The Real Deal Miami

America’s five most affordable cities

Forbes measured cost of living data in each city for the ranking
May 04, 2015 09:45AM

Clockwise from left: Cincinnati, Oklahoma City, Buffalo, Knoxville and Birmingham (inset)

From the New York website: To find the most affordable cities in the U.S., Forbes analyzed data from America’s 100 largest Metropolitan Statistical Areas and Metropolitan Divisions with populations of 600,000 or more.

Using the fourth quarter 2014 Housing Opportunity Index from the National Association of Home Builders and Wells Fargo and an index developed by Sperling’s Best Places, Forbes measured the cost of food, utilities, gas, transportation, medical expenses and other daily expenses in each area.

Here are the top five most affordable place to live in the 50 states.

No. 5 was Cincinnati, Ohio, where the median family income is $68,500, while the Q4 2014 median sales price was $133,000.

Cost Below (or Above) National Average: Groceries: 4.6 percent; Utilities: 5.9 percent; Transportation: (0.2) percent; Health: 0.3 percent; Misc.: 7.2 percent.

No. 4 was Oklahoma City, where the median family income was $61,400, and the Q4 2014 median sales price was $139,000.

Cost Below (or Above) National Average: Groceries: 10.1 percent; Utilities: 10.1 percent; Transportation: 2.1 percent; Health: 6 percent; Misc.: 7.7 percent.

Coming in at No. 3 was Buffalo, N.Y., where the median family income is $63,900, while the Q4 2014 median sales price was $118,000.

Cost Below (or Above) National Average: Groceries: 7.1 percent; Utilities: (7.1) percent; Transportation: (2.4) percent; Health: 11.8 percent; Misc.: 10.7 percent.

No. 2 was Knoxville, Tenn., where the median family income is $60,500, and the Q4 2014 median sales price was $144,000.

Cost Below (or Above) National Average: Groceries: 11.2 percent; Utilities: 7.7 percent; Transportation: 14.7 percent; Health: 7.7 percent; Misc.: 8 percent.

And the No. 1 most affordable city in the U.S. was Birmingham, Ala., where the median family income is $61,000, while the Q4 2014 median sales price is $130,000.

Cost Below (or Above) National Average: Groceries: 5.4 percent; Utilities: (3.5) percent; Transportation: 13.2 percent; Health: 16.6 percent; Misc.: 2.6 percent. [Forbes]Christopher Cameron