost of groceries make North Canton a viable choice. You might be surprised to find such a seemingly metropolitan area coming in so well-priced, but somehow this town has managed to maintain reasonable housing prices and lower-than-average costs on other expenses, with residents paying about $1,759 on monthly expenses.

• Average Home Value: $115,769
• Average Rent: $859
• Median Household Income: $39,066
• Population: 46,637

The cost of living is low but the quality of living is high, thanks to many financial features. For example, the average monthly mortgage payment is only $685.

• Average Home Value: $167,669
• Average Rent: $710
• Median Household Income: $64,192
• Population: 12,482

Boone is renowned as one of the best cities to live in Iowa. It comes with all the creature comforts of eating and shopping options and has a great public school system to boot. Residents can expect to pay around $1,853 per month on average expenses.

• Average Home Value: $103,987.79
• Average Rent: $650.00
• Median Household Income: $46,595
• Population: 15,977

Beautiful scenery doesn’t have to mean big expenses. Though the monthly cost of expenditures in Clarksburg isn’t the cheapest on the list at $2,102, monthly mortgage and rent costs are low — both under $700 on average.

• Average Home Value: $220,337
• Average Rent: $1,340
• Median Household Income: $54,986
• Population: 40,408

Ohio continues to add hit after hit to this list, with Findlay offering affordable housing and utilities. You could easily afford a home in comparison to other cities — or just save on rent as you put away money for a down payment.

• Average Home Value: $122,577
• Average Rent: $1,050
• Median Household Income: $55,944
• Population: 17,639

Jacksonville has low home prices, and the average mortgage payment is only around $725. This town offers its residents everything from farmers markets to live entertainment without their having to dig too deeply into their wallets.

• Average Home Value: $139,881
• Average Rent: $868
• Median Household Income: $37,886
• Population: 9,913

Uniontown distinguishes itself with its beautiful parks and historical sites. For such a small city, it sure packs a punch in savings as the monthly average for expenses is only around $1,781.

• Average Home Value: $223,330
• Average Rent: $1,171
• Median Household Income: $69,818
• Population: 57,707

Kettering is a town known for its many parks and outdoor entertainment. However, it is also good to know that it’s incredibly affordable — and worth a look, if you’re trying to move to a city where you would be able to buy a home.

• Average Home Value: $181,888
• Average Rent: $1,352
• Median Household Income: $46,735
• Population: 186,999

With a low cost of living and a thriving job market, Brownsville is an attractive option for many. The biggest city on this list, it still offers average monthly expenses of just over $1,800.

• Average Home Value: $215,310
• Average Rent: $775
• Median Household Income: $62,684
• Population: 28,388

South Dakota is coming in strong with Aberdeen’s low cost of living and low monthly housing expenses. If you don’t want to pay rent and are looking to buy, the average monthly mortgage is also on the lower side at around $1,274.

• Average Home Value: $211,439
• Average Rent: $897
• Median Household Income: $58,964
• Population: 13,002

Webb City’s average home value is on the higher side for this list, but rent is relatively low. Monthly expenses here average around $1,849.

• Average Home Value: $179,978
• Average Rent: $1,135
• Median Household Income: $64,250
• Population: 85,469

Sioux City is home to plenty of bars, parks, restaurants and more. Many cities have the same amenities, but most of them tend to charge more than this Iowa haven, so it’s definitely worth your consideration — especially when you factor in that monthly expenses average out to around $1,897.

• Average Home Value: $262,510
• Average Rent: $1,362
• Median Household Income: $104,000
• Population: 14,437

Not only does Chatham boasts several culturally and historically significant venues, but it also has great home value for investors. If that’s not enticing enough to get you to move, the average mortgage payment of $1,553 just might.

• Average Home Value: $173,687
• Average Rent: $963
• Median Household Income: $67,940
• Population: 18,708

Right next to Starved Rock State Park, Ottawa is a gem. Rent and monthly mortgage averages are both on the low side, and other expenditures average about $1,867 per month.

• Average Home Value: $198,305
• Average Rent: $1,102
• Median Household Income: $41,024
• Population: 48,466

Hattiesburg has a fun food and music scene, all surrounded by beautiful architecture. It might be time to give your cost of living some Southern hospitality, as the average monthly estimate for expenditures is around 1,844.

• Average Home Value: $187,527
• Average Rent: $999
• Median Household Income: $51,186
• Population: 18,783

Wisconsin Rapids offers affordable housing and a lower cost of living compared to many other cities. Midwestern quality prevails with big-city feels and small-town price tags. The average person who lives here pays around $1,839 in monthly expenses.

• Average Home Value: $183,529
• Average Rent: $1,176
• Median Household Income: $51,543
• Population: 50,899

If you love family-friendly activities and small-town vibes, Mishawaka may be the right fit for you. For the same price you can afford a home here, you would only be able to pay for an apartment somewhere else — the average mortgage payment is $1,086.

• Average Home Value: $148,441
• Average Rent: $1,090
• Median Household Income: $62,419
• Population: 114,214

There may be many Springfields, but Springfield, Illinois is one of the larger cities in the state, as well as one of the more affordable options. Abraham Lincoln’s hometown could be a great option for you to save a few pennies.

Methodology: For this study, GOBankingRates analyzed cities across the country to find the cheapest cost of living in 2024. GOBankingRates started by finding the 500 cities with lowest cost of living indexes as sourced from Sperlings BestPlaces. Using the average expenditure costs for all residents as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs for all residents can be found for each city. The cities with an overall cost of living index above 80 were removed for this study. The remaining cities have an overall cost of living more than 20% below the national average. The average single family home value in February 2024 was sourced from Zillow Home Value Index, and using the national 30-year fixed rate mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated for each city. The average rental cost can be found from Zillow Observed Rental Index. Combining the average expenditure costs with the average mortgage cost gives the average total cost of living for homeowners. Combining the average expenditure costs with the average rental cost gives the average total cost of living for renters. For each city on the list, the livability index was sourced from AreaVibes, and all the places with a livability index below 75 were removed, as they represent places that have a lower quality of life. The total population and median household income were sourced from the U.S. Census American Community Survey as supplemental information. The livability index was scored and weighted at 1.00, the expenditure cost was scored and weighted at 1.00, the average mortgage cost was scored and weighted at 1.00, and the average rent cost was scored and weighted at 1.00. All the scores were summed and sorted to find American cities with the lowest cost of living in 2024. All data was collected on and is up to date as of April 12, 2024.

Photo Disclaimer: Please note photos are for representational purposes only. As a result, some of the photos might not reflect the locations listed in this article.