{"id":17307,"date":"2017-03-03T05:00:56","date_gmt":"2017-03-03T13:00:56","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=17307"},"modified":"2021-02-03T15:07:32","modified_gmt":"2021-02-03T23:07:32","slug":"affordable-cities","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/affordable-cities\/","title":{"rendered":"Affordable Cities"},"content":{"rendered":"

Where are the most affordable places to live in the U.S.?<\/p>\n

Demographia\u2019s 13th<\/sup> Annual Affordability Survey<\/em><\/a> brought to light a list of affor\"RacineWIS\"dable markets in the U.S. based on their median multiple, a number obtained by dividing the median house price by the median household income. The Median Multiple is widely used for evaluating urban markets and has been recommended by the World Bank and the United Nations.<\/p>\n

According to the survey, there are 82 affordable housing markets in the country. Racine, Wisc., is the most affordable of them this year, followed by Bay City, Mich. Decatur, Ill., Elmira, N.Y., and East Stroudsburg, Pa.<\/p>\n

America\u2019s Kringle Capital is No. 1
\n<\/strong><\/p>\n

With a population of less than 80,000, Racine is officially the most affordable city to live in based on median house price and median household income. If you decide to settle here, you\u2019ll be 22 miles south of Milwaukee and 77 miles north of Chicago.<\/p>\n

Located at the mouth of the Root River, on the shore of Lake Michigan, the city is most famous for its Danish pastries. In fact, its nickname is derived from the kringle, an oval-shaped, buttery, flaky delicacy.<\/p>\n

But Racine is more than finger-licking desserts. The city boasts a zoo, a beautiful lakefront, a picturesque lighthouse, museums and historic architecture.<\/p>\n

Affordability Perks<\/strong><\/p>\n

Bay City, Mich., ranks second in the top 5 most affordable cities. According to recent data published by mlive.com<\/em><\/a>, the city is oversupplied, which keeps home prices and rent levels very low. City officials are struggling to eliminate blight, increase home values and attract new homebuyers. So if you\u2019re thinking about moving to a riverfront property in a quiet town, now\u2019s the time to do it.<\/p>\n

The third most affordable city in the U.S. this year is Decatur, Ill. In 2015, Decatur’s estimated population was 73,254. With such a quaint population, the city is truly a hidden gem. Its motto is Decatur, We Like it Here<\/em>.<\/p>\n

But there\u2019s another top city that could alleviate all your stress by walking daily along quiet squares\u2014Elmira. This 28,000-person town on the hills of southwestern New York is fairly isolated from other cities. But it doesn\u2019t feel isolated. The popular Finger Lakes region and Watkins Glen International Speedway are nearby.<\/p>\n

According to bestplaces.net<\/em><\/a>, the cost of living index here is one of the lowest in the state and extremely low for the region. Elmira’s cost of living is 17 percent lower than the U.S. average.<\/p>\n

Lastly, if you really want to be part of a small community, try living in East Stroudsburg, a borough in Monroe County, Pa. Less than 10,000 people reside here.<\/p>\n

Interestingly enough, the borough was relatively expensive just two years ago. According to a Philadelphia Federal Reserve<\/em><\/a> study in February 2015, rents in East Stroudsburg were $704 more than what’s considered affordable (30 percent of income).<\/p>\n

To Relocate or Not to Relocate?
\n<\/strong><\/p>\n

While the cost of housing in these cities is relatively inexpensive, there is more to consider. Demographia\u2019s survey does not account for property tax rates, the variety of schools and healthcare available in the area, commuting costs, house sizes or building quality.<\/p>\n

These cities are America\u2019s cr\u00e8me de la cr\u00e8me when it comes to affordability. They are the opposite of metro lifestyle\u2014perhaps uneventful–but you\u2019ll probably have the extra cash to travel to different big cities whenever you feel the urge.<\/p>\n

\"HousingRankings\"<\/p>\n

Images courtesy of smithgroupjjr.com and Demographia <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Where are the most affordable places to live in the U.S.? Demographia\u2019s 13th Annual Affordability Survey brought to light a list of affordable markets in the U.S. based on their median multiple, a number obtained by dividing the median house price by the median household income. The Median Multiple is widely used for evaluating urban […]<\/p>\n","protected":false},"author":413,"featured_media":17309,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[1016,664,1190,157,80,134,763],"class_list":["post-17307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-affordability","tag-cities","tag-cost-of-living","tag-economy","tag-jobs","tag-real-estate","tag-usa"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Where are the most affordable places to live in the U.S.? 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