11 Most Affordable, Fastest-Growing Cities in the Midwest
Many of the nation’s most affordable cities for a comfortable lifestyle are based in the Midwest. And not surprisingly, the population in these cities is growing quickly as more Americans seek out places accompanied by low cost-of-living expenses. A MoneyLion study has identified 11 Midwest cities as the most affordable, and states like Indiana, Kansas and Missouri offer more than one metro to consider for relocation.
To qualify for this study, cities must have total populations of at least 100,000, a one-year and five-year population growth larger than the national growth rate from the same period and an average rental or mortgage cost lower than the national average. MoneyLion studied Census American Community surveys from 2019, 2023 and 2024 to calculate one-year and five-year population changes. Each city’s median household income and total cost of living for homeowners and renters was used to calculate the leftover savings for homeowners as well as for renters. To rank the cities, the one-year population change, five-year population change, leftover savings for homeowners and leftover savings for renters were scored and sorted with scoring weights of 1.00 each.
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See which 11 Midwest cities made the ranking below. Plus, explore the 50 cities which have been named the most affordable and fastest growing in the nation.
1. Fishers, Indiana
Five-year population growth (%): 13.3%
Median household income: $130,203
Annual cost of living for homeowner: $52,875
Annual cost of living for renter: $46,119
Leftover savings for homeowner: $77,328
Leftover savings for renter: $84,084
2. Carmel, Indiana
Five-year population growth (%): 4.3%
Median household income: $141,505
Annual cost of living for homeowner: $60,633
Annual cost of living for renter: $44,961
Leftover savings for homeowner: $80,872
Leftover savings for renter: $96,544
3. Olathe, Kansas
Five-year population growth (%): 5.4%
Median household income: $114,009
Annual cost of living for homeowner: $51,312
Annual cost of living for renter: $43,930
Leftover savings for homeowner: $62,697
Leftover savings for renter: $70,079
4. Lee’s Summit, Missouri
Five-year population growth (%): 6.6%
Median household income: $102,531
Annual cost of living for homeowner: $48,920
Annual cost of living for renter: $44,035
Leftover savings for homeowner: $53,611
Leftover savings for renter: $58,496
5. Overland Park, Kansas
Five-year population growth (%): 4.9%
Median household income: $104,834
Annual cost of living for homeowner: $54,690
Annual cost of living for renter: $43,812
Leftover savings for homeowner: $50,144
Leftover savings for renter: $61,022
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6. Sioux Falls, South Dakota
Five-year population growth (%): 13.8%
Median household income: $75,970
Annual cost of living for homeowner: $44,002
Annual cost of living for renter: $37,322
Leftover savings for homeowner: $31,968
Leftover savings for renter: $38,648
7. Fargo, North Dakota
Five-year population growth (%): 8%
Median household income: $66,998
Annual cost of living for homeowner: $43,095
Annual cost of living for renter: $35,598
Leftover savings for homeowner: $23,903
Leftover savings for renter: $31,400
8. Madison, Wisconsin
Five-year population growth (%): 9%
Median household income: $78,050
Annual cost of living for homeowner: $52,495
Annual cost of living for renter: $43,165
Leftover savings for homeowner: $25,555
Leftover savings for renter: $34,885
9. Lincoln, Nebraska
Five-year population growth (%): 3.9%
Median household income: $71,867
Annual cost of living for homeowner: $43,383
Annual cost of living for renter: $40,359
Leftover savings for homeowner: $28,484
Leftover savings for renter: $31,508
10. Columbia, Missouri
Five-year population growth (%): 6%
Median household income: $66,498
Annual cost of living for homeowner: $44,838
Annual cost of living for renter: $40,329
Leftover savings for homeowner: $21,660
Leftover savings for renter: $26,169
11. Columbus, Ohio
Five-year population growth (%): 4.1%
Median household income: $66,082
Annual cost of living for homeowner: $40,255
Annual cost of living for renter: $39,943
Leftover savings for homeowner: $25,827
Leftover savings for renter: $26,139
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Methodology: For this study, MoneyLion analyzed U.S. cities to find the most affordable places with large population growth. Using the Census American Community surveys from 2019, 2023 and 2024, the total population, total households and household median income were all sourced and used to calculate the [1] one-year and [2] five-year population changes. To qualify for this study, the city had to have a total population of at least 100,000, a one-year and five-year population growth larger than the national growth rate from the same time period and an average rental cost or average mortgage cost lower than the national average. Relevant data was sourced from Zillow Observed Rental Index and Zillow Home Value Index, Federal Reserve Economic Data, Sperling’s BestPlaces, AreaVibes and the Bureau of Labor Statistics Consumer Expenditure Survey. Using the median household income and the total cost of living for homeowners and total cost of living for renters was used to calculate the [3] leftover savings for homeowners and [4] leftover savings for renters. [1] The one-year population change, [2] five-year population change, [3] leftover savings for homeowners, and [4] leftover savings for renters were all scored and sorted. All data was collected on and is up to date as of Feb. 20, 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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