Are you spending more on rent, groceries, and other essentials than you need to be, especially in today’s economy? If so, it’s worth considering the most affordable places to live in the country—and we have some good news. A suburb of Chicago ranks seventh among the most affordable cities in the country.
According to The Motley Fool, Joliet stands out for its relatively low cost of living combined with a median household income that exceeds the national average. The report estimates Joliet’s annual cost of living at $68,881, with a median household income of $86,054.
Jack Caporal, research director at The Motley Fool:
Joliet’s cost-of-living index is about six points below the national benchmark and the median household income there is 5% above the national median. Its low cost of living is driven by housing costs being 20 points below the national average, according to the Council for Economic and Community Research.
How was the most affordable city determined?
The Motley Fool analyzed data from the Council for Community and Economic Research, the Bureau of Labor Statistics, and the U.S. Census Bureau. The study assessed how far a city’s median income could stretch based on local prices for housing, groceries, transportation, healthcare, and other essentials.
Top 10 most affordable cities in the U.S.
- McKinney, Texas
- Morristown, New Jersey
- Edmond, Oklahoma
- Midland, Texas
- Austin, Texas
- Plano, Texas
- Joliet, Illinois
- Kansas City metro
- Atlanta, Georgia
- Charleston, South Carolina