Knoxville has been named one of the most affordable cities in America by Forbes. In comparison to America’s largest 100 cities, Knoxville ranks #5 on the list of America’s most affordable cities to live in.
In order to determine what cities were most affordable, Forbes took the 100 top metropolitan areas in America. Then, they factored in the Housing Opportunity Index from the National Association of Realtors and Wells Fargo, along with day-to-day costs of living like utilities, food, gas transportation, among other things.
Knoxville ranked extremely well based on the affordability rankings. One of the most notable things that makes Knoxville an extremely affordable city how affordable housing is, particularly that buyers get a lot of bang for their buck when buying. According to the Forbes data, the average home price in Knoxville in the last quarter of 2013 was $140,000. In Knoxville, a buyer is able to afford 3 or 4 bedroom home with good square footage in a great neighborhood. In comparison, in a large city like New York, a buyer could only afford a small one bedroom apartment in Queens with the same budget.
Based on Knoxville’s median home price for the end of 2013, roughly 77.4% of homes are affordable to buyers who make the local median income of $60,700. In comparison, in a city like L.A., where the median income is similar at $61,900, only 20.6% of home buyers can are affordable to home buyers. Knoxville is very lucky in the fact that it is a very affordable city to own a home and buyers are able to get a lot for their money.
In addition, the Knoxville area also enjoys a very low cost of living for other non-housing related expenses. According to Forbes, Knoxville’s non-housing related expenses (like gas, food, medical care, etc.) is 11% below the national average.
As far as the other cities that made the top 10 of the most affordable cities in America, the list was as follows:
(1) Buffalo, New York
(2) Memphis, Tennessee
(3) Cincinnati, Ohio
(4) Dayton, Ohio
(5) Knoxville, Tennessee
(6) Akron, Ohio
(7) Grand Rapids, Michigan
(8) Louisville, Kentucky
(9) Oklahoma City, Oklahoma
(10) Warren, Michigan
Knoxville is an extremely affordable city to live in, which is yet another reason why Knoxville is a great place to live. If you’re thinking about moving to Knoxville or buying a Knoxville home for sale, please do not hesitate to let Knoxville Home Team know if there is anyway that we can assist in your home search. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at 865-696-1888 or via email at [email protected]. Also, be sure to check out our Knoxville Home Search Page to see what home are for sale in the Knoxville area.