Apartment Tips, Homeownership

The 10 Most Affordable Cities for Millennials

November 27, 2018
most affordable cities for millennials - charlotte

You want city living without the city prices, and that’s reasonable. It’s costly in New York and San Francisco, and most millennials who move to major metropolitan areas spend the majority of their income on rent — if they can afford rent at all. But you have options, and you don’t have to compromise. To find the most affordable cities for millennials like yourself, you just have to look between the coasts.

If you like the sights and sounds of a city lifestyle, the U.S. is full of affordable cities you might not have considered. They don’t boast the Empire State Building or the Golden Gate Bridge, but they have their own unique appeal you can’t find elsewhere. You’ll never know unless you look.

We’ve made that task far more manageable by compiling a list of the ten most affordable cities for millennials. From Boise to Des Moines, the United States is a vast country full of opportunity.

Quick Reference:

most affordable cities for millennials - omaha, nebraska

1. Omaha, Nebraska

With its charming designation of “Silicon Prairie,” Omaha, Nebraska, is home to a number of promising tech startups. You don’t have to work in technology to appreciate Omaha’s potential, however, and the eight Fortune 500 companies headquartered in the area reflect its robust economy.

Beyond its appeal to young professionals, Omaha is also a smart place to raise a family. Millennial couples searching for a new home might find affordable properties in the area, and its overall safety and range of education programs are ideal for young children. Planting your roots in the Silicon Prairie gives you many opportunities to create a happy life.

Details include:

  • Median Home Price: $165,667
  • Median Monthly Rent: $833
  • Value Index: 7.9

most affordable cities for millennials - boise, idaho

2. Boise, Idaho

If you enjoy the lifestyle a city provides but also appreciate the beauty and majesty of nature, Boise has a perfect balance. It’s on the border between the urban and natural world, with captivating views of a distant mountain range — and the impressive scenery is far from the best part.

Those planning to work in government will enjoy the spectrum of opportunities they’ll find in Boise, which is home to many of the state’s agencies. It also accommodates a growing technology sector, and residents in healthcare can often find employment at one of several large hospitals.

Some statistics are:

  • Median Home Price: $221,475
  • Median Monthly Rent: $842
  • Value Index: 7.4

most affordable cities for millennials - madison, wisconsin

3. Madison, Wisconsin

Foodies who want a taste of something different will find it in Madison, Wisconsin, where the food culture is a mix of fine dining and farmer’s markets. A couple can reserve a table for two at an upper-class establishment, or just as easily browse local produce, sorting through apples and zucchini.

Food isn’t everything, of course. Above all, Madison has a bustling economy supported by the healthcare, information technology and manufacturing industries. You might find an opening at the University of Wisconsin with the right qualifications, so you have no shortage of options when pursuing your career in the area.

Here’s a breakdown of some Madison stats:

  • Median Home Price: $238,375
  • Median Monthly Rent: $919
  • Value Index: 7.3

most affordable cities for millennials - des moines, iowa

4. Des Moines, Iowa

Hip and full of personality, Des Moines is excellent for young professionals who want to network with people their own age. It has trendy bars and interesting shops, and for the naturalists, there are bike trails, parks and lakes. With so many things to see and do, you’ll always have something on your agenda.

Des Moines is a particularly attractive city if you’re involved in the insurance industry. Allied Insurance and Wellmark Blue Cross Blue Shield are only two of 80 insurance companies in the area. Considering the career opportunities and increasingly diverse culture in Des Moines, it’s an excellent choice for any young professional. Plus, its low cost of living firmly plants it in this list of most affordable cities for millennials.

Des Moines has:

  • Median Home Price: $181,217
  • Median Monthly Rent: $831
  • Value Index: 8.5

most affordable cities for millennials - charlotte, north carolina

5. Charlotte, North Carolina

Young people are flocking to Charlotte, so it’s not likely to surprise you that its one of the most affordable cities for millennials. But you’ll find people from all walks of life here, drawn to the city for many reasons. While some are interested in the NASCAR and motorsports culture of the area, others are attracted to its high-energy hustle and bustle. Whatever you’re looking for, Charlotte has a southern charm that’s impossible to deny.

Plus, one of the largest financial hubs in the country, Charlotte also provides a platform for young professionals looking to advance in their careers. Wells Fargo has several of their major offices in the city, and Bank of America has its headquarters there. If you’re in finances and into race cars, Charlotte might be the place for you.

Some stats about Charlotte include:

  • Median Home Price: $200,942
  • Median Monthly Rent: $893
  • Value Index: 7.5

most affordable cities for millennials - pitt

6. Pittsburgh, Pennsylvania

Steel city may have reeled from the loss of the steel industry a few decades back, but its comeback is exciting to see. Now, tech, health care and other diverse markets are helping mold Pittsburgh into one of the most affordable cities for millennials. Economic opportunities abound with one of the most affordable housing markets in the country and growing career options.

Pittsburgh has a lot of trendy attractions to go along with its blue-collar roots. Famous for its delicious Polish-inspired cuisine, the city has since expanded to feature restaurants and breweries with a wide variety of creative dining options. And with sports, music and events throughout the year, millennials can look forward to the city’s continued revival.

Pittsburgh has:

  • Median Home Price: $137,550
  • Median Monthly Rent: $749
  • Value Index: 7.8

most affordable cities for millennials - minneapolis

7. Minneapolis – St. Paul, Minnesota

Two cities for the price of one — what could be a better deal? Millennials will find job outlook promising, with business, finance, and engineering opportunities all growing in the area. And with two unique downtown centers, there is a wealth of cultural opportunities for those looking for an exciting city without the coastal prices.

Sure, millennials have to be prepared for a rough winter. But it’s easy to find activities year-round, between the beautiful natural attractions of Minnesota and the Twin Cities’ growing city scene.

Despite consistent rent growth, Minneapolis and St. Paul continue to offer affordable apartments, especially when compared to pricier Midwestern cities like Chicago. In May 2019, the median rent price for a one-bedroom apartment was $1,367 in Minneapolis and $1,058 in St. Paul. Here’s some more housing information:

  • Median Home Price: $237,367
  • Value Index: 7.9

most affordable cities for millennials - columbus

8. Columbus, Ohio

Columbus is known for being a college city, but it’s not just Ohio State (sorry, THE Ohio State University) grads who can take advantage of this prosperous area. This Ohio city has burst onto the scene as one of the most affordable cities for millennials due to its growing professional opportunities and affordable housing rates.

Columbus is trendy, too; whether you want to tour the historic German village, check out a football game or head outdoors, the growth of millennial activity has helped Columbus create activities for residents with a variety of interests.

Some statistics include:

  • Median Home Price: $171,075
  • Median Monthly Rent: $855
  • Value Index: 7.4

most affordable cities for millennials - oklahoma

9. Oklahoma City, Oklahoma

Millennials who are seeking true Western roots without complete country isolation will find Oklahoma City a growing metro to watch. The city added 8,500 new jobs in 2017, and while the most prominent industries involve natural gas, oil, and livestock, millennials will increasingly find more cosmopolitan opportunities as well.

Many of the things to experience as a resident of Oklahoma city involve the city’s outdoor, Western heritage. If you would find joy in the Horse Show Capital of the World, exploring cowboy history, and trying a variety of restaurants in the heart of the city, then this might be the place for you to consider. And the best part? It’s super affordable.

Take a look:

  • Median Home Price: $150,533
  • Median Monthly Rent: $800
  • Value Index: 7.4

most affordable cities for millennials - indianapolis

10. Indianapolis, Indiana

Indianapolis has long attracted young professionals. With a combination of affordable Midwestern living and bustling urban experiences, it’s no wonder the city is among the most affordable cities for millennials. Recent boosts in opportunities have come from the expansion of companies like Salesforce and Infosys into the metro area, and Indianapolis boasted full employment in recent years.

Indianapolis has a walkable, robust downtown center with a variety of nightlife activities and cultural events. Whether millennials enjoy the beauty of nearby state parks or browsing the booming local businesses along Mass Ave, there’s no doubt this city has earned its place on this list.

    • Median Home Price: $162,700 (Zillow)
    • Median Monthly Rent: $828
    • Value Index: 8.0

Most Affordable Cities for Millennials Map

Most Affordable Cities For Millennials

Moving isn’t always easy, but your budget shouldn’t hold you back. You deserve to enjoy the lifestyle you want for yourself, and you have options. This article only lists ten. Although they’re all excellent, there are others out there, and trends changing all the time. Do your research and visit different cities to find the place that calls out to you.

This list will be periodically updated! Think your city should be considered among the most affordable cities for millennials? Contact me and I’ll check it out!


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