Yahoo Finance Priced Out of These Popular Cities? 5 Backups You May Like More
Living in the United States has become significantly more expensive in recent years. According to the Federal Housing Finance Agency, U.S. housing prices have increased by 8.4% just in the last year. Renters are especially feeling the strain as average rent prices have increased for one- and two-bedroom apartments by 24.2%, according to a recent Credit Karma study.
Learn: These Are the 10 Most Overpriced Housing Markets in the US -- 5 Are in Florida
More: How To Build Your Savings From Scratch
If you are feeling priced out of your city and looking for an affordable alternative, here's a list of some of the best "backup" cities to five of the most popular.
Olympia, Washington (Instead of Seattle)
Seattle might seem like a quintessential city to live in with its thriving culture and stunning skyline - but only if you have a lot in the bank to counter the cost of living there. In fact, Seattle's rent has increased by 14.5% since this time last year, according to a recent study conducted by Zumper, and doesn't seem to be letting up anytime soon. A great alternative to this expensive city is located a mere 60 miles south in the capital city of Olympia.
Look: 15 Cities Where Houses Are Best Bargains Right Now
Read: 8 Places in California Where Home Prices Have Plummeted
According to Livability.com, the median home value in Olympia is $113,425 less than the median home value in Seattle. The average rent for a one-bedroom in Olympia falls at $1,525, which is significantly less than the steep $1,900 for a one-bedroom in Seattle. While Olympia might not be as cool to name-drop as Seattle, it still offers many of the amenities Seattleites enjoy such as access to the Puget Sound and a vibrant nightlife. The city is also a great choice for young people, with Evergreen State College nationally recognized as a top institution for environmental leadership and a welcoming campus culture.
Hialeah, Florida (Instead of Miami)
Tropical living is increasingly popular -- and increasingly expensive -- in the stunningly gorgeous and warm coastal city of Miami. This city's expanding tech industry is contributing to Miami's more wealthy population and fast-climbing rent costs. Year after year, Miami has seen an 8% increase in yearly rent costs, according to the Zumper study. If you are struggling to keep up with higher-than-ever living costs in this city, consider living in Hialeah, Florida instead -- a less-expensive alternative a bit more inland and just 35 miles away.
Living in Hialeah is significantly less expensive than in Miami. For those looking to rent a one-bedroom apartment in the city, you'll likely be thrilled to discover that renting in Hialeah is $1,850 on average and much more affordable than the $2,840 cost of renting in Miami. While Hialeah might lack some of the glamor Miami has to offer, the city still offers some fabulous activities and attractions for those looking for coastal luxury. Just 13 miles from the beach, and mere minutes from the Westland Mall, Hialeah residents can enjoy a dip in the ocean, shopping, dining and entertainment mere minutes away from their homes.
Discover: 7 Florida Cities That Could Be Headed for a Housing Crisis
Yonkers, New York (Instead of Manhattan)
New York City is an incredibly attractive place to live, brimming with incredible dining, amazing vintage and designer shopping opportunities and vibrant culture and art. However, the incredibly steep cost of living is bound to put a damper on this city's appeal. If you are feeling priced out of the city, consider checking out Yonkers, New York, instead.
Yonkers is just a 30-minute commute from Grand Central Station -- and surprisingly a shorter travel time than from Brooklyn and other major New York neighborhoods. Plus, the affordability of this city makes the commute a lot less of a hassle. According to Livability.com, the median home value in Yonkers is $163,195 less than the median home value in Manhattan. Additionally, renting is easier, with a one-bedroom apartment falling at $2,478 in Yonkers. While the price is still high, it's far less than the $3,875 in Manhattan. Residents who love the bustling boroughs of New York are bound to fall in love with Yonkers for its many beautiful parks, gardens and entertainment options.
Lancaster, California (Instead of Los Angeles)
While living in a city surrounded by beautiful beaches and year-round perfect weather is truly hard to beat, the steep costs of living in L.A. are less ideal. In fact, according to Zumper, Los Angeles's year-over-year rent costs have increased by 6.7%. If you're finding this city's steep rent or high property taxes slightly overwhelming, a great alternative is the often-overlooked city of Lancaster, California.
Just over an hour from Los Angeles, Lancaster is settled in the Antelope Valley of the Mojave Desert at the northern edge of Los Angeles County, and is one of Southern California's most budget-friendly cities. According to Zillow, the median home value in Lancaster is $464,589 less than the median home value in Los Angeles -- a pretty massive price drop. If renting is up your alley, you'll find that this SoCal city also features far more affordable rates for renters. According to Zumper, renting a one-bedroom apartment in Los Angeles will cost you $2,395 per month, while renting in Lancaster will fall at a much lower $1,500 monthly.
Lancaster might not have the big-name appeal that Los Angeles does, but this city does have beautiful weather and environmentally conscious residents. The city is also just a short drive from the beach and the mountains, and not so far from San Diego and Anaheim, sure to satisfy any nature lover or party-goer.
Lamar, Colorado (Instead of Denver)
While it might be hard to beat Denver's mountain views and stunning landscape, the cost of living is less than ideal in this scenic city. Although rent has actually decreased 4% compared to the previous year, according to Zumper, it's still hard to afford for many Colorado residents. A great alternative is Lamar, Colorado -- a small city located in the southeastern part of the state.
While Lamar is a bit of a drive from Denver (just over three hours), this town offers an unbeatable low cost of living. According to Zillow, the median home value in Lamar is a significant $411,257 less than the median home value in Denver. Renters will also find that this city is a more affordable option, as rent in Lamar is 36% lower than in Denver, with the median rent cost falling at $1,400 in Lamar and $2,195 in Denver. For nature lovers, Lamar is one of the best birding destinations in Colorado and is a short drive from the John Martin Reservoir State Park.
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