McKinney named most affordable city in U.S., new report says
McKinney is the most affordable city in the U.S. due to a low cost of living and high median income according to a new analysis by The Motley Fool.
To determine the most affordable places to live, The Motley Fool compared median household income to cost-of-living data in hundreds of cities across the U.S.
The report showed McKinney to have a cost-of-living estimate of $70,778 and a median household income of $113,286.
The higher than average household income and lower than average cost of living helped the city earn the top spot on the list.
Data was gathered from three sources: the Council for Community and Economic Research’s 2024 Q1 Annual Average Cost of Living Index Report, Bureau of Labor Statistics’ 2023 Consumer Expenditure Survey and Census Bureau’s 2023 American Community Survey.
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"McKinney boasts a cost-of-living index three points below the national average while residents earn a median income 52% higher than the national median," said Jack Caporal, research director at The Motley Fool. "McKinney is an attractive location for mid-career Americans."
Other cities ranked highly in the report included Edmond, OK, Morristown, NJ and Midland, TX.
10 most affordable cities in the U.S. (according to The Motley Fool)
- McKinney, TX
- Edmond, OK
- Morristown, NJ
- Midland, TX
- Joliet, IL
- Hilton Head Island, SC
- Austin, TX
- Pierre, SD
- Surprise, AZ
- Minot, ND