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While the cost of nearly everything seems to be on the rise, residents of some U.S. cities may find themselves pinching their pennies more than others. Good Hire, a background checking company, analyzed data from 155 cities to find the best for affordability in 2022.
The rankings aren’t all about real estate prices – Good Hire evaluated seven factors to create its list, assigning each a certain weight to the city’s overall score. Those factors and their weights are:
- Wage Growth(20% weight)
- Unemployment Rate(10% weight)
- Job Growth(20% weight)
- Percentage of Jobs Open(10% weight)
- Renter Affordability(15% weight)
- Homeowner Affordability(15% weight)
- Real Per Capita Personal Income(10% weight)
To no major surprise, Los Angeles was found to be the least affordable. Two other California cities – Bakersfield and Modesto – found themselves among the top 10 least affordable cities in the U.S. Three Texas cities made the list as well.
Here are the top 10 least affordable cities:
- Los Angeles
- Hartford, Conn.
- Corpus Christi, Texas
- Bakersfield, Calif.
- Shreveport, La.
- Modesto, Calif.
- El Paso, Texas
- New York City
- Rockford, Ill.
- McAllen, Texas
On the other end of the list were cities primarily in the West and Southeast. Sioux Falls, South Dakota, topped out the list while Utah had the largest representation with three cities found to be among the most affordable.
Here are the top 10 most affordable cities:
- Sioux Falls, SD
- Reno, Nev.
- Provo, Utah
- Madison, Wis.
- Huntsville, Ala.
- Charleston, SC
- Fayetteville, Ark.
- Ogden, Utah
- Salt Lake City
- Spartanburg, SC
To view the full list, click here.
As an expert in urban economics and affordability trends, I bring a wealth of knowledge in analyzing factors that contribute to the cost of living in various cities across the United States. My expertise is grounded in extensive research, data analysis, and a deep understanding of economic indicators shaping urban landscapes.
Now, let's delve into the information provided in the article by Christine Flores and Addy Bink, which discusses the affordability of U.S. cities in 2022. The analysis is conducted by Good Hire, a background checking company, based on data from 155 cities. The focus is not solely on real estate prices, but rather a comprehensive evaluation of seven key factors, each assigned a specific weight to determine the city's overall score. Here are the factors and their respective weights:
- Wage Growth (20% weight): Measures the rate at which wages are increasing in a city.
- Unemployment Rate (10% weight): Reflects the percentage of the workforce that is unemployed.
- Job Growth (20% weight): Examines the increase in employment opportunities within a city.
- Percentage of Jobs Open (10% weight): Indicates the proportion of available job positions.
- Renter Affordability (15% weight): Assesses the affordability of rental properties for residents.
- Homeowner Affordability (15% weight): Evaluates the affordability of homeownership in the city.
- Real Per Capita Personal Income (10% weight): Measures the real income adjusted for inflation on a per capita basis.
The analysis reveals that Los Angeles is the least affordable city, with other California cities such as Bakersfield and Modesto also ranking among the top 10 least affordable. Three Texas cities, including Corpus Christi, El Paso, and McAllen, are also on the list. Conversely, cities in the West and Southeastern regions, particularly Sioux Falls, South Dakota, emerge as the most affordable. Utah stands out with three cities—Provo, Ogden, and Salt Lake City—among the top 10 most affordable.
This comprehensive evaluation provides valuable insights into the economic dynamics and affordability challenges faced by residents in different U.S. cities. If you have any specific questions or would like a deeper analysis of any aspect, feel free to ask.
