America’s Most Affordable Cities

Introduction

To find the Most Affordable cities, we started with America’s 100 largest Metropolitan Statistical Areas (MSAs) and Metropolitan Divisions (MDs), all with populations of 600,000 or more. We first assessed housing affordability, using the latest (Q4 2014) Housing Opportunity Index (HOI) from the National Association of Home Builders and Wells Fargo. Then we factored in an index developed by Sperling’s Best Places, which measures the cost of food, utilities, gas, transportation, medical expenses, and other daily expenses in each area.

1. Birmingham, Ala.

MSA: Birmingham-Hoover, AL

Median Family Income: $61,000

Q4 2014 median sales price: $130,000

Housing affordable at median family income: 81.5 %

Cost Below (or Above) National Average: Groceries: 5.4 %; Utilities: (3.5) %; Transportation: 13.2 %; Health: 16.6 %; Misc.: 2.6 %

2. Knoxville, Tenn.

MSA: Knoxville, TN

Median Family Income: $60,500

Q4 2014 median sales price: $144,000

Housing affordable at median family income: 79.2 %

Cost Below National Average: Groceries: 11.2 %; Utilities: 7.7 %; Transportation: 14.7 %; Health: 7.7 %; Misc.: 8.0 %

3. Buffalo, N.Y.

MSA: Buffalo-Niagara Falls, NY

Median Family Income: $63,900

Q4 2014 median sales price: $118,000

Housing affordable at median family income: 81.8 %

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

4. Oklahoma City, Okla.

MSA: Oklahoma City, OK

Median Family Income: $61,400

Q4 2014 median sales price: $139,000

Housing affordable at median family income: 77.3 %

Cost Below National Average: Groceries: 10.1 %; Utilities: 10.1 %; Transportation: 2.1 %; Health: 6.0 %; Misc.: 7.7 %

5. Cincinnati, Ohio

MSA: Cincinnati-Middletown, OH-KY-IN

Median Family Income: $68,500

Q4 2014 median sales price: $133,000

Housing affordable at median family income: 83.9 %

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

6. Memphis, Tenn.

MSA: Memphis, TN-MS-AR

Median Family Income: $56,700

Q4 2014 median sales price: $140,000

Housing affordable at median family income: 72.4 %

Cost Below National Average: Groceries: 8.3 %; Utilities: 12.9 %; Transportation: 9.7 %; Health: 5.0 %; Misc.: 10.3 %

7. St. Louis, Mo.

MSA: St. Louis, MO-IL

Median Family Income: $67,100

Q4 2014 median sales price: $140,000

Housing affordable at median family income: 85.9 %

Cost Below National Average: Groceries: 2.2 %; Utilities: (9.0) %; Transportation: 1.2 %; Health: 0.9 %; Misc.: 4.1 %

8. Dayton, Ohio

MSA: Dayton, OH

Median Family Income: $60,200

Q4 2014 median sales price: $104,000

Housing affordable at median family income: 86.2 %

Cost Below National Average: Groceries: 6.4 %; Utilities: (7.6) %; Transportation: (1.7) %; Health: 11.8 %; Misc.: (1.5) %

9. Indianapolis, Ind.

MSA: Indianapolis-Carmel, IN

Median Family Income: $64,300

Q4 2014 median sales price: $134,000

Housing affordable at median family income: 79.4 %

Cost Below National Average: Groceries: 5.5 %; Utilities: 4.8 %; Transportation: 0.9 %; Health: (3.6) %; Misc.: 2.2 %

10. Columbus, Ohio (tie)

MSA: Columbus, OH

Median Family Income: $70,000

Q4 2014 median sales price: $167,000

Housing affordable at median family income: 69.4 %

Cost Below National Average: Groceries: 8.1 %; Utilities: 3.7 %; Transportation: 1.4 %; Health: 2.2 %; Misc.: 10.2 %

10. Detroit, Mich. (tie)

MD: Detroit-Livonia-Dearborn, MI

Median Family Income: $51,894

Q4 2014 median sales price: $90,000

Housing affordable at median family income: 79.1 %

Cost Below National Average: Groceries: 5.5 %; Utilities: (2.6) %; Transportation: (1.1) %; Health: 1.6 %; Misc.: 4.3 %

11. Colorado Springs, Colo.

MSA: Colorado Springs, CO

Median Family Income: $70,000

Q4 2014 median sales price: $216,000

Housing affordable at median family income: 78.3 %

Cost Below National Average: Groceries: 4.4 %; Utilities: 5.0 %; Transportation: 4.4 %; Health: (1.2) %; Misc.: 2.6 %

12. Greenville, S.C.

MSA: Greenville-Mauldin-Easley, SC

Median Family Income: $58,200

Q4 2014 median sales price: $161,000

Housing affordable at median family income: 80.4 %

Cost Below National Average: Groceries: (2.2) %; Utilities: 2.8 %; Transportation: 5.3 %; Health: (0.7) %; Misc.: 1.9 %

13. Louisville, Ky.

MSA: Louisville-Jefferson County, KY-IN

Median Family Income: $64,300

Q4 2014 median sales price: $155,000

Housing affordable at median family income: 73.8 %

Cost Below National Average: Groceries: 9.1 %; Utilities: 11.2 %; Transportation: 2.1 %; Health: 7.7 %; Misc.: 3.5 %

14. Warren, Mich.

MD: Warren-Troy-Farmington Hills, MI

Median Family Income: $71,838

Q4 2014 median sales price: $155,000

Housing affordable at median family income: 78.3 %

Cost Below National Average: Groceries: 6.5 %; Utilities: (4.4) %; Transportation: (1.7) %; Health: 0.4 %; Misc.: 3.5 %

15. Akron, Ohio

MSA: Akron, OH

Median Family Income: $62,100

Q4 2014 median sales price: $102,000

Housing affordable at median family income: 86.3 %

Cost Below National Average: Groceries: (7.0) %; Utilities: 4.6 %; Transportation: (6.9) %; Health: 7.3 %; Misc.: 5.9 %

16. Grand Rapids, Mich.

MSA: Grand Rapids-Wyoming, MI

Median Family Income: $62,800

Q4 2014 median sales price: $128,000

Housing affordable at median family income: 83.2 %

Cost Below National Average: Groceries: 5.9 %; Utilities: 3.2 %; Transportation: (5.0) %; Health: 8.4 %; Misc.: (0.8) %

17. McAllen, Texas

MSA: McAllen-Edinburg-Mission, TX

Median Family Income: $35,000

Q4 2014 median sales price: $105,000

Housing affordable at median family income: 58.4 %

Cost Below National Average: Groceries: 16.6 %; Utilities: 3.2 %; Transportation: 6.9 %; Health: 12.4 %; Misc.: 11.6 %

18. Tulsa, Okla.

MSA: Tulsa, OK

Median Family Income: $59,200

Q4 2014 median sales price: $150,000

Housing affordable at median family income: 76.2 %

Cost Below National Average: Groceries: 8.4 %; Utilities: 2.7 %; Transportation: 1.1 %; Health: 4.1 %; Misc.: 0.4 %

19. Austin, Texas

MSA: Austin-Round Rock-San Marcos, TX

Median Family Income: $75,400

Q4 2014 median sales price: $244,000

Housing affordable at median family income: 61.5 %

Cost Below National Average: Groceries: 13.6 %; Utilities: 6.0 %; Transportation: 3.5 %; Health: 2.1 %; Misc.: 4.5 %

20. San Antonio, Texas

MSA: San Antonio-New Braunfels, TX

Median Family Income: $58,800

Q4 2014 median sales price: $188,000

Housing affordable at median family income: 60.5 %

Cost Below National Average: Groceries: 12.9 %; Utilities: 7.9 %; Transportation: 4.6 %; Health: 6.0 %; Misc.: 2.7 %

Read more at forbes.com

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