10 cheapest cities to live in the US

In the United States, the 10 most affordable cities to live are concentrated in a few states in the central part of the country, According to data from the US Census Bureau, the median household income is $ 63,118, according to 2018 data. 12.3 percent of the population lives below what is considered the poverty line , affecting this situation to all kinds of social groups, but being more common among minorities including Latinos. Below is a list of the 10 most affordable cities in the United States, taking into account that when preparing this list, cities with a population of less than 100,000 inhabitants have not been taken into account. 

 1. Fort Wayne, Indiana This city of 264,000 inhabitants, in Allen County, is the second largest city in the state of Indiana, after Indianapolis. In Fort Wayne, Latinos make up 8 percent of the population, with Mexicans being the largest group, followed at a distance by Puerto Ricans and Guatemalans. This city stands out for its low taxes and affordable housing prices. Regarding work, the abundance of offers in factories related to the Defense industry and, to a lesser extent, to the health sector stands out.

 2. Springfield, Illinois Springfield is the capital of Illnois although it has just $ 116,000 inhabitants, of which only two percent are of Latino or Hispanic origin. Median family income in this city reaches $ 53,405 where the main employer is the State of Illinois, followed by Memorial Medical Center. The state of Illinois is one of 15 that allows undocumented migrants to obtain a driver's license.

 3. Cedar Rapids, Iowa Cedar Rapids - residents of 126,000 - pay the lowest utility bills in the United States. Median family income is $ 63,265 in this city where just 3 percent of the population is of Hispanic origin. The main engine of the economy is corn and the corn processing industry. As a curiosity, it should be noted that Cedar Rapids houses the largest newspaper archive in the United States. 

 4. Topeka, Kansas This city of just over 125,000 inhabitants is the cheapest in the US for buying food. According to the latest census data, 13.4 percent of Topeka's population declares itself of Hispanic origin. The state of Kansas is the largest employer, followed by the Education, Health, and Social Services sectors. 

 

5. Rockford, Illinois Although Rockford is considered an affordable city, it should be noted that the tax level is particularly high on real estate ownership. In Rockford –153,000 inhabitants–, 15 percent are of Latino origin. Median family income is $ 65,465. The largest employer is the Fiat Chrysler car factory, followed by the Rockford school district and Mercy Health.

 6. Wichita Falls, Texas In this Texas city the average annual income per family is $ 44,285 and the unemployment rate is 3 percent. The main employer in Wichita Falls is the United States Air Force, which is an employer that provides significant benefits. 

 7. Peoria, Illinois In this city of just $ 115,000 inhabitants, five percent are of Latino origin. The median income per family is $ 36,397 and 18 percent of the population enters below the poverty line. The largest employer by far is Caterpillar, the heavy machinery manufacturer that employs more than 15,000 local people. 

 

8. Davenport, Iowa This city of 382,000 inhabitants is located on the banks of the Mississippi River, opposite the state of Illinois. Hispanics make up 7 percent of the population, whose main sources of income are manufacturing, with John Deere being the largest employer. The city has four colleges and is home to the oldest chiropractic university in the world.

 9. Des Moines, Iowa Des Moines is the capital of the state of Iowa and has just over 200,000 inhabitants, of which 12 percent are of Latino origin. The median income per family is $ 52,251 while the median cost of a home is $ 127,200 making it affordable to purchase real estate. The main employer is Wells Fargo Bank, although health services and insurance companies are also large employers in this city. 

 10. Wichita, Kansas Wichita is a large city, with almost 400,000 inhabitants, of which 15.3 percent are Latino. Median family income is $ 57,088 and 12 percent of families live below the poverty line. The big employers are the factories, especially the aeronautical ones. As a curiosity, it should be noted that Wichita is the birthplace of Pizza Hut and White Castle.

 

How do I know if I can buy a house and get a mortgage loan?

Try to find a home loan that you can afford given your other priorities and not one that is the amount you qualify for. Lenders will often tell you how much you are qualified to borrow, that is, how much money they are willing to lend you. Various calculators available online will compare your income to your debts and give you similar results, based on average values. But the amount you can borrow is very different from the amount you can pay, without depressing your budget, preventing you from covering other important expenses. Lenders don't take into account all of your family and financial circumstances. To find out how much you can afford, you'll need to take a closer look at your family's income, expenses, and savings priorities to find out what works best for your budget. You should also remember that your monthly payment could change in the future, depending on the type of home loan you have. Consider how to budget for future larger mortgage payments. Don't forget about other costs related to your mortgage and home when you are defining your ideal payment. It's normal for costs like homeowners insurance, property taxes, and possibly private or homeowners association mortgage insurance to add to your monthly mortgage payment, so be sure to include these costs when figuring how much you can afford. There may also be expenses for repairs and maintenance of your home. You can do calculations with your insurance agent, local tax assessor, homeowners association, and lender. Knowing how much you can comfortably afford each month will also help you figure out a reasonable price range for your new home. Tip: Don't sacrifice savings to buy a bigger home. When reviewing your budget to determine a mortgage payment you can afford, don't forget about your savings. You may still need to save for emergencies, retirement, your children's college, and other priorities, even after you become a homeowner. Consider allocating more money for your emergency fund or home fund to avoid falling into debt for sudden repairs, expensive replacements, or other necessities.