The rent and housing price hike made living unaffordable to the point that 40% of Americans want to relocate in 2023. Small cities have better work opportunities now as tech and manufacturing conglomerates are shifting their business around such cities to function with less taxes and operational costs. So, if you want to end your days of living paycheck-to-paycheck for the bare minimum, find a moderate town that ensures better living standards than a hyped megacity.
Perks of Living in a Small US City
The growing cost of PITI (Principal, Interest, Tax, Insurance) is making Americans live in small card box houses in the big metro. Hence, younger generations and families with young children
are moving towards small cities -with populations between 100,000 and 500,000- to ensure a better quality of life. Here are some advantages of living in a small town:
- Small cities offer better FHFA, VA, and Jumbo Loans.
- Sales and property taxes are lower.
- A big city's rent equals a smaller town's monthly mortgage payment.
- Residents can afford bigger suburban houses and better public schools.
- The job market has less competition, while plenty of options exist for WFH.
Top 5 Small US Cities to Move in 2023-24
1. Green Bay, WI
Green Bay became #3 at the Best Place to Live in the US thanks to the city's residential attainable property costs (2-bed condo price goes as low as $115,000) and low violent crime rate (6.1 points lower than the national average). Since US gas fuel price is rising, young professionals on a budget are leaning more toward public transportation and minimal commute. Green Bay residents face an average 20-minute commute time (7 minutes lower than the national average), while they can access the nearby areas through a Metro bus system.
Green Bay habitats use 19.92% of the local median household income on mortgage payments, property taxes, and utilities- making the city the third-lowest housing cost out of the 150 metropolitans of the US. So, moving to the city gives a growing family a chance towards college funds, property diversification, and even an emergency fund.
2. Ann Arbor, MI
Ann Arbor has a thriving international community due to Detroit’s startup market and best US schooling system, which ranked 2 of 228 cities with the best public schools. The University of Michigan forecasted higher employment in the town in 2024 than in other MI regions- creating a hotspot for educated job seekers. Also, young tech professionals relocated to the city as it was ranked 3rd in the US for remote workers. This booming neighborhood’s condo price starts from $350,000, while 31.5% of houses get sold under the listed price.
The suburban feeling of the city comes with affordable transportation (8% lower than the national average), a fixed-route bus system, and 400 E-scooters partnered with Spin. Ann Arbor ensures comfortable living for individuals with a $50k yearly income -as of Jul 23, the average annual salary in Ann Arbor is $55,489. This a great bargain, as big metros like NYC make the residents pinch pennies with a $100k salary. MI’s 30-year mortgage rate is about 6.09% and is forecasted to go even lower by the end of 2023. Moreover, the general goods and services cost 7% lower than the national average- ensuring regular payments towards mortgage or rent.
3. Reno, NV
Reno hailed as the “Biggest Little City in the World,” has everything a big city offers sans the high living cost. Unlike the popular belief of Reno being a gaming city in the middle of the deserts, it boasts big-league tech companies-Tesla and Google- and prestigious schools -Tmcc Magnet High School, The Davidson Academy of Nevada, Academy of Art Careers And Technology. Since the city saw a YoY residential property price decline of 2.4% in June 2023, now is the right time to move to Reno at the heart of the technology, arts, and economic uprise.
You can maximize your salary as the state of NV has zero individual and corporate income tax. Even though Reno is the center of the gaming industry and the stunning Sierra Nevada Mountain range, the houses have a median price of $547K, and studio apartments go as low as $124,000. Reno residents have limited access to public transportation in the Suburbs- making it a car-friendly neighborhood. However, the city is a dream for electric car owners as it has 286 charging stations.
4. Hickory, NC
Hickory got the first position in the Forbes magazine’s list for lowest business costs in the nation for having an operational cost that goes 25% below the country average. On top of that, the NC sales tax rate is currently 4.75% (unlike CA having a maximum of 7.25%), and the Hickory sales tax rate is 0%. Due to the low property tax rate, affordable property prices- the median house price is $161,000- and daily necessities, you can live in Hickory while paying 45% less than in NY.
Gone are the days when Hickory attracted retirees to various assisted communities. Prestigious schools (Appalachian State University, University of North Carolina Chapel Hill, and North Carolina State University) and big-league tech companies (Apple, Google) are drawing a stream of millennials and Gen Zs. As a Hickory resident, you will enjoy living downtown sans the rush and noise.
5. Fort Wayne, IN
Fort Wayne has become the compact town everyone wants to move in thanks to the living cost and housing being 11% and 29% cheaper than the US average. This bustling metropolis -home to Franklin Electric, Lutheran Health Network, and Steel Dynamics- specializes in medical technology, material, and insurance. Despite scoring 76 out of 100 in storm risk, the weather can’t stop employers from moving in, leading to a 60-mile radius at Fort Wayne with 650,000 workers.
The growing economy is changing the residential property scene, as Fort Wayne saw a 10.3% YoY growth. Yet, the median house price is around $215,000- almost half the national average of $425,571. However, the exclusive listings can sell for about 5% above the list price and stay in the market as low as two days. So, if you are looking for a place with a high chance of employment (the unemployment rate is 2%-3%), affordable living, and exceptional healthcare, FW is the place.
Living the metropolitan life in trendy cities like LA and NY drives towards feeling strapped for money after paying rent and covering the basics- food, transportation, and healthcare. The shift towards humble metros gives the options a Gen Z professional they couldn’t even imagine in big metros- mortgage repayment without delinquency, good schooling for children, and healthcare coverage.
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