Top 10 US cities with cheap houses and low unemployment

Cheap housing and job opportunities are two factors that many families want within a city. To identify places in the US that have a lot of jobs and affordable real estate, GoBankingRates analyzed the housing market and compiled a rating of 10 cities that meet these criteria.

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With many American families struggling with high rent, credit card debt and student loans, it can be difficult to find an affordable place to put down roots.

Finding a place to live with good-paying jobs and affordable housing is certainly not an easy task. Many U.S. cities have one or the other, and American families assume that a city with decent wages will have high housing costs. But luckily, there are plenty of cities that offer the best of both worlds.

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GOBankingRates has compiled information on the 200 largest housing markets in the United States. Experts compiled available data on typical home values ​​and monthly rents as of February 2023, as well as the unemployment rate for the average metro area, according to December 2022 Bureau of Labor Statistics data. Additional data on labor force participation and livability levels were collected from the American Community Survey and AreaVibes.

Each neighborhood, city, county, or state is rated on a scale from 0 to 100—a livability scale. The average location gets 50 points. Localities with more favorable living conditions receive a score above 50, while those with difficulties receive a lower score.

Birmingham, Alabama

• Median home value: $90
• Average rent: $1184.
• Unemployment rate in 2022: 2,0.
• Labor force participation rate: 58,9%.
• Median household income: $51.
• Liveability rating: 65.

Evansville, Indiana

• Median home value: $168
• Average rent: $826.
• Unemployment rate in 2022: 2,3%.
• Labor force participation rate: 62,3%.
• Median household income: $57.
• Liveability rating: 58.

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Springfield, Missouri

• Median home value: $213
• Average rent: $1227.
• Unemployment rate in 2022: 1,9%.
• Labor force participation rate: 63,8%.
• Median household income: $55.
• Liveability rating: 62.

Fort Wayne, Indiana

• Median home value: $202
• Average rent: $1121.
• Unemployment rate in 2022: 2,2%.
• Labor force participation rate: 64,9%.
• Median household income: $67.
• Liveability rating: 75.

Huntsville, Alabama

• Median home value: $257
• Average rent: $1434.
• Unemployment rate in 2022: 1,8%.
• Labor force participation rate: 62,2%.
• Median household income: $84.
• Liveability rating: 79.

Montgomery, Alabama

• Median home value: $127
• Average rent: $1168.
• Unemployment rate in 2022: 2,5%.
• Labor force participation rate: 59,6%.
• Median household income: $60.
• Liveability rating: 65.

Lincoln, Nebraska

• Median home value: $259
• Average rent: $1199.
• Unemployment rate in 2022: 2,1%.
• Labor force participation rate: 71,1%.
• Median household income: $83.
• Liveability rating: 78.

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Milwaukee, WI

• Median home value: $173
• Average rent: $1160.
• Unemployment rate in 2022: 2,4%.
• Labor force participation rate: 64,1%.
• Median household income: $52.
• Liveability rating: 61.

Sioux Falls, South Dakota

• Median home value: $302
• Average rent: $1178.
• Unemployment rate in 2022: 2%.
• Labor force participation rate: 74,4%.
• Median household income: $85.
• Liveability rating: 70.

Indianapolis Indiana

• Median home value: $216
• Average rent: $1307.
• Unemployment rate in 2019: 2,2%.
• Labor force participation rate: 67,8%.
• Median household income: $68.
• Liveability rating: 65.

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