While inflation has started to cool, the cost of living remains high across the country, pushing a record number of Americans to take on multiple jobs to make ends meet. Even with a slightly larger paycheck, many are still struggling to “live comfortably.”
A recent report from SmartAsset analyzed what it takes to maintain a comfortable lifestyle in the 100 largest U.S. cities. The study used data from the MIT Living Wage Calculator and applied the 50/30/20 budgeting rule, which suggests 50% of income should go toward necessities, 30% toward discretionary spending, and 20% toward savings or debt repayment.
The study focused on two household types: a single adult with no children and a family of four with two working adults. While no single city was the most affordable for both groups, Memphis, Tennessee, emerged as the top choice for families.
Memphis: The Best City for Families to Thrive
According to SmartAsset, a combined household income of just under $198,400 allows a Memphis family of four to comfortably cover their living expenses while still saving for the future. This makes Memphis the most affordable large city in the country for working families.
Only three other cities—Greensboro, NC; San Antonio, TX; and Baton Rouge, LA—had a required household income below $200,000 for families to maintain a comfortable lifestyle.
For single adults, Indianapolis, IN, took the top spot as the most affordable, requiring an annual salary of $85,197 to meet financial goals. Other budget-friendly cities for individuals included Oklahoma City, Tulsa, and New Orleans.
Affordability Beyond the Numbers
Memphis’ affordability isn’t just about the numbers—it’s about quality of life. The city offers rich cultural history, a vibrant arts and music scene, and a strong sense of community. Whether you’re raising a family or enjoying life as a single professional, Memphis continues to prove that you don’t have to break the bank to enjoy a high quality of life.
Check out the full list of the most affordable cities for individuals and families below:
Most Affordable Cities for Single Adults
- Indianapolis, IN – $85,197
- Oklahoma City, OK – $85,446
- Tulsa, OK – $85,571
- New Orleans, LA – $86,445
- Albuquerque, NM – $86,611
Most Affordable Cities for Families (2 Working Adults, 2 Children)
- Memphis, TN – $198,349
- Greensboro, NC – $198,515
- San Antonio, TX – $199,181
- Baton Rouge, LA – $199,846
- Winston-Salem, NC – $201,011
While coastal cities continue to see skyrocketing costs, Memphis remains a place where families can build a future without financial strain. Whether you’re looking for a place to settle down or just seeking a city where your dollar stretches further, Memphis stands out as a top choice for affordability and opportunity.
