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More young Americans are purchasing homes than ever before. Individuals are tired of losing a portion of their paychecks to rent each month. They can make the most of their income by investing in real estate.
Millennial individuals search for affordable communities to settle in during their early adulthood. Real estate professionals assessed the market and identified six of the cheapest US cities to live in. Individuals are having one of the hardest times in history trying to find cost-effective properties.
The Housing Market
Finding affordable housing is challenging because of current market conditions. Buyers are experiencing the rippling effect of the COVID-19 pandemic’s low interest rates. The decreased interest rates caused more individuals to purchase homes, which depleted the market.
The housing market is also more expensive right now because of increased building costs. Material costs rose during the lockdown as fewer manufacturers produced goods. High demands for construction materials increased the price of new homes.
Another sector impacting the housing market is societal demographics. America’s average birth rates, life expectancy and personal values are changing and affecting real estate. More individuals are occupying homes for extended periods, which leaves fewer properties available for new homeowners.
Housing costs are also high right now because construction professionals built fewer homes during the lockdown. There are fewer new properties on the market, which decreases the opportunity for new investments. Individuals can access affordable properties and a low cost of living in six US cities.
1. Birmingham, Alabama
One of the most cost-effective places to live in America is Birmingham, Alabama. The city resides in central Alabama, north of Montgomery. Birmingham’s median housing price is $79,000 based on current data.
The cost of living is also low in the Alabaman city. There are many affordable activities residents may engage in recreationally. The job market in Birmingham is also thriving and improving residents’ access to
2. Jacksonville, Florida
Another affordable American city to purchase property in is Jacksonville, Florida. The region’s average home price is $371,000 based on recent calculations. Jacksonville also has low taxes, which decreases living costs.
The city’s job market is also plentiful because multiple corporations have headquarters there. Another affordability feature of Jacksonville is its free outdoor activities. The city has many public beaches and hiking spots, which help residents save their money on recreational activities.
3. Wilmington, North Carolina
The third cheapest of the US cities to live in is Wilmington, North Carolina. Wilmington is located on North Carolina’s coastline and is a quaint community. Housing prices in the city are about 4% under the national average.
The winters in Wilmington are relatively mild and the summers are cool because of the ocean breeze. It is also an extremely sunny region with few rainstorms. Residents of the coastal community may use the ideal weather conditions to produce solar power and lower utility costs.
4. Chattanooga, Tennessee
Another cost-effective city in America is Chattanooga, Tennessee. The median price of a home in the city is $282.5K, according to real estate researchers. Chattanooga is also one of the most affordable places to live for outdoorsy individuals.
There is lots of public space in and outside of the city for individuals to hike for free. The region also experiences mild winters and summers, which are attractive to older buyers. Chattanooga is also an attractive place for young individuals to live because there is an abundance of young homeowners to connect with.
5. Jackson, Mississippi
The fifth affordable American city to move to is Jackson, Mississippi. It is the state’s capital and is located at the cross between highways 20 and 55. Its location to major interstates helps residents travel efficiently to Louisiana and Alabama.
The median cost of a home in Jackson is $94,950, according to recent financial data. The city is also a music hub, which attracts many young homeowners. Jackson has extremely low taxes making it one of the top three cost affordable places to live.
6. Columbus, Georgia
Another economical US city is Columbus, Georgia. The average cost of a home is about 26% lower than the national average. Transportation fees like public bus trips and gas are also nearly 11% under America’s average.
Rental costs are also significantly lower in Columbus. The city has an abundant job market and is about an hour and a half away from Atlanta. It is also on Alabama’s border, making travel accessible for residents.
How Can You Further Decrease Living Costs?
Individuals can access affordable housing by taking matters into their own hands. Homeowners may install renewable energy systems and rainwater harvesting devices to reduce utility costs. They can also use short-term rental websites to cover a portion of their mortgages.
There are options for more economical living situations, and these are the 6 cheapest US cities to live in.