These US Cities Have the Potential to Lower Living Costs in 2023 (Is Your City on this List?)
The cost of living has been rising all over the country, and this has led to many people reconsidering where they are choosing to live. People are looking to save money for the future instead of wasting it living in an expensive area. If you are looking to find some cities that have the potential for lower living costs in 2023, have a look at this great list so you can figure out where your next move might be!
What Makes an Area Affordable?
The cost of living can change for many different reasons, and one of the major ones that have been affecting America has been a slow supply chain for goods and services. There have also been many areas all around the country that were affected pretty hard by the pandemic, and it has been difficult for these areas to bounce back to their pre-pandemic economy.
There are also areas all over that have seen significant growth in the last few years when it comes to population, job opportunities, and affordable housing. These areas are great places to consider if you are looking to buy a new home or if you are looking for a great area to purchase investment properties. All of these cities have done very well in 2022, and they are likely to continue on this trend into the new year.
1) Sioux Falls, South Dakota
This delightful area has become well-known all over the country for its beautiful views, large properties, and its close-knit community. The area has started to see a large increase in its population (about 10,000 new residents in the last two years!), and there are many new companies that have opened up in the area. This is the perfect recipe for a town that is going to have a lower living cost in the next year.
2) Reno, Nevada
When you think of Reno, you probably don’t picture a residential neighbourhood, but this city has become a huge hub for new residents who want to live near some of the best entertainment in the world. Reno is six hours away from Las Vegas, but it’s only a 2-hour drive from Sacramento, and it’s about three and a half hours away from San Fransisco, so you are never far from the metro cities.
3) Winthrop, Massachusetts
Boston has seen an incredible amount of growth, and people have started to flock to the area for its incredible amount of job opportunities in technology and science. Unfourtuntayl, the home prices in Boston are quite high (in the mid 700 k range!), and the inventory for homes is on the low side, so many people have chosen to move to cities in the area and make the quick commute. Winthrop is only 26 minutes away from Boston, and the home prices are about 150k less than the big city, so Winthrop will likely be a great place to consider if you are looking for a low cost of living.
4) Provo, Utah
Utah has become the place to be for those who want a great education, and the state has exploded in popularity with those who are looking for an eco-friendly area to make their home. Provo is well known by the locals for its unique homes along with its great university that has brought in tons of new residents who come to study for the long term. The homes prices in Provo are in the mid-400k range, which is fantastic considering its excellent location. Provo will likely see a significant rise in residents and newcomers in the next year as the state gets more and more popular, which means it will likely continue to have a low cost of living in 2023.
5) Madison, Wisconson
In 2021, Madison was named the fastest-growing city in the state of Wisconsin, and there are many different reasons for this great accolade. They have seen a huge boom in their technology and scientific research sectors, which has brought in tons of new jobs. The city has also been a huge hit with tourists who are looking to learn a bit more about Americans’ great history. These are just a few of the reasons why Madison is a fantastic choice for anyone who wants to make sure they are living in an area that allows them to save for the future.
Finding a city with a low cost of living is important for so many reasons, and doing your research can save you quite a bit of money in the future. These are all fantastic choices if you are looking for somewhere that will likely have a low cost of living in 2023, and they are also places that have tons of new homes available for their residents. Have a look at some of the great homes in these cities today so you can see for yourself why they are going to be great options for places to move to in 2023.
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