Affordable places to live and work: 10 hidden gems in the U.S.
When it comes to choosing a place to call home, cities like Omaha, Huntsville, Champaign, Des Moines, and Green Bay might not immediately spring to mind. However, these lesser-known treasures offer a trifecta of good-paying jobs, burgeoning cultural scenes, and affordable real estate prices. In this blog post, we’ll delve into Bankrate’s list of top hidden gem cities in America, shedding light on the factors that make them ideal destinations for those seeking to plant their roots.
The Shift Towards Affordability
In a housing market where affordability has become a significant hurdle for prospective homeowners, the Midwest and South regions have emerged as beacons of hope. According to an April Bankrate survey, nearly three in four aspiring homeowners face challenges related to high home prices, inadequate income, or the inability to cover down payments and closing costs. This has led a quarter of Americans to express willingness to relocate to find more affordable housing.
Unearthing America’s Hidden Gems
Bankrate’s selection of hidden gems was based on an analysis of over 150 metro areas with populations under one million, considering four key categories: housing affordability in relation to local wages, the competitiveness of the local housing market, employment opportunities, and overall wellness and culture.
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Omaha-Council Bluffs, NE-IA
- Median home price: $190,000
- Cost of living: 93.2*
- Household median income: $73,720
- Unemployment rate: 2.2%
- Total employees year-over-year: +1.7%
- Well-being: 66.2 out of 100
- Diversity: 47.7 out of 100
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Huntsville, AL
- Median home price: $325,000
- Cost of living: 89.6*
- Household median income: $76,963
- Unemployment rate: 1.6%
- Total employees year-over-year: +4%
- Well-being: 65.9 out of 100
- Diversity: 53.5 out of 100
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Des Moines-West Des Moines, IA
- Median home price: $227,375
- Cost of living: 90.2*
- Household median income: $74,208
- Unemployment rate: 2.9%
- Total employees year-over-year: +2.1%
- Well-being: 66.3 out of 100
- Diversity: 40.7 out of 100
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Green Bay, WI
- Median home price: $230,000
- Cost of living: 90.3*
- Household median income: $66,652
- Unemployment rate: 2.2%
- Total employees year-over-year: +2.6%
- Well-being: 66.2 out of 100
- Diversity: 38.8 out of 100
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Champaign-Urbana, IL
- Median home price: $179,250
- Cost of living: 86.4*
- Household median income: $59,189
- Unemployment rate: 3.6%
- Total employees year-over-year: +3.4%
- Well-being: 65.2 out of 100
- Diversity: 57.2 out of 100
Why These Cities Shine
Affordability is the beacon drawing homebuyers to these smaller Midwestern and Southern cities. With a lower cost of living and a higher quality of life, these regions offer a respite from the soaring home values and high mortgage rates that are pushing homeownership out of reach for many Americans.
Conclusion
As the housing market continues to evolve, these hidden gem cities represent a haven for those seeking affordable housing, vibrant job markets, and rich cultural experiences. The Midwest and South are leading the charge, offering a better quality of life and a more attainable path to homeownership. With warmer weather, lower mortgage costs, and a shorter path to saving for a down payment, these cities are quickly becoming sought-after destinations.