These 7 Cities Are the Most Affordable in November 2022

Do you know where you can buy the cheapest eggs in America?

The latest cost of living index shows quite how dramatically prices can vary in different parts of the U.S. For example, the average cost of a dozen eggs is just $1.64 in Springfield, Illinois, while people who live in Honolulu, Hawaii would pay $4.89. The cost of importing food is one of the reasons Honolulu is the second most expensive place to live right now.

Humans cannot live on eggs alone and the picture changes when we factor in other living costs. Springfield residents might get cheap eggs, but the city doesn't make it into the most affordable cities for Q3 2022. Harlingen, Texas takes the crown as the lowest cost city right now with prices that are almost 25% less than average. Let's find out what other parts of the country made the list.

Life in these cities costs around 20% less than the national average

The Council for Community and Economic Research's Cost of Living Index tracks prices across the country of everyday items such as housing, utilities, groceries, transport, healthcare, and other products. It sets the average cost of living (COL) score at 100, so we can see how various urban areas compare.

Life in these seven cities is much lower than average:

1. Harlingen, Texas (COL: 75.6): Harlingen regularly appears on the C2ER list of lowest-cost places to live. Citytistics gives it a high livability score, but warns that crime and unemployment are higher than the national average.
2. Decatur, Illinois (COL: 78.0): Once nicknamed the "Soybean Capital of the World," Decatur mixes the amenities of city living with the benefits of outdoor life.
3. McAllen, Texas (COL: 78.2): Another entry from Texas, McAllen is about 30 miles west of Harlingen. Not far from the Mexican border, the cost of living is over 20% lower than the national average.
4. Kalamazoo, Michigan (COL: 79.3): Kalamazoo topped this list at the end of Q2, but has slipped slightly. It boasts a young, diverse population and is relatively close to both Detroit and Chicago. On the downside, it has high crime and poverty rates.
5. Muskogee, Oklahoma (COL: 79.7): Oklahoma boasts beautiful parks and access to nature, as well as relatively low living costs. However, Muskogee has high crime rates and above-average poverty levels.
6. Topeka, Kansas (COL: 80.6): Topeka is known for its street art and ranks as one of the most affordable places to buy a home in the U.S. Taxes are relatively high, but you can't have everything.
7. Tupelo, Mississippi (COL: 80.7): Life in the birthplace of Elvis Presley costs about 20% less than the average American urban area. It's one of the few cities to win the All-America City Award five times.

These cities have the lowest cost of living out of the 265 urban areas analyzed for the third-quarter 2022 Cost of Living Index, released at the end of October.

Could you lower your costs by moving to a more affordable city?

If you're trying to sock more cash into your savings account and build wealth, moving to a lower-cost area could make a difference to your bottom line. If you want to buy a home, a more affordable city could help you get a foot on the housing ladder.

However, there are several caveats, including the following:

• Your salary may decrease. If you plan on getting a job somewhere with lower living costs, bear in mind that salaries will probably be lower too. If you're a freelancer, it could be a different story. But if you're a remote employee, you might not want to move too far away as your company may want you back in the office at some point.
• You'll need to pay moving costs. Moving can be expensive, so calculate the amount you might save versus the amount the move will cost you. Figure out how long you'll need to stay in the new area before you break even.
• You need to be ready for lifestyle changes. Moving somewhere new can be an adventure, but it's also a big change. For starters, you won't be as close to friends/family. If you have children, schooling and healthcare may be very different. There may also be additional costs such as higher utility bills or different taxes.
• The new area may not be as safe. As the list above showed, several lower-cost places also had higher-than-average crime and poverty rates. Do your research carefully and make sure you'll be safe in your new area.

It's often hard to strike a balance between quality of life and cost of living, and cost is far from the only factor. For example, many life decisions are driven by children's needs or our jobs. In recent years, the ability to work from home has allowed more people to move to lower-cost areas, but it isn't a decision to take lightly.