The spacious southern city that has the lowest cost of living in America thanks to its bargain real estate
This southern city has the lowest cost of living in America due to its cheap housing prices.
McAllen, Texas is located along the US-Mexico border and ranked number one for the lowest cost of living Realtor.com.
The cost of homes is much lower compared to the national average, reducing the overall cost of living, with the average home price being just $275,000.
“Nationwide, the home price-to-income ratio will be around 5.5 in August 2024, meaning home prices are 5.5 times the median household income,” John Macke, senior research analyst at John Burns Research and Consulting, told Realtor .com.
Add to that the fact that property taxes in the southern state are much lower and there is no income tax, which keeps the cost of living lower, according to real estate agent Cara Ameer.
McAllen, Texas is located along the US-Mexico border and was ranked number one for the lowest cost of living in the United States by Realtor.com
The cost of homes in McAllen is much lower than the national average, lowering the overall cost of living. The median home price in the city is $275,000
Compared to national averages, those paying $100 for necessities are equivalent to McAllen residents paying $86.92, according to Realtor.com.
Overall, the cost of living in McAllen is 13 percent lower than the national average.
And its proximity to the border makes it a popular shopping destination for tourists on a day trip, according to CNBC.
According to the authorities, the city with almost 38,000 inhabitants is a ‘shopping mecca’ for millions every year. website.
All of the cities listed by Realtor.com are in the South and Midwest, with Wichita, Kansas, in second place, followed by Little Rock, Arkansas.
Three Ohio cities – the most of any state on the list – made the finish, with Toledo in fourth place, Dayton in sixth and Akron in eighth.
Overall, the cost of living in McAllen is 13 percent lower than the national average
Add to that the fact that property taxes in the southern state are much lower and there is no income tax, it helps keep the cost of living lower
Other cities include Scranton, Pennsylvania; Tulsa, OK; Birmingham, AL; and El Paso, Texas.
Wichita came in second, with home prices averaging around $293,000.
The city has a long history of entrepreneurship and is the birthplace of Pizza Hut, White Castle and Koch Industries, according to Realtor.com.
Little Rock came in third and is popular with Californians looking for a more affordable lifestyle, the outlet said.
The median home price is $291,000.