Where people want to live and where than can actually afford to reside are not equal subsets. In recent months I have presented forecasts in New York City, Vail, Aspen, Santa Fe, Napa, Key West, Chicago, Miami, Tampa, Phoenix, Scottsdale, Tucson, Reno, Las Vegas, both Portland Oregon and Portland Maine, and New Orleans — to name just a few. While all of these are desirable metros in which many wish to live, some are more affordable than others. For some locales, living and housing costs are almost prohibitive. Not only is a job a prerequisite, but the cost of living becomes key factor in the decision in where to live where it comes to the masses.
To identify the most affordable cities where people also desire to live, 24/7 Wall St focused on three primary factors:
- Cost of Living
- Housing Affordability
- Net Migration
24/7 Wall Street looked at all 383 Metropolitan Statistical Areas and excluded those having:
- cost of living greater than the national average
- housing affordability ratio (median home price divided by the median household income) above 4.46 (the national average)
- those that lost population from 2010 to 2018.
They culled the list down to 50 MSAs, with the following ranked on the largest net-migration metric. All of these except Greeley, Colorado were in the south. Florida owned this segment occupying seven of the top-10 slots and 13 of the top-20. The top-10 are shown in the following table.
To read the entire article in USA Today and view all 50 cities making the cut, click https://www.usatoday.com/story/money/2019/10/18/america-affordable-cities-that-attract-new-residents/40329889/
Desirability is one thing, but the ability to actually achieve the desire due to affordability makes the difference in where many people relocate to and live. The entire list of 50 metros gives some great potential growing but affordable destinations for people of all walks of life.