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austin, cheap costs of living, fayetteville, Moving Tips, places to live, springfield, wacof

Places With Cheap Living Costs

Sixth Street in Austin, Texas

Looking to make a move, but want to live in a nice place that won’t drain money from your bank account? Take a look at these popular cities with cheap costs of living according to Kipler Magazine:

Springfield, Illinois

Springfield, IL has a median household income of $51,001 and an average home price of $207, 599. Rent averages about $556. The capital city is about a three-and-a-half hour drive from Chicago, but has an advantage as the historical attraction site of the state. Abraham Lincoln was a resident from about 1837 to 1861, when he left for the White House.

Waco, Texas

Waco’s median household income is $40, 038 and its average home price is $240, 543. Although the typical apartment rent is about $805, grocery and other expenses remain low. It’s proximity to both Dallas and Austin contributes its high home prices (in comparison to the rest of the list.) And, Texans don’t have to pay state income tax.

Fayetteville, Arkansas

Fayetteville, Arkansas has a median household income of $45,757 and an average home price of $227, 723. The third largest city in Arkansas, it has an average apartment rent of a (shockingly low) $584, and extra low health care costs. It has deep connections to the University of Arkansas. US News has previously listed Fayetteville as one of the best places to retire.

Austin, Texas

Not only is Austin cheap, but it’s a capital of live music entertainment, boasting more live venues per capita than any other US city. The median household income is $57,109, and average home price is $229,145. Transportation and food costs remain incredibly low compared to national averages.

Springfield, MO

Springfield’s median household income is  $41,632, and the average home price is $222,830. It’s the third largest city in Missouri, and food/utilities are quite inexpensive. The rate for renting is about 26%, and homeowners typically pay less than 20% of their income for housing costs.

If you need more help, check out this Cost of Living calculator from Bankrate. This awesome tool will prompt you to enter your current income, place of living, and the place you’re thinking of moving to. It’ll then tell you the equivalent income in the city you are moving to and the percent increase to maintain your standard of living.

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