14 Best and Most Affordable Midwest College Towns in America in 2026
The Midwestern region of the United States has long enjoyed a reputation for its affordability, extending to residents of all ages from retirees to students. Fourteen Midwestern college towns were identified as the best and most affordable to live in, according to a recent MoneyLion study.
Qualifying locations were determined using information provided via BestCollegeReviews and CollegeTransitions. We kept all towns with a total annual cost of living under $40,000. Athens, Ohio, Carbondale, Illinois and Waterloo, Iowa are the three most affordable Midwest college towns with cost-of-living expenses under $35,000 annually.
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Ranked from highest to lowest total annual cost of living, here are the 14 best and most affordable Midwestern college towns. Also, find out which 20 college towns are considered the best in America.
1. Urbana, Illinois
Population ages 20 to 24 (%): 35%
Average monthly rent: $1,394
Average monthly expenditure cost: $1,930
Total monthly cost of living: $3,325
Total annual cost of living: $39,894
2. Cedar Falls, Iowa
Population ages 20 to 24 (%): 26.4%
Average monthly rent: $1,465
Average monthly expenditure cost: $1,846
Total monthly cost of living: $3,311
Total annual cost of living: $39,733
3. Manhattan, Kansas
Population ages 20 to 24 (%): 34.6%
Average monthly rent: $1,369
Average monthly expenditure cost: $1,926
Total monthly cost of living: $3,295
Total annual cost of living: $39,534
4. Bloomington, Illinois
Population ages 20 to 24 (%): 10.7%
Average monthly rent: $1,325
Average monthly expenditure cost: $1,924
Total monthly cost of living: $3,249
Total annual cost of living: $38,986
5. Brookings, South Dakota
Population ages 20 to 24 (%): 32.2%
Average monthly rent: $1,341
Average monthly expenditure cost: $1,855
Total monthly cost of living: $3,196
Total annual cost of living: $38,348
6. Ames, Iowa
Population ages 20 to 24 (%): 42.9%
Average monthly rent: $1,175
Average monthly expenditure cost: $1,970
Total monthly cost of living: $3,144
Total annual cost of living: $37,732
7. Grand Forks, North Dakota
Population ages 20 to 24 (%): 22.4%
Average monthly rent: $1,158
Average monthly expenditure cost: $1,891
Total monthly cost of living: $3,049
Total annual cost of living: $36,593
8. Lafayette, Indiana
Population ages 20 to 24 (%): 11.1%
Average monthly rent: $1,194
Average monthly expenditure cost: $1,836
Total monthly cost of living: $3,030
Total annual cost of living: $36,362
9. Fargo, North Dakota
Population ages 20 to 24 (%): 17.5%
Average monthly rent: $1,120
Average monthly expenditure cost: $1,874
Total monthly cost of living: $2,994
Total annual cost of living: $35,925
10. Mount Pleasant, Michigan
Population ages 20 to 24 (%): 43.5%
Average monthly rent: $1,163
Average monthly expenditure cost: $1,810
Total monthly cost of living: $2,972
Total annual cost of living: $35,667
11. Big Rapids, Michigan
Population ages 20 to 24 (%): 46.6%
Average monthly rent: $1,146
Average monthly expenditure cost: $1,776
Total monthly cost of living: $2,922
Total annual cost of living: $35,060
12. Athens, Ohio
Population ages 20 to 24 (%): 56.9%
Average monthly rent: $989
Average monthly expenditure cost: $1,806
Total monthly cost of living: $2,795
Total annual cost of living: $33,540
13. Carbondale, Illinois
Population ages 20 to 24 (%): 37.3%
Average monthly rent: $673
Average monthly expenditure cost: $2,030
Total monthly cost of living: $2,704
Total annual cost of living: $32,442
14. Waterloo, Iowa
Population ages 20 to 24 (%): 9.4%
Average monthly rent: $855
Average monthly expenditure cost: $1,810
Total monthly cost of living: $2,665
Total annual cost of living: $31,978
Methodology: For this study, MoneyLion analyzed college towns across America to find the best places to live and the cost to live in each place. Locations were selected using BestCollegeReviews and CollegeTransitions. Locations were also selected by identifying the highest percent of population using the U.S. Census ACS. Locations with a total population under 5,000 were removed for this study. For each location the cost-of-living indexes were sourced from Sperling's BestPlaces and by using the national average expenditure cost for all households, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for all consumer units, the average expenditure cost can be calculated for each location. The average rental cost was sourced from Zillow Observed Rental Index and by adding the expenditure costs the total cost of living was calculated. The livability index was sourced from AreaVibes and included determining the best places to live. The cities were sorted by their livability index with ties being determined by the highest overall cost of living. All data was up to date as of January 8th, 2026.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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