Yahoo Finance Housing Market 2024: 7 Best Cities for Frugal People To Consider Moving
The average annual household spending in the United States is $72,967, according to the Bureau of Labor Statistics’ latest data. This is a 9% increase from the previous year. In comparison, the median household income is $74,580 annually.
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While the median household income is higher than the typical annual spending, it’s not by much. And for families with higher monthly bills, there’s very little wiggle room in the budget for unexpected expenses or savings opportunities.
If you’re trying to cut costs, save more money and live frugally — while still enjoying a balanced lifestyle — you might want to consider moving to one of these inexpensive U.S. locations.
Pittsburgh
“Pittsburgh has always been known as a great option for frugal living,” said Adam Chahl, an international Realtor. “It’s also home to many job opportunities, making it a great choice for those looking to save money while still having a stable income.”
The typical home value in Pittsburgh, according to Zillow, is $219,919 — more than $100,000 cheaper than the typical home value in the U.S. The city also has plenty to do, with botanical gardens, historic sites and museums galore. And it has a thriving art, sports and food scene.
In terms of overall cost of living, Pennsylvania falls somewhere in the middle, with things like groceries, housing and healthcare being cheaper than in many other parts of the country.
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Fort Wayne, Indiana
Located in northeastern Indiana, Fort Wayne is a mid-sized city that’s both affordable and has opportunities for individuals looking to save money and enjoy a decent quality of life.
“Go for Fort Wayne if you want to save on both housing and basic necessities,” Chahl said. “The city has a low cost of living, affordable housing options and a growing remote work culture, making it a perfect fit for frugal individuals and families. I believe you can find a great balance between quality of life and cost of living in Fort Wayne.”
The typical home value in Fort Wayne is well below the national average at $216,415. And while housing prices are on the rise, this is also a sign that the city’s growing and thriving. Plus, Indiana has a low cost of living index of 91.1. Everything but utilities costs well below the national average.
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St. Louis
If you’re really trying to save money and want to buy a home, St. Louis could be worth checking out. The typical home value is just $170,017, roughly 50% lower than the national average. Missouri also ranks high in terms of overall affordability.
“I would say, based on my experience as a real estate agent, that St. Louis is one of the best cities to move to for frugal families,” Chahl said. “The cost of living in St. Louis is significantly lower than other major cities in the U.S. … Also, the housing prices here are quite affordable, and thoughtfully designed for both families and individuals.”
St. Louis also has a thriving economy, making it a great choice for individuals who plan to work in the city.
Indianapolis, Indiana
Located about 124 miles southwest of Fort Wayne, Indianapolis is the state’s capital and most populous city. Despite this, it’s still highly affordable for frugal individuals who want to lower their expenses and save more money.
“The city fosters a sense of community,” added Mehdi Khachani, the CEO of JMK Miami Property Management, “making it an inviting place for newcomers to establish connections.”
The job economy is also on the mend after the pandemic with an estimated 2.9% job growth each year from 2021 to 2024. This means there are still opportunities for those seeking work in the city.
As for home affordability, the average home price is $217,513. This is especially good news for individuals who want to buy property but might not be able to afford the relatively higher prices across the nation.
Huntington, West Virginia
West Virginia consistently ranks as the least expensive state to live in the United States. With an overall cost-of-living index of 85.2, everything from housing to groceries to utilities tends to be cheaper in this state than in any other.
One particular city that’s growing and still highly affordable is Huntington. The city’s typical home value is just $116,598, making it a great place to live for those looking to cut costs and save money.
“After seeing so many of my clients’ eyes light up as they settle into a brand-new home within their budget in Huntington, I can’t help but spread the word about this hidden gem of a city,” said Ryan Nelson, CEO of Rental Real Estate. “With its amazing mix of charm, culture and, of course, incredible value, Huntington consistently blows away even my skeptical buyers.”
Incomes in West Virginia are often lower, but so are taxes and other prices, added Nelson. And for remote workers in particular, the lower local wages might not be as much of a problem.
“There are plenty of parks and nature areas for enjoying the outdoors free of charge,” Nelson added. “The city also has a lot of character thanks to its arts, history and ethnic restaurants. All of these qualities come together to make Huntington a very frugal yet still enjoyable place to call home.”
Louisville, Kentucky
Ranked the 20th cheapest state to live in the U.S., Kentucky is worth looking into. But if you’re trying to find the best city to live in, check out Louisville.
The typical home value in Louisville is just $229,601, but it’s on the rise. This means now might be a good time to buy and potentially sell later for a nice return on your investment.
“Louisville stands out for its low cost of living, with housing expenses being particularly budget-friendly,” Khachani said.
Along with being affordable, the city has a lot to offer when it comes to history, culture, amenities and community.
Kansas City, Missouri
Last but not least is Kansas City, Missouri. With an average home value of $226,632, this mid-sized city is affordable for frugal families looking to buy homes.
More than that, the overall cost of living in Kansas City is much lower than in many other parts of the nation. What this means is more chances to save money — and potentially meet other financial goals.
Plus, Kansas City has a growing economy, which is great for those not working remotely.
“The city offers diverse job opportunities,” Khachani said, “and its economic stability makes it an attractive choice for those seeking financial security.”
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This article originally appeared on GOBankingRates.com: Housing Market 2024: 7 Best Cities for Frugal People To Consider Moving
