Detroit is one of the poorest cities in the entire country, but it’s also got more than 100,000 job openings and cost of living is $44,000 a year right now.
According to a study by GOBankingRates.com, Detroit is one of the cheapest places to live in the country. And according to Glassdoor, median base salary there is more than $46,000 and home values average $141,000.
It’s good for you, because you can help rebuild a poor city while also saving a ton of money. Glassdoor says hot jobs here are software engineers and auto technicians (yes, this surprised us, too). There are nearly 120,000 job openings right now.
But if Detroit isn’t your city, there are plenty of others where jobs are up and cost of living is down. Indianapolis is the second-best city on Glassdoor’s list, and according to GOBankingRates, you only need $47,155 a year to live there. Glassdoor says median base salary is $43,000, so there is lots of room to grow and save! Median monthly rent is $756 and health insurance is $229 — one of the lowest in the country.
You can also head to St. Louis. They’re No. 5 on Glassdoor’s list, where the median base salary is $45,600 annually and home values are around $148,600. Hot jobs include electrical engineers, communications managers, and recruiters. On GOBankingRates’ list, you can get by on $49,034 a year since rent is $795 and basic utilities are $146 monthly. St. Louis’s economy is on the rise, too, so be sure to get in before the cost of living goes up!
Earn more than most, live modestly, save for the future
The good news is that the most expensive places to live aren’t necessarily the best places to live. You can find a great city to live in without breaking the bank.
As you can tell by this list, Middle America is doing alright. St. Louis, Louisville, Ky., Columbus, Ohio, and others are some of the cheapest places to live right now. This means job growth is increasing, too. You can earn a great salary in these “flyover” states that are actually worth stopping in for now, including your financial future!
Earning an above-average salary and paying less than the national average for homes means you can afford to stash away a lot more money for things like emergencies and your retirement. Since so many Americans are planning to work in retirement — even though it’s not guaranteed you’ll be able to — it’s best to save as much as you can while you’re still able to work.
And don’t put retirement on the backburner, either! Even though we aren’t that interested in retirement, that doesn’t mean it’s any less important! The world is running out of retirement money, which means the onus is on us now more than ever to stay ahead so we can actually retire. Otherwise, we’ll end up facing the very real fear that we will outlive our savings and run out of money before we die. If you get the chance to live in a place where you aren’t living paycheck-to-paycheck, take advantage of your big savings opportunities.
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