Monday, July 22, 2024

Texas City Tops List as Most Affordable in US

McKinney Ranked as Most Affordable City in the U.S.

McKinney, Texas Named Most Affordable City in the U.S.

Just 30 miles north of Dallas, the city of McKinney has been garnering attention not just for its rapid growth, but now also for being the most affordable city in the entire nation. According to a recent analysis by financial advice service The Motley Fool, McKinney tops the list of most affordable cities in the U.S. for its low cost of living and high median income.

With a median household income of $113,286—52 percent higher than the national average—and a cost-of-living estimate of $70,778, three points below the national average, McKinney stands out as the most affordable city. The estimated income-to-expense ratio in McKinney is 1.60—the highest in the country.

One of the contributing factors to McKinney’s affordability is the relatively low home prices in the city. The median property value in McKinney is $400,400, which is $20,000 lower than the national average. Industries like scientific and technical services, retail, and healthcare are thriving in the city, making it an attractive location for mid-career Americans, with the average age of residents being 37.

Other Texas cities that made it to the top 10 most affordable cities in the U.S. include Midland and Austin. Midland has a cost of living just below the national average and a median household income 21 percent above the national figure. In Austin, despite its massive growth, the cost of living remains 2 percent lower than the national average, with a median household income 16 percent above the national figure.

The data used for the analysis was sourced from the Bureau of Labor Statistics, Census Bureau, and Council for Community and Economic Research. McKinney residents are encouraged to share their experiences of living in the city and whether they agree with the affordability assessment by contacting g.carbonaro@newsweek.com.

With McKinney being recognized as the most affordable city in the U.S., it highlights the opportunities for residents to thrive in a city that offers a high quality of life at a reasonable cost.

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