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KEY POINTS

McKinney, Texas is the most affordable city in the southern United States, with a low cost of living and high median income.

Affordability is determined by analyzing cost of living and the median household income in each city.

When it comes to the most affordable places to live in the U.S., the South can't be beat. Out of the 10 best bargains we found in the country, five are located in the South. More than any other region, it offers the ideal blend of high wages and a low cost of living. Finding the best mortgage lenders can reduce costs even more.

Thinking of taking out a mortgage for a home in the South? Keep reading for the 10 most affordable cities in region.

A note on methodology:

The estimated cost of living in each city is calculated by multiplying the city's cost-of-living index score by the median annual household expenditure across the United States. This number is an estimate of median expenditures per household in the city.

The estimated income-to-expense ratio is calculated by dividing the median household income in the city by the cost-of-living-estimate for the city. A higher estimated income-to-expense ratio score means the city is more affordable as the median household income there is above the cost-of-living estimate.

Cities with a cost-of-living value 10% or more over the national average are excluded from consideration.

The 10 most affordable places to live in the southern United States

Affordability index City Estimated income-to-expense ratio Cost-of-living estimate Median household income 1 McKinney, TX 1.60 $70,778 $113,286 2 Edmond, OK 1.48 $65,305 $96,389 3 Midland, TX 1.27 $70,997 $90,448 4 Hilton Head Island, SC 1.23 $76,251 $93,694 5 Austin, TX 1.21 $71,435 $86,556 6 Charleston,SC 1.13 $74,353 $83,891 7 Chapel Hill, NC 1.13 $76,178 $85,940 8 Conroe, TX 1.11 $64,722 $71,630 9 Atlanta, GA 1.10 $70,486 $77,655 10 Raleigh, NC 1.10 $71,581 $78,631

1. McKinney, TX

Estimated income-to-expense ratio: 1.60

Cost-of-living estimate: $70,778

Median household income: $113,286

Cost-of-living index: 97

Mckinney, Texas, is the most affordable city in the south and most affordable city in the U.S. The Dallas-Fort Worth suburb has a below average cost of living and a median household income well above the national median.

McKinney is among the fastest growing cities in the country. Its population in 2022 was 196,000, a 3.6% increase from 2021. Despite its fast growth, the cost of housing in McKinney remains a few points below the national average, according to the Council for Community and Economic Research.

Estimate costs:Texas mortgage calculator

2. Edmond, OK

Estimated income-to-expense ratio: 1.48

Cost-of-living estimate: $65,305

Median household income: $96,389

Cost-of-living index: 89.5

Located just north of Oklahoma City, Edmond is the second-most affordable city in the south and overall. The cost of living in Edmond is about 10% below the national average, while the median household income is nearly 30% above the national median.

Edmond's affordability and close proximity to Oklahoma City is its major draw.

Estimate costs: Oklahoma mortgage calculator

3. Midland, TX

Estimated income-to-expense ratio: 1.27

Cost-of-living estimate: $70,997

Median household income: $90,448

Cost-of-living index: 97.3

Midland is located in the oil-rich Permian Basin in west Texas. The city is affordable, with a below-average cost of living and incomes well above the national median. But it's a long drive from any large or mid-size city.

The oil industry dominates employment in Midland and also provides the highest salaries on average in the city. The city's population stood at 132,000 in 2022 and the median age that year was 31.4. Both population and incomes grew by less than 3% in 2021.

Estimate costs:Texas mortgage calculator

4. Hilton Head Island, SC

Estimated income-to-expense ratio: 1.23

Cost-of-living estimate: $76,251

Median household income: $93,694

Cost-of-living index: 104.5

Hilton Head Island, South Carolina, may be one of the most attractive places for retirees, thanks to its relative affordability. The cost of living there is just 5% above the national average, while the median household income is about $20,000 more than the national median.

Older Americans have made Hilton Head home. The median age in the city is 60. But it's an hour-long drive from Savannah, Georgia, the closest major city, which could be a challenge for retirees or those who want to take advantage of the relatively affordable cost of living in Hilton Head but can't work remotely.

Estimate costs:South Carolina mortgage calculator

5. Austin, TX

Estimated income-to-expense ratio: 1.21

Cost-of-living estimate: $71,435

Median household income: $86,556

Cost-of-living index: 97.9

Austin has seen explosive growth in recent years, but the cost of living in the city is still a couple percentage points below the national average. That combined with a median household income that's 16% more than the national median makes Austin one of the most affordable cities in the south and entire country.

Austin is a tech hub, with major software and hardware companies locating offices in the city. It's also home to the University of Texas at Austin, which is among the largest public colleges in the U.S.

It has a fantastic live music scene, notable barbecue and Tex-Mex, lots of parks and lakes, and plenty of places to go either at night or during the day. Residents take the local motto, "Keep Austin Weird," seriously.

Estimate costs:Texas mortgage calculator

6. Charleston, SC

Estimated income-to-expense ratio: 1.13

Cost-of-living estimate: $74,353

Median household income: $83,891

Cost-of-living index: 101.9

The largest city in South Carolina, Charleston has a cost of living just over the national average, while the median household income there is 12% higher than the national median, leading it to be among the most affordable cities in the south. The city is home to 150,000 people and the median age there is 36.

Charleston is rich with history and parts of the city could be pulled from the colonial era. Its historically significant performing arts and music scene make up a significant part of the city's culture today. The port and proximity to the beach offers plenty of opportunities for recreation.

Estimate costs:South Carolina mortgage calculator

7. Chapel Hill, NC

Estimated income-to-expense ratio: 1.13

Cost-of-living estimate: $76,178

Median household income: $85,940

Cost-of-living index: 104.4

Chapel Hill is the seventh-most affordable city in the south. The cost of living in Chapel Hill is slightly above the national average, but relatively high median earnings are more than enough to make up for it.

The town of nearly 60,000 is home to the University of North Carolina, which lowers the median age of its residents to 25.6. If you're a college sports fan, Chapel Hill has plenty to offer. But Chapel Hill is more than a college town. It's become one of the trendiest food cities in the U.S., has plenty of hiking and biking trails, and many historic sites to become immersed in.

Estimate costs:North Carolina mortgage calculator

8. Conroe, TX

Estimated income-to-expense ratio: 1.11

Cost-of-living estimate: $64,722

Median household income: $71,630

Cost-of-living index: 88.7

Conroe sits 40 miles north of Houston and boasts a lower cost of living and higher median household income, making it one of the more affordable cities in the south.

While still within commuting distance to all that Houston offers, Conroe has a few attractions of its own. The city's northwest border abuts Lake Conroe, which provides plenty of choices for water recreation. Conroe also has a number of parks and other green spaces, as well as historic sites.

Estimate costs:Texas mortgage calculator

9. Atlanta, GA

Estimated income-to-expense ratio: 1.10

Cost-of-living estimate: $70,486

Median household income: $77,655

Cost-of-living index: 96.6

The cost of living in Atlanta is around 3% below the national average while incomes are slightly higher than the national median, making it among the most attractive places in the country for working professionals looking for an affordable, big city lifestyle.

There's no shortage of things to do in Atlanta. The performance arts and museums are world class and its music scene is vast and historic. Plus it's a hub for movie and television production, is home to numerous festivals, and of course it has plenty of top-notch southern food.

Estimate costs:Georgia mortgage calculator

10. Raleigh, NC

Estimated income-to-expense ratio: 1.10

Cost-of-living estimate: $71,581

Median household income: $78,631

Cost-of-living index: 98.1

Raleigh, the capital of North Carolina, is the 10th-most affordable city in the south thanks to a slightly below average cost of living and slightly above average median household income. The city is growing quickly, but the cost of housing is still around 6% below the national average, according to data from the Council for Community and Economic Research.

The city is part of the Research Triangle, along with Durham and Chapel Hill. Its economy is diverse with fast growing tech and biotech industries. North Carolina State University is located in Raleigh, which gives sports fans plenty to cheer for. Raleigh also has a number of parks and other green spaces for hiking and biking.

Estimate costs:North Carolina mortgage calculator

City Cost of living index Ponca City, OK 79.4 Edinburg, TX 80.9 Harlingen, TX 82 Amarillo, TX 83.1 Jonesboro, AR 83.3 Oklahoma City, OK 83.6 Augusta, GA 83.7 Tupelo, MS 83.8 Charleston, WV 83.8 Conway, AR 83.8

Most expensive cities in the southern U.S.

City Cost of living index Washington, DC 144.6 Arlington, VA 132.8 Alexandria, VA 124.9 Fort Lauderdale, FL 120.3 Miami-Dade County, FL 119.7 New Orleans, LA 112.3 Plano, TX 111.2 Cape Coral-Fort Myers, FL 106 Wilmington, DE 105.9 Hilton Head Island, SC 104.5

Explore more affordable cities in other regions:

The most affordable cities in the United States

The most affordable cities in the West

The most affordable cities in the Midwest

The most affordable cities in the Northeast