According to the U.S. Census Bureau, the median household income in the United States in 2016 was $59,039. The Bureau of Labor Statistics reports that in the same year, annual expenses averaged $57,311 for American households.
That doesn’t leave a whole lot of wiggle room for emergency or other unexpected expenses. If you live in one of the costlier areas of the country, your basic expenses can be even higher.
There are loads of ways to work towards a higher paying position or earn extra money on the side, but if you have considered relocating, it might be worthwhile to look at locations where your hard-earned cash will go a bit farther.
GOBankingRates recently compared cost of living for 270 of the largest cities in the United States. They factored in must-haves, such as rent, food and utilities, along with savings and flexible expenditures to determine which were easiest on the budget.
The following are 10 areas that made their list and have strong employment markets, as well.
1. Billings, Montana
The largest city in the state of Montana boasts unspoiled landscapes, a surprisingly mild climate for a northern state and an unemployment rate far below the national average. With median monthly rent of just $650, you can reside with ease on less than $47,000 per year.
2. Boise, Idaho
With features such as the Rocky Mountains, acres of farmland and 3,500 miles of rivers, Idaho may appeal to nature lovers. Home to nearly 225,000 residents, Boise’s unemployment rate is under 3 percent and you can live comfortably on less than $48,000 per year.
3. Cincinnati, Ohio
U.S. News & World Report named Cincinnati one of the best places to live in the U.S., in large part due to it being home to nine companies on the Fortune 500 list and a below average unemployment rate. The fact that an annual salary of about $46,000 is sufficient adds to the charm of living in Cincy.
4. Indianapolis, Indiana
The largest city and capital of Indiana is also one of the most economical places to reside. With a jobless rate of only 3 percent and average cost of living just over $47,000, Indy is worth considering.