There are many cities in the U.S. that have a low cost of living thanks to factors such as affordable housing. However, there are worries that this could start to change over the next few years. Here are 17 affordable U.S. cities that might not be as affordable a decade from now.
Knoxville, Tennessee
According to GO Banking Rates, property in Knoxville is looking to increase at a rate of 9.8% in a year. If this happens each year, it’ll become an unaffordable city to live in. It means it could be wise to invest early if you picture a life in Knoxville. It’s famous for its many cultural festivals and universities.
Athens, Georgia
Athens is loved for its music scene and being a popular university town. It has plenty of southern charm and hospitality, which is appealing to people choosing to move here. House prices are meant to double by 2033, which doesn’t leave much room for purchasing a property in the next decade.
Daphne, Alabama
Daphne is considered an affordable city, even with it being so close to the coast. However, it’s these stunning ocean views that are starting to push up house prices. It’s been predicted that prices will soon surpass the national average, making it increasingly difficult to live in Daphne.
Omaha, Nebraska
At the moment, Omaha has low rental and housing costs with a growing job market. It’s seen as a thriving town and this is making it increasingly popular. The city is also home to popular universities, which makes it appealing to the younger generation. Its growing popularity could be what makes Omaha unaffordable.
Kalamazoo, Michigan
This city in Michigan is popular for its affordable property and low taxes. However, Zillow tells us that property prices increased by 7.1% last year, and if they keep increasing by that amount or more, then the city may soon become unaffordable.
Cincinnati, Ohio
Cincinnati is considered to be an affordable city compared to others in the United States. It has a strong job market and a relatively low cost of living. As these factors make it a desirable city, it’s having an impact on the housing market, with prices increasing by 15.9%.
Indianapolis, Indiana
Compared to similar-sized cities, Indianapolis has lower house prices, making it a great option for first-time buyers who still want the joys of city life. The Indiana Business Review says that since 2020, the city has had a 42% increase in property prices. If this keeps happening, Indianapolis won’t be such an affordable option.
Peoria, Illinois
Peoria has been attracting new residents with both its beautiful views and low cost of living. However, it’s recently been facing economic issues with higher unemployment rates. If these rates keep increasing, then it’s going to mean the city becomes unaffordable. House prices also rose by 10.5% in the last year.
Tulsa, Oklahoma
Tulsa has many affordable housing options at the moment. Other benefits of living here include a strong sense of community, with the city making new residents feel welcome. Even though the city is considered affordable, that may not be the case in a decade. Since 2020, house prices have risen by 38%.
Memphis, Tennessee
This popular city is famous for its music scene, which brings many visitors to the city each year. It also has many natural attractions, such as the Mississippi River, and many parks, trails, and forests. However, because of Memphis’s many benefits, it’s also starting to make the housing market more competitive, which could mean the city becomes unaffordable.
Salt Lake City, Utah
Salt Lake City has many benefits, such as a strong job market. However, it’s facing increases in its mortgage repayments. For example, the David Eccles School of Business writes, “The monthly payment on the median-priced home in Salt Lake County has increased 75% in the past six years, from $1,743 in the third quarter of 2015 to $3,043 in the third quarter of 2021.”
San Antonio, Texas
At the moment, San Antonio has a low cost of living and affordable housing. But it’s also a popular tourist destination, thanks to its rich history. If tourism keeps growing, then it can cause the cost of living to increase, making the city unaffordable for its residents.
Lexington, Kentucky
As the “Horse Capital of the World,” Lexington brings many tourists and wildlife lovers to the city. It’s also an affordable city for people to live in, thanks to its low property taxes. However, rent prices are constantly growing each year, with higher incomes needed to live comfortably.
Reno, Nevada
Reno has seen more people choose to live here thanks to its closeness to California. It’s known as the “Biggest Little City in the World” thanks to its being small but still having so much to offer. However, housing prices are increasing, especially for renters, with monthly payments starting to creep towards unaffordable.
Spokane, Washington
Spokane has many benefits when it comes to living there. The city is considered to be affordable, it’s close to nature parks, and it has a large tech presence. However, the city is starting to face affordability issues. For example, the New York Times writes that house prices have risen by 60% over the past two years.
Boise, Idaho
Boise has seen many people relocate to this city thanks to its quality of life. This city has affordable housing, but this is causing issues with making the housing market more competitive. Rental prices are already increasing, with a growth of 20% since 2017.
Charlotte, North Carolina
The population in Charlotte is rapidly increasing, which is largely due to the city’s growing economy in the finance sector. It’s also an attractive city for families as it has suburban areas. However, with the growing population comes rising house prices and a competitive market. In ten years, Charlotte could be a very expensive city to live in.
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