Finding somewhere that is affordable to live today seems next to impossible, but I’m here to tell you it’s not. There are still a number of places in the United States where you can live comfortably on $40,000 a year. The right location can make all the difference in your budget and your financial security. So, where are these mythical places? Here are eight towns/cities in the U.S. where you can make the most of your money.
1. Idaho Falls, Idaho
Idaho Falls is a hidden gem for those seeking affordability and outdoor adventure. Housing costs alone are about 43% lower than the national average. The average monthly living expenses in the city are only around $1,890. Grocery prices are lower than in most other states as well, even though the tax on these items is higher (6%). That said, the state also offers a $120 per person rebate when tax time comes around. That means a family of four could spend $8,000 a year on groceries and not pay any taxes on those items when the rebate kicks in.
2. Wichita, Kansas
Wichita is an underrated city that offers a high quality of life at a low cost. The cost of living is 11% lower than the national average and it is recommended that a family has an income of around $33K to live comfortably. Average rent prices in the area are $795 a month, which is 49% less than the national average. Existing home prices for buyers hover around $148,000, which is substantially lower than the national average as well. It’s easily doable for someone living on $40K a year.
3. Memphis, Tennessee
Memphis offers Southern charm, a rich history, and an affordable cost of living. It’s not the cheapest on the list, but it is still somewhere you could live comfortably on $40,000 a year. Housing costs are significantly lower than the national average, with plenty of rental options under $954 per month. A minimum annual income of $28,440 for a family and $36,800 for a single person is suggested. With no state income tax, residents get to keep more of their hard-earned money.
4. Huntsville, Alabama
Now, Huntsville is only going to be affordable if you’re single and without a family. For families, the minimum annual income suggested to live here is over $49,000. However, single individuals could make $37.6K and live comfortably. That said, the cost of living is about 10% below the national average. Rent for a one-bedroom apartment averages around $1,071, making housing affordable compared to larger cities. The low cost of utilities and groceries keeps overall expenses in check too.
5. Greenville, South Carolina
This one is a little closer to home for me. As a Charlotte native, I’ve been to Greenville for a time or two. The cost of living in this Southern city is about 7.2% less than the national average. You’ll pay a little more than $1,200 for a one-bedroom accommodation there. Groceries are somewhat cheaper (1.9% less than the national average). Overall, it’s a cheaper place to be, but there are some other locations on this list where your money will go further.
6. Sioux Falls, South Dakota
Sioux Falls is one of the most budget-friendly cities in the Midwest, with a low unemployment rate and affordable housing. The average cost of living is a whopping 13% lower than the national average, making it one of the most affordable spots on this list. Most apartments in the area fall between $1,001 and $1,500 for rent. Like Tennessee, South Dakota also has no individual income tax, making it a great place to live on a budget.
7. Canon City, Colorado
Canon City is an amazing place to live if you’re trying to stretch your dollar. The city’s average cost of living is about 16% lower than the national average. A one-bedroom apartment only costs about $700 a month, which is practically unheard of these days. Overall, Canon City has a slower pace of life, perfect for those looking to escape the hustle and bustle.
8. Springfield, Missouri
Last but not least is Springfield, Missouri. Just about everything you encounter here will be lower than the national average. Housing costs are about 26% lower, utility prices 19%, transportation costs 12%, and food 6% cheaper. Springfield has a strong job market in healthcare, education, and manufacturing. So, if you have the ability to move there, there is plenty to do and you’ll be able to live comfortably on what you make.
Live Well Without Breaking the Bank
Your $40K salary might not seem like a lot, but in the right place, it can go a long way! It’s all about your location. Each of these eight places still offers affordable housing and a more manageable cost of living. Which one would you consider living in?
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