McKinney, Texas, has been named the most affordable city in the United States, according to a recent analysis by The Motley Fool. The city’s combination of a low cost of living and a high median income has helped it secure the top spot on the list of affordable places to live.
Key Findings from the Report
The Motley Fool’s analysis determined the most affordable cities by comparing median household income to cost-of-living data across hundreds of U.S. cities. The study relied on data from several sources, including the Council for Community and Economic Research’s 2024 Q1 Annual Average Cost of Living Index Report, the Bureau of Labor Statistics’ 2023 Consumer Expenditure Survey, and the Census Bureau’s 2023 American Community Survey.
McKinney’s Affordability Metrics
Cost of Living Estimate: $70,778
Median Household Income: $113,286
Cost-of-Living Index: Three points below the national average
Median Income Comparison: 52% higher than the national median
Reasons for McKinney’s Top Ranking
McKinney’s affordability is driven by several factors:
Low Cost of Living: The city’s cost-of-living estimate is significantly lower than many other U.S. cities.
High Median Income: With a median household income of $113,286, residents earn well above the national median income.
Economic Attractiveness: The combination of a low cost of living and high income makes McKinney an appealing location, especially for mid-career Americans.
Insights from The Motley Fool
“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 a research director at The Motley Fool. “McKinney is an attractive location for mid-career Americans.”
Other Top-Ranked Affordable Cities
The report also highlighted several other cities known for their affordability:
- Edmond, OK
- Morristown, NJ
- Midland, TX
- Joliet, IL
- Hilton Head Island, SC
- Austin, TX
- Pierre, SD
- Surprise, AZ
- Minot, ND
Conclusion
McKinney, Texas, has earned the distinction of being the most affordable city in the U.S. for 2024, according to The Motley Fool’s analysis. Its blend of a low cost of living and high median income offers a compelling option for individuals and families seeking economic stability and quality of life. Other cities like Edmond, Morristown, and Midland also rank highly, showcasing a diverse range of affordable living options across the country.
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