These Are the 25 Most Affordable Places to Live in the U.S. #6 Memphis, #9 Knoxville and #11 Jackson.

1. Buffalo, New York 

2. Harlingen, Texas 

3. Kalamazoo, Michigan 

4. Joplin, Missouri 

5. Amarillo, Texas

 

6. Memphis, Tennessee   

If you’re walking in Memphis, you may notice just how inexpensive their housing market is. The average home price is around $261,000 and apartments go for rent for around $350 less than the national average. According to Rent Cafe, the national average rent hit $1,468 in February 2020.

Unemployment rates in Memphis are pretty high (about 11.9 percent) though there are a decent amount of job opportunities nearby. A 2020 study by Property Shark found that $250K, about the average home price in Memphis, can buy about 3,324 square feet. Comparatively, that’s 10 times the space the same amount of money can buy you in San Francisco. According to information pulled by Updater, Memphis (along with Oklahoma City and Knoxville, too), gained more residents than it lost residents during the pandemic and most of the increase of move-ins happened between June and August 2020. Updater adds that this trend is in line with other cities that gained a lot of residents this year, too, including Denver, Austin, Phoenix, and Las Vegas. 

Another pro? Tennessee also has no income taxes, though it does have a 7 percent sales tax and a 6 percent hall tax on interest and dividends.

7. Conway, Arkansas 

8. Fayetteville, Arkansas 

9. Knoxville, Tennessee 

Tennessee ranks high when it comes to getting the best bang for your buck in terms of cost of living and Knoxville is no exception. Transportation, groceries, housing-related expenses, and amenities are just a few of the things that are significantly more affordable here than in other cities. Knoxville has a median home value of $139,900 and in general, the city’s cost of living is 16.8 percent below the national average. Those who live in Tennessee already (Knoxville included) will tell you that one of the great benefits to living there is the scenery, wildlife, and access to the great outdoors. After all, Knoxville is located in the Great Smoky Mountains. 

10. Anniston, Alabama 

11. Jackson, Tennessee 

If you’re looking at other cities in Tennessee, Jackson, TN is not far from Memphis and also makes the list of cheapest cities to live in the U.S. With an average cost of living that’s 15.6 percent less than the national average, the key reasons to consider Jackson are its relatively low health care expenses and housing-related expenses. In terms of entertainment and things to do, there are plenty of museums nearby as well as distilleries and wineries, parks, and even farmer’s markets just a stone’s throw away.

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