USA

Housing Market 2023: 10 US Cities with Plenty of Jobs and Cheap Housing – Yahoo Finance

3 minutes, 31 seconds Read

©Shutterstock.com

With many American families struggling with high rent, credit card debt and student loans, it might be difficult to find an affordable place to lay down roots. Finding a place to live with good-paying jobs and affordable housing is certainly a delicate balance. Many U.S. cities have one or the other, with American families assuming that a city with decent wages will come with high housing costs. But luckily, there are plenty of cities that offer the best of both worlds.

I’m a Real Estate Agent: Here Are 7 Ways People Destroy the Value of Their Homes in Less Than a Year
Also: 3 Things You Must Do When Your Savings Reach $50,000


Buy/sell, rent/lease residential &
commercials real estate properties.

To identify cities in the U.S. that have plenty of jobs and cheap housing, GOBankingRates gathered information on the 200 biggest housing markets in the U.S., according to Zillow. We gathered data available regarding the typical home value and monthly rent as of February 2023, as well as its Metro Statistical Area unemployment rate, according to the December 2022 Bureau of Labor Statistics data.

The 10 cities in the final ranking have values lower than the U.S. national average in all of the above factors. Additional data on labor force participation and livability score was gathered from the American Community Survey and AreaVibes. Keep reading to find out if your city has cheap housing and job opportunities.

SeanPavonePhoto / Getty Images/iStockphotoSeanPavonePhoto / Getty Images/iStockphoto

SeanPavonePhoto / Getty Images/iStockphoto

Birmingham, Alabama

  • Typical home value: $90,289

  • Typical rent: $1,184

  • 2022 unemployment rate: 2.0

  • Labor force participation rate: 58.9%

  • Median household income: $51,254

  • Livability score: 65

I’m a Luxury Real Estate Agent: These Are the 5 Home Features That Turn Buyers Away
Taxes on Generational Wealth Just Changed: Here’s What You Should Know

Sponsored: Open a new checking account and earn early paycheck access; up to 2 days early with Discover® Cashback Debit with Early Pay

DenisTangneyJr / iStock.comDenisTangneyJr / iStock.com

DenisTangneyJr / iStock.com

Evansville, Indiana

  • Typical home value: $168,401

  • Typical rent: $826

  • 2022 unemployment rate: 2.3%

  • Labor force participation rate: 62.3%

  • Median household income: $57,321

  • Livability score: 58

The Frugal Minimalist: 9 Tips To Saving Money by Living With Less

JTGrafix / iStock.comJTGrafix / iStock.com

JTGrafix / iStock.com

Springfield, Missouri

  • Typical home value: $213,892

  • Typical rent: $1,227

  • 2022 unemployment rate: 1.9%

  • Labor force participation rate: 63.8%

  • Median household income: $55,156

  • Livability score: 62

RogersE / Getty Images/iStockphotoRogersE / Getty Images/iStockphoto

RogersE / Getty Images/iStockphoto

Fort Wayne, Indiana

  • Typical home value: $202,934

  • Typical rent: $1,121

  • 2022 unemployment rate: 2.2%

  • Labor force participation rate: 64.9%

  • Median household income: $67,090

  • Livability score: 75

gatorinsc / Getty Images/iStockphotogatorinsc / Getty Images/iStockphoto

gatorinsc / Getty Images/iStockphoto

Huntsville, Alabama

  • Typical home value: $257,800

  • Typical rent: $1,434

  • 2022 unemployment rate: 1.8%

  • Labor force participation rate: 62.2%

  • Median household income: $84,059

  • Livability score: 79

Check Out: 5 Ways To Elevate Your Finances Daily

SeanPavonePhoto / Getty Images/iStockphotoSeanPavonePhoto / Getty Images/iStockphoto

SeanPavonePhoto / Getty Images/iStockphoto

Montgomery, Alabama

  • Typical home value: $127,789

  • Typical rent: $1,168

  • 2022 unemployment rate: 2.5%

  • Labor force participation rate: 59.6%

  • Median household income: $60,908

  • Livability score: 65

RiverNorthPhotography / Getty ImagesRiverNorthPhotography / Getty Images

RiverNorthPhotography / Getty Images

Lincoln, Nebraska

  • Typical home value: $259,208

  • Typical rent: $1,199

  • 2022 unemployment rate: 2.1%

  • Labor force participation rate: 71.1%

  • Median household income: $83,418

  • Livability score: 78

Joseph Sohm / Shutterstock.comJoseph Sohm / Shutterstock.com

Joseph Sohm / Shutterstock.com

Milwaukee, Wisconsin

  • Typical home value: $173,931

  • Typical rent: $1,160

  • 2022 unemployment rate: 2.4%

  • Labor force participation rate: 64.1%

  • Median household income: $52,784

  • Livability score: 61

Grant Cardone: Passive Income Is the Key To Building Wealth — Here’s My No. 1 Tip

Steve Cukrov / Shutterstock.comSteve Cukrov / Shutterstock.com

Steve Cukrov / Shutterstock.com

Sioux Falls, South Dakota

  • Typical home value: $302,956

  • Typical rent: $1,178

  • 2022 unemployment rate: 2%

  • Labor force participation rate: 74.4%

  • Median household income: $85,908

  • Livability score: 70

f11photo / Getty Images/iStockphotof11photo / Getty Images/iStockphoto

f11photo / Getty Images/iStockphoto

Indianapolis, Indiana

  • Typical home value: $216,351

  • Typical rent: $1,307

  • 2019 unemployment rate: 2.2%

  • Labor force participation rate: 67.8%

  • Median household income: $68,575

  • Livability score: 65

Jordan Rosenfeld contributed to the reporting for this article. 

Methodology: In order to identify cities in the U.S. that have plenty of jobs and cheap housing, GOBankingRates gathered information on the top 200 biggest housing markets in the U.S., according to Zillow. To be considered for ranking, each city had to have data available on: (1) its February 2023 typical home value, according to Zillow, (2) its February 2023 typical monthly rent, according to Zillow and (3) its Metro Statistical Area unemployment rate, according to the December 2022 Bureau of Labor Statistics data. The 65 cities in the final ranking have values lower than the U.S. national average in all 3 of the above factors. The highlighted cities were then scored on all three factors and ranked against each other, with factors (1) and (2) carrying half as much weight as factor (3). Supplemental information was also provided on the final ten cities including: labor force participation rate (for the population 16+), median household income from the 2021 American Community Survey and livability score from AreaVibes. All data was collected on and up to date as of March 14, 2023.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: Housing Market 2023: 10 US Cities with Plenty of Jobs and Cheap Housing

This post was originally published on this site

Similar Posts

X
0
    0
    Your Interest
    Your Interest List is emptyReturn to Buying
    ×