Rent prices increased by an average of 5.5% in the U.S. last year, while housing prices hit a record high in May, according to the Black Knight Home Price Index. Living in the U.S., in other words, isn’t going to get cheaper anytime soon, but there are still some places in the country that can be affordable.
This month, U.S. News and World Report released its ranking of the cities with the lowest cost of living, based on the median gross rent and annual housing costs for mortgage-paying homeowners.
No. 3 on the list is the Huntington-Ashland, West Virginia, Kentucky, Ohio metro area (known locally as the “Tri-State”). The region spans seven counties and is located along the Ohio River.