- It can be extremely expensive to live in big cities like New York, San Francisco, or Los Angeles.
- However, living in other cities, like Indianapolis, South Bend, Indiana, and Toledo, Ohio, can be much more affordable.
- Here are the 25 US cities with the lowest cost of living.
- Visit Business Insider's homepage for more stories.
Big coastal cities, such as New York and San Francisco, feature notoriously high rent prices and an expensive cost of living. But in their smaller Midwestern counterparts, like Indianapolis and Toledo, Ohio, things prove much, much cheaper.
And while a lower cost of living doesn't always equate to a higher quality of life, it can make a difference for those looking to stretch their paycheck.
Niche, a company that researches and compiles information on places to live, recently released its list of the US cities with the lowest cost of living. The ranking focused primarily on the ratio of home values to income, median property taxes, median home values, median rent, and ratios of monthly housing cost to income for each place. It also took the price of gas, the price of groceries, and the ratio of the median rent to income into consideration. Read a full breakdown of the methodology here.
The top 25 cities all fell within two regions: the Midwest and the South, with a city in Indiana earning the top spot. Check out the rest of the list below.
Emmie Martin contributed to an earlier version of this article.
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25. Palm Bay, Florida
Population:107,802
Median rent: $991
Median home value: $119,200
Percentage of people who rent their home: 29%
Percentage of people who own their home: 71%
24. Green Bay, Wisconsin
Population:104,796
Median rent: $682
Median home value: $127,300
Percentage of people who rent their home: 44%
Percentage of people who own their home: 56%
23. Rochester, Minnesota
Population: 112,683
Median rent: $891
Median home value: $176,100
Percentage of people who rent their home: 31%
Percentage of people who own their home: 69%
22. McAllen, Texas
Population:139,838
Median rent: $758
Median home value: $120,500
Percentage of people who rent their home: 40%
Percentage of people who own their home: 60%
21. Lansing, Michigan
Population:115,222
Median rent: $791
Median home value: $77,100
Percentage of people who rent their home: 50%
Percentage of people who own their home: 50%
20. Springfield, Illinois
Population:116,313
Median rent: $765
Median home value: $125,600
Percentage of people who rent their home: 38%
Percentage of people who own their home: 62%
19. Davenport, Iowa
Population: 102,268
Median rent: $733
Median home value: $124,300
Percentage of people who rent their home: 38%
Percentage of people who own their home: 62%
18. Kansas City, Kansas
Population: 151,042
Median rent: $820
Median home value: $89,500
Percentage of people who rent their home: 44%
Percentage of people who own their home: 56%
17. Odessa, Texas
Population:115,930
Median rent: $996
Median home value: $136,300
Percentage of people who rent their home: 39%
Percentage of people who own their home: 61%
16. Cleveland, Ohio
Population:388,812
Median rent: $678
Median home value: $67,600
Percentage of people who rent their home: 58%
Percentage of people who own their home: 42%
15. Cedar Rapids, Iowa
Population:130,330
Median rent: $729
Median home value: $138,500
Percentage of people who rent their home: 30%
Percentage of people who own their home: 70%
14. Amarillo, Texas
Population:197,823
Median rent: $814
Median home value: $123,200
Percentage of people who rent their home: 39%
Percentage of people who own their home: 61%
13. Abilene, Texas
Population:122,762
Median rent: $846
Median home value: $106,800
Percentage of people who rent their home: 45%
Percentage of people who own their home: 55%
12. Wichita, Kansas
Population: 389,054
Median rent: $767
Median home value: $124,400
Percentage of people who rent their home: 40%
Percentage of people who own their home: 60%
11. Beaumont, Texas
Population: 118,424
Median rent: $817
Median home value: $99,800
Percentage of people who rent their home: 44%
Percentage of people who own their home: 56%
10. Sioux Falls, South Dakota
Population: 170,401
Median rent: $771
Median home value: $168,600
Percentage of people who rent their home: 39%
Percentage of people who own their home: 61%
9. Brownsville, Texas
Population: 182,083
Median rent: $681
Median home value: $85,900
Percentage of people who rent their home: 38%
Percentage of people who own their home: 62%
8. Dayton, Ohio
Population: 140,939
Median rent: $653
Median home value: $66,500
Percentage of people who rent their home: 52%
Percentage of people who own their home: 48%
7. Wichita Falls, Texas
Population: 104,621
Median rent: $763
Median home value: $96,700
Percentage of people who rent their home: 43%
Percentage of people who own their home: 57%
6. Akron, Ohio
Population: 198,252
Median rent: $713
Median home value: $80,100
Percentage of people who rent their home: 49%
Percentage of people who own their home: 51%
5. Topeka, Kansas
Population: 127,139
Median rent: $751
Median home value: $100,400
Percentage of people who rent their home: 43%
Percentage of people who own their home: 57%
4. Evansville, Indiana
Population: 119,806
Median rent: $738
Median home value: $89,700
Percentage of people who rent their home: 45%
Percentage of people who own their home: 55%
3. Toledo, Ohio
Population: 279,455
Median rent: $677
Median home value: $78,600
Percentage of people who rent their home: 48%
Percentage of people who own their home: 52%
2. South Bend, Indiana
Population: 101,928
Median rent: $741
Median home value: $81,100
Percentage of people who rent their home: 43%
Percentage of people who own their home: 57%
1. Fort Wayne, Indiana
Population: 262,450
Median rent: $708
Median home value: $106,500
Percentage of people who rent their home: 38%
Percentage of people who own their home: 62%
- Read more:
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