Cost of Living Ranking: Top 5 Cheapest U.S. Cities

Personal Finance

Are you planning on moving? You can get more bang for your buck by moving to a U.S. city with a low cost of living. Not only can you get a cheap apartment or home, but you can have more income left over to save for retirement.

5. Ardmore, OK

Ardmore, Oklahoma has a small population of only 35,000, but it’s easily one of the best places to live due to the low cost of living. The average rent for a two-bedroom apartment with two-baths is around $550 per month, while the average home is priced at $235,000. That means the cost of living in this quaint little town comes in 14.8% lower than the national average. Could this be your next home?

4. Fayetteville, AR

Fayetteville, Arkansas is a college town. It’s breathtaking and affordable for nearly anyone. CBS News claims it’s been named one of the best places in the United States for “Business and Careers.” The low cost of living makes it the ideal location for anyone searching for a new home. The average two-bedroom apartment with two-bath goes for $543 per month, while homes are $228,200 on average. Shopping is also pretty cheap. Ground beef is around $3.22 per pound and $1.25 per loaf of bread. A trip to the movies is a modest $8.70. The average cost of living in Fayetteville, Arkansas comes in 15.4% lower than the national average.

3. McAllen, TX

McAllen, Texas is the third-least expensive community to live in the country, but that doesn’t mean it isn’t a quality place to live. While it has a larger population of 130,931, it’s the perfect place for someone that may want a yearly vacation in Mexico. You can purchase your own home for the low price of $178,000. However, the monthly apartment is slightly more than other cities on the list at $708 per month. McAllen, Texas is 16.2% lower than the national cost of living average.

2. Memphis, TN

Memphis is one of the most popular tourist locations in the United States thanks to its rich cultural history. The blues capital of the U.S. is also one of the best places to live due to the low cost of living. The average price of a home is $180,375, while a two-bedroom apartment costs $726. Groceries may be a little more expensive in this city, but housing is much lower than others. The cost of living in Memphis is 14.3% lower than the average.

1. Harlingen, TX

People looking to cut the costs of living should consider Harlingen. According to the Council for Community and Economic Research, this Texas city came in as one of the least expensive places someone can live. It’s located in the state’s southernmost tip and has a population of 74,950. The after-tax cost to maintain a standard of living is 17% lower than the national average. You can get a home for as low as $229,558. Ground beef comes in at around $2.35 per pound, and a movie ticket is $9. Harlingen may be the perfect place to call home.

All facts and figures from CBS News.

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