While Des Moines made another list this week of best small cities in which to live, it DIDN'T make a list of inexpensive cities in which to live. How expensive is his beloved town becoming?
I told you on the radio show this week that property values in Central Iowa are expected to jump 10% in the next year, leading to a big property tax increase. I DO expect that the vibrant town is getting more expensive each year, but just how expensive? I truly expected to see Des Moines on list of cities where you can live comfortably on $50,000 a year.
GoBankingRates looked at the living expenses in 270 of the largest U.S. Cities, and using the 50-30-20 rule (50% of budget goes to necessities, 30% discretionary items and 20% for savings), they determined the cities where $50K goes the furthest.
As you can imagine, big cities like New York and San Francisco aren't anywhere near this list, and if you are making only $50K the best place to live is apparently Memphis, Tennessee, where rent and utilities are so low it saves folks 26,000 a year. In fact, a person making $50K will wind up with $25,978 after deducting expenses.
Top 10 Cities Where $50K Goes The Furthest
Memphis, TN
El Paso, TX
Toledo, OH
Cleveland, OH
Tulsa, OK
Wichita, KS
Chandler, AZ
St. Louis, MO
Lubbock, TX
Fort Wayne, IN
Click here to see the Top 20 - but there are still no Iowa cities on the list.