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10 US Cities With Plenty of Jobs and Cheap Housing
With many American families struggling with high rent, credit card debt and student loans, it might be difficult to find an affordable place to lay down roots. Finding a place to live with good-paying jobs and affordable housing is certainly a delicate balance. Many U.S. cities have one or the other, with American families assuming that a city with decent wages will come with high housing costs. But luckily, there are plenty of cities that offer the best of both worlds.
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To identify cities in the U.S. that have plenty of jobs and cheap housing, GOBankingRates gathered information on the 200 biggest housing markets in the U.S., according to Zillow. We gathered data available regarding the typical home value and monthly rent as of February 2023, as well as its Metro Statistical Area unemployment rate, according to the December 2022 Bureau of Labor Statistics data.
The 10 cities in the final ranking have values lower than the U.S. national average in all of the above factors. Additional data on labor force participation and livability score was gathered from the American Community Survey and AreaVibes. Keep reading to find out if your city has cheap housing and job opportunities.
Birmingham, Alabama
Typical home value: $90,289
Typical rent: $1,184
2022 unemployment rate: 2.0
Labor force participation rate: 58.9%
Median household income: $51,254
Livability score: 65
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Evansville, Indiana
Typical home value: $168,401
Typical rent: $826
2022 unemployment rate: 2.3%
Labor force participation rate: 62.3%
Median household income: $57,321
Livability score: 58
Springfield, Missouri
Typical home value: $213,892
Typical rent: $1,227
2022 unemployment rate: 1.9%
Labor force participation rate: 63.8%
Median household income: $55,156
Livability score: 62
Fort Wayne, Indiana
Typical home value: $202,934
Typical rent: $1,121
2022 unemployment rate: 2.2%
Labor force participation rate: 64.9%
Median household income: $67,090
Livability score: 75
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Huntsville, Alabama
Typical home value: $257,800
Typical rent: $1,434
2022 unemployment rate: 1.8%
Labor force participation rate: 62.2%
Median household income: $84,059
Livability score: 79
Montgomery, Alabama
Typical home value: $127,789
Typical rent: $1,168
2022 unemployment rate: 2.5%
Labor force participation rate: 59.6%
Median household income: $60,908
Livability score: 65
Lincoln, Nebraska
Typical home value: $259,208
Typical rent: $1,199
2022 unemployment rate: 2.1%
Labor force participation rate: 71.1%
Median household income: $83,418
Livability score: 78
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Milwaukee, Wisconsin
Typical home value: $173,931
Typical rent: $1,160
2022 unemployment rate: 2.4%
Labor force participation rate: 64.1%
Median household income: $52,784
Livability score: 61
Sioux Falls, South Dakota
Typical home value: $302,956
Typical rent: $1,178
2022 unemployment rate: 2%
Labor force participation rate: 74.4%
Median household income: $85,908
Livability score: 70
Indianapolis, Indiana
Typical home value: $216,351
Typical rent: $1,307
2019 unemployment rate: 2.2%
Labor force participation rate: 67.8%
Median household income: $68,575
Livability score: 65
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Jordan Rosenfeld contributed to the reporting for this article.
Methodology: In order to identify cities in the U.S. that have plenty of jobs and cheap housing, GOBankingRates gathered information on the top 200 biggest housing markets in the U.S., according to Zillow. To be considered for ranking, each city had to have data available on: (1) its February 2023 typical home value, according to Zillow, (2) its February 2023 typical monthly rent, according to Zillow and (3) its Metro Statistical Area unemployment rate, according to the December 2022 Bureau of Labor Statistics data. The 65 cities in the final ranking have values lower than the U.S. national average in all 3 of the above factors. The highlighted cities were then scored on all three factors and ranked against each other, with factors (1) and (2) carrying half as much weight as factor (3). Supplemental information was also provided on the final ten cities including: labor force participation rate (for the population 16+), median household income from the 2021 American Community Survey and livability score from AreaVibes. All data was collected on and up to date as of March 14, 2023.
This article originally appeared on GOBankingRates.com: 10 US Cities With Plenty of Jobs and Cheap Housing