I'm a Real Estate Expert: Gen Z Shouldn't Overlook These 6 Affordable Cities
Looking to build a well-rounded life without putting half your salary toward rent?
Try these affordable cities that offer far more than just accessible cost of living.
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Pittsburgh
Despite a metro population around 2.5 million, Pittsburgh's average home costs $246,117 according to Zillow. That’s 34% less than the national average of $372,995.
“Pittsburgh is the only major city where the cost of buying a home is less than the cost of renting and home payments cost 27% of the median income,” said housing expert Cameron Walker with Clever Real Estate. “Add to that strong employment bases in health, education and robotics, and you get a big city with real career ladders at the price of a small city.”
Grand Rapids, Michigan
Grand Rapids is larger than most people realize, with a metro area population over 1.1 million. The three largest age demographics are all under 40, per Census Reporter, for a youthful energy and vibe.
It remains relatively affordable however, with homes averaging $316,600.
“Around 21% of the people who own homes in Grand Rapids are under the age of 35,” said Walker. “It has a strong, diverse economy grounded by manufacturing and healthcare and a vibrant arts and brewery scene. For young people who want an affordable city with a fun downtown, Grand Rapids is a great option.”
Huntsville, Alabama
With an unemployment rate of just 2.9% per the BLS, Huntsville boasts a thriving economy for its metro population over 500,000.
Walker highlighted the career opportunities for STEM graduates in particular:
“Huntsville enjoys one of the highest job growth rates in the country at 3.5% due to aerospace and defense contracting and the rapidly growing cyber industry, thanks to NASA’s Marshall Space Flight Center.”
Meanwhile, Zillow marks the average home cost at $292,728 while MERIC ranks Alabama as having the second-lowest cost of living in the country.
Des Moines, Iowa
For ultra-affordable housing, check out Des Moines’ average home cost of just $213,036, per Zillow. The state ranks seventh cheapest for cost of living overall.
“Des Moines has one of the highest rates of homeownership in people under 35, with almost 20%,” said Walker.
But there’s more to Des Moines than just affordability. It shares a similarly low unemployment rate of just 2.9%, with strong employment bases in finance and insurance. It’s safe and easy to get around, with a blooming downtown scene.
Chattanooga, Tennessee
Zillow says homes in Chattanooga average $324,364 and Tennessee doesn’t charge residents income tax. The state also ranks ninth for affordable cost of living.
“Lower living expenses offer breathing room, making it easier to save, invest, start a business or buy a first home," said real estate expert Rod Khleif.
Beyond affordability, Chattanooga offers plenty of outdoor recreation in its surrounding mountains. Look up the hiking, biking and spelunking at Raccoon Mountain, Signal Mountain and Lookout Mountain with its famous Ruby Falls.
Pensacola, Florida
Looking for beaches and sunshine?
Pensacola has plenty of both and no state income tax in Florida. The economy is bolstered by its Navy air base and supporting aerospace industry, healthcare and of course tourism. And with a population over half a million, it’s a bigger city than most Americans realize.
“In addition to its beautiful beaches, Pensacola boasts a walkable historic downtown, the University of West Florida, a sizeable airport and a thriving economy,” said Realtor Alexei Morgado, founder of Lexawise. Yet the city remains affordable, with homes averaging $268,527, according to Zillow, despite its appeal as a tourist destination.
Before moving to any one of these cities, try spending a few weeks living there as a trial run. You might find it doesn’t suit you — or fall in love and never look back.
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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