With more than 90 percent of state-level markets showing price increases for both unit types, it’s no surprise that renters are starting to look for some relief in rent prices and cost of living. In this case, the cost of living is the money you need to live in a place that covers groceries, healthcare, housing and more.
10 areas where the cost of living is decreasing the most
No surprise that all the cities on this list have a population of fewer than 200,000 residents, as smaller towns tend to have a more affordable cost of living. While they’re in danger of becoming migration hot spots, at the moment, these places can help make a dollar go farther.
Here are the 10 places where the cost of living has decreased the most over the past year.
10. Sioux Falls, SD
Sioux Falls has seen a 7.5 percent decrease in its cost of living in the last two years, putting it 8.6 percent below the national average in 2022. Housing has decreased the most at 16.1 percent, followed by groceries and utilities.
The Big Sioux River cuts through Sioux Falls, the most populous city in South Dakota. The area boasts more than 70 parks, trails and green spaces with large waterfalls at Falls Park just north of the city.
Healthcare remains a higher cost, increasing 5.7 percent since last year.
9. Asheville, NC
Asheville saw significant increases in 2020 as it quickly became a migration hot spot in North Carolina, attracting young families who loved the outdoors, among others.
Nestled in the Blue Ridge Mountains, Asheville features an excellent dining and brewery scene. It’s hard not to fall in love with the easy-going nature of its residents.
The tide quickly changed in 2021 — between 2021 and 2022, Asheville saw a 7.6 percent decrease in its cost of living. Housing saw the most remarkable change of all categories, decreasing 15.3 percent, followed by healthcare. Utilities did increase 5.3 percent in the last year.
8. Topeka, KS
The capital city of Kansas, Topeka, saw a 7.7 percent decrease in its cost of living year-over-year. Despite inflation, Topeka has seen the most significant decreases in the grocery and transportation categories, 15.6 and 15.2 percent, respectively.
Topeka residents enjoy a relatively affordable cost of living, at 20 percent below the national average for housing. Population in the city skews young, with most of its population landing between 25 and 44. The city features outdoor recreation via Lake Shawnee and essential history for all via the Brown v. Board National Historic Site.
7. Fond du Lac, WI
Just an hour outside of Milwaukee, Fond du Lac is ideal for a family that loves the outdoors as it’s close to Lake Winnebago, one of the U.S.’s largest inland lakes. Residents have seen some relief recently with a 7.8 percent decrease in the cost of living.
Despite inflation, Fond du Lac saw a 14 percent decrease in grocery prices and a 10.6 percent decrease in housing prices. The city only saw a slight increase in the utility and transportation categories between 2021 and 2022, placing them above the national average.
6. Sarasota, FL
Home to beautiful, fine sand beaches, Sarasota takes the sixth spot in our list of cities where the cost of living is decreasing. In the last year, the Florida coast city has seen an 8.2 percent decrease in its cost of living. Grocery and housing lead the greatest decreases at 15.7 and 14.5 percent, respectively.
Despite decreases in most categories, Sarasota remains above the national average in 2022. Housing, for example, currently sits at 18 percent above the national average despite year-over-over decreases.
Lido Beach and Siesta Key beach attract locals and tourists alike for a day in the sun.
5. Twin Falls, ID
Twin Falls in Idaho saw a decrease of 9.1 percent in its cost of living over the last year. Housing decreased by 20 percent and healthcare by 12.6 percent during that time. Twin Falls’ transportation costs remain high at 8.4 percent above the national average, having also increased nine percent over the last year.
Twin Falls residents enjoy the beautiful Snake River Canyon, its waterfalls and trails with panoramic views. The area enjoys low unemployment rates and affordable living.
4. Ardmore, OK
About 90 minutes from Oklahoma City, Ardmore saw a 9.6 percent decrease in its cost of living over the past year. It also saw small decreases across all categories, including groceries, transportation and housing.
The city is right near the Chickasaw Nation. Ardmore Regional Park and Lake Murray State Park offer beautiful views for those who hike and mountain bike.
From a national view, Ardmore sits well below the national average, with groceries and utilities being the most expensive and close to in line with the national average.
3. Charleston, WV
With a population of fewer than 50,000 people, Charleston feels like a small town despite being the capital city of West Virginia. The residents have seen an overall decrease of 10.1 percent in the cost of living — housing being the biggest decrease at 32.3 percent in the last year.
Downtown Charleston is incredibly picturesque, especially Capitol Street. Food vendors set up nearby at the Capital Market with good eats, from fresh fish to local produce. You can also find some of the city’s best restaurants inside.
While utilities and transportation have increased 14.6 and 14.3 percent, respectively, in the last year, Charleston remains affordable, with housing 40 percent under the national average.
2. Gainesville, FL
Home to the University of Florida, Gainesville has a vibrant energy, from its downtown area and college campus to its 30-plus miles of bike trails. The North Florida city boasts many breweries, lively bars, farm-to-table cuisine and live music.
Gainesville saw a 14.8 percent decrease in the cost of living in the last year. While already affordable, housing saw a significant drop of 26.5 percent, with groceries behind at 19 percent.
However, transportation continued to increase at 6.6 percent year-over-year, remaining 8 percent above the national average.
1. Erie, PA
The city that saw the greatest decrease in the cost of living in the last year is Erie. Erie saw a 17.1 percent decrease in the overall cost of living. Housing decreased an astonishing 43.6 percent over the last year, with other categories seeing smaller decreases.
Named after the nearby Lake Erie, the small city has water sports, fun summer festivals and skiing. It’s the direct access to the Great Lakes. With the low cost of living, Erie can quickly become a destination for young families seeking affordable living near nature.
Top 50 markets where the cost of living decreased the most
Thinking of new horizons (with lower costs)? Take a look at the top 50 markets, where the cost of living has decreased the most.
| Rank | Metro/Micro Area | State | Composite Index YoY Change | Grocery Index YoY Change | Housing Index YoY Change | Utilities Index YoY Change | Transportation Index YoY Change | Healthcare Index YoY Change | Misc. Goods & Services Index YoY Change |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Erie PA Metro | Pennsylvania | -17.10% | 3.38% | -43.57% | -2.26% | -8.12% | -4.44% | -7.87% |
| 2 | Gainesville FL Metro | Florida | -14.79% | -19.01% | -26.51% | -6.09% | 6.61% | -9.76% | -8.56% |
| 3 | Charleston WV Metro | West Virginia | -10.12% | -1.74% | -32.31% | 14.55% | 14.32% | -10.66% | -6.29% |
| 4 | Ardmore OK Micro | Oklahoma | -9.59% | -7.78% | -6.78% | -1.46% | -11.90% | -3.13% | -13.20% |
| 5 | Twin Falls ID Micro | Idaho | -9.09% | 2.40% | -20.19% | -0.85% | 9.94% | -12.59% | -8.82% |
| 6 | North Port-Sarasota-Bradenton FL Metro | Florida | -8.22% | -15.73% | -14.49% | -2.16% | 10.45% | -3.83% | -6.61% |
| 7 | Fond du Lac WI Metro | Wisconsin | -7.84% | -14.02% | -10.58% | 1.46% | 0.70% | -3.36% | -6.38% |
| 8 | Topeka KS Metro | Kansas | -7.68% | -15.55% | -1.73% | -2.04% | -15.21% | -2.17% | -9.13% |
| 9 | Asheville NC Metro | North Carolina | -7.59% | -6.25% | -15.30% | 5.27% | -5.84% | -11.41% | -4.54% |
| 10 | Sioux Falls SD Metro | South Dakota | -7.49% | -11.30% | -16.06% | -10.64% | -3.46% | 5.72% | 0.66% |
| 11 | Scranton-Wilkes-Barre PA Metro | Pennsylvania | -7.02% | -6.00% | -11.97% | -1.98% | -12.12% | 1.61% | -4.07% |
| 12 | Scranton-Wilkes-Barre PA Metro | Pennsylvania | -7.01% | -1.09% | -19.86% | -1.98% | -0.84% | 5.41% | -4.19% |
| 13 | Sioux City IA-NE-SD Metro | Iowa | -6.74% | 1.04% | -6.53% | -1.71% | -13.96% | -6.81% | -7.76% |
| 14 | Statesboro GA Micro | Georgia | -6.61% | -0.33% | 4.73% | 0.97% | -8.60% | -24.63% | -13.24% |
| 15 | Corpus Christi TX Metro | Texas | -6.30% | -1.98% | -8.73% | -10.57% | -1.49% | 3.85% | -6.22% |
| 16 | Jackson MS Metro | Mississippi | -6.18% | -3.94% | -1.10% | -12.17% | -13.86% | 4.37% | -6.92% |
| 17 | Springfield MO Metro | Missouri | -6.14% | -6.04% | -2.34% | 1.28% | 0.98% | -2.77% | -11.06% |
| 18 | Albany GA Metro | Georgia | -5.88% | 3.58% | -7.80% | -1.72% | -15.15% | -5.30% | -4.64% |
| 19 | Minneapolis-St. Paul-Bloomington MN-WI Metro | Minnesota | -5.85% | -7.14% | -7.92% | 2.95% | -3.52% | 1.19% | -5.65% |
| 20 | Elkhart-Goshen IN Metro | Indiana | -5.39% | -5.18% | -3.83% | 3.02% | -4.45% | 6.20% | -8.03% |
| 21 | Danville IL Metro | Illinois | -5.28% | 3.70% | -11.11% | -6.58% | -16.25% | -11.47% | 2.93% |
| 22 | Midland TX Metro | Texas | -5.18% | -9.65% | 5.15% | -1.25% | -1.37% | -6.41% | -8.34% |
| 23 | Denver-Aurora-Lakewood CO Metro | Colorado | -5.16% | -3.18% | -4.48% | -1.39% | -1.55% | -10.91% | -8.86% |
| 24 | South Bend-Mishawaka IN-MI Metro | Indiana | -5.14% | 1.80% | -7.68% | 3.90% | -3.62% | -3.78% | -9.37% |
| 25 | Rapid City SD Metro | South Dakota | -5.06% | 17.68% | -27.42% | 0.00% | 13.71% | -9.78% | -0.11% |
| 26 | Ames IA Metro | Iowa | -5.00% | 6.45% | -18.72% | 3.94% | -7.71% | -1.76% | 0.10% |
| 27 | Minneapolis-St. Paul-Bloomington MN-WI Metro | Minnesota | -4.97% | -3.83% | -7.45% | 2.81% | -0.76% | -2.38% | -5.11% |
| 28 | Enid OK Micro | Oklahoma | -4.85% | -6.27% | -7.07% | -1.52% | -2.79% | 8.81% | -5.35% |
| 29 | Tulsa OK Metro | Oklahoma | -4.83% | 2.14% | -8.79% | -2.00% | -7.38% | -0.67% | -4.49% |
| 30 | Winston-Salem NC Metro | North Carolina | -4.62% | 0.96% | -12.68% | -1.27% | -7.28% | -2.23% | -0.84% |
| 31 | Decatur IL Metro | Illinois | -4.59% | 1.18% | -8.10% | -1.82% | 0.85% | 0.95% | -6.38% |
| 32 | Wenatchee WA Metro | Washington | -4.57% | -4.79% | -11.27% | -1.15% | 8.13% | -4.35% | -0.09% |
| 33 | Providence-Warwick RI-MA Metro | Rhode Island | -4.57% | -9.11% | -3.70% | -2.31% | -3.78% | -4.46% | -4.13% |
| 34 | Pittsfield MA Metro | Massachusetts | -4.45% | -8.84% | -12.66% | -1.86% | 7.69% | -7.40% | 2.56% |
| 35 | Pittsburgh PA Metro | Pennsylvania | -4.41% | -3.23% | -11.34% | 6.15% | -2.86% | 1.06% | -4.40% |
| 36 | Newark NJ-PA Metro Div. | New Jersey | -4.29% | 4.85% | -13.43% | 0.09% | -10.19% | 2.52% | -1.56% |
| 37 | Grand Junction CO Metro | Colorado | -4.20% | -10.64% | -3.53% | 3.24% | 1.08% | 1.49% | -5.90% |
| 38 | Great Falls MT Metro | Montana | -4.20% | -14.47% | 3.46% | -4.52% | 14.78% | -1.96% | -7.93% |
| 39 | San Antonio-New Braunfels TX Metro | Texas | -4.18% | -3.29% | -10.66% | -1.57% | 13.68% | 11.15% | -3.66% |
| 40 | St. Cloud MN Metro | Minnesota | -4.14% | 3.45% | -4.42% | -1.53% | -4.26% | 1.21% | -6.82% |
| 41 | Denver-Aurora-Lakewood CO Metro | Colorado | -4.10% | -1.69% | -5.63% | 4.09% | -6.83% | -2.89% | -4.34% |
| 42 | Omaha-Council Bluffs NE-IA Metro | Nebraska | -4.08% | -1.63% | -9.99% | -0.73% | 3.42% | 7.70% | -4.18% |
| 43 | Philadelphia-Camden-Wilmington PA-NJ-DE-MD Metro Div. | Pennsylvania | -3.99% | 0.00% | -9.88% | 1.63% | -2.84% | -2.90% | -4.07% |
| 44 | Lima OH Metro | Ohio | -3.68% | -0.40% | -1.66% | 3.67% | -0.39% | -2.47% | -5.16% |
| 45 | Lincoln NE Metro | Nebraska | -3.66% | -3.13% | -1.54% | -1.96% | -3.92% | -1.01% | -3.29% |
| 46 | Casper WY Metro | Wyoming | -3.66% | -0.29% | 3.18% | 0.80% | -12.06% | -1.00% | -8.25% |
| 47 | Lubbock TX Metro | Texas | -3.65% | -1.42% | -4.65% | -8.56% | -1.06% | -6.26% | -0.81% |
| 48 | Kankakee IL Metro | Illinois | -3.62% | -8.78% | -2.23% | 7.55% | -5.15% | 1.02% | -3.08% |
| 49 | Reno NV Metro | Nevada | -3.58% | -4.03% | -7.91% | 6.08% | 2.25% | 1.72% | -5.45% |
| 50 | Grand Rapids-Kentwood MI Metro | Michigan | -3.56% | -1.42% | -9.20% | 0.40% | -11.44% | 2.81% | 2.24% |
Inflation hasn’t reached every corner
Renters are moving around the country to find more affordable living — some did it at the height of the pandemic, while others are now doing it to escape the inflation in big cities. As rent prices continue to climb along with groceries, gas and more, these areas may increase in popularity as renters try to find relief from inflation.
Methodology
Cost of living changes are determined by comparing the Q1 2022 and Q1 2021 Cost of Living Index from coli.org.
The information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
