Home & Living

The Top 10 Most Affordable Small Cities, According To CNN Money (PHOTOS)

When it comes to city living, it would seem logical that bigger always means better. After all, who wouldn't want a bigger apartment with bigger parks and bigger stomping grounds overall. Well, that would all make sense if these small cities weren't here to prove that theory oh so wrong.

According to a report from CNN Money, which compiled the latest data from the Housing Opportunity Index from the National Association of Home Builders and Wells Fargo to determine the percentage of homes sold that are considered affordable at median sales price for median income families in each respective metro area (see below for more details), these places stand as an argument for living small. Or at least leaving small with an urban edge.

So if you're not ready to completely ditch the hustle and bustle of a major metro for the small town suburban experience, it might be time to check out a compromise -- maybe even one where you can actually afford your mortgage.

10
Mansfield, Ohio
Education Images / Getty Images
Population: 122,673 Median Home Price: $91,000 Median Income: $54,600 Percentage Of Homes Sold That Are Affordable: 91.0
9
Fairbanks, Alaska
John Elk / Getty Images
Population: 100,272 Median Home Price: $205,000 Median Income: $78,400 Percentage Of Homes Sold That Are Affordable: 92.0
8
Bay City, Michigan
Bill Mckinsey / 500px
Population: 106,935 Median Home Price: $75,000 Median Income: $56,100 Percentage Of Homes Sold That Are Affordable: 92.1
7
Lima, Ohio
Ohio Office of Redevelopment / Flickr
Population: 105,141 Median Home Price: $85,000 Median Income: $54,200 Percentage Of Homes Sold That Are Affordable: 92.5
6
Davenport, Iowa
Denis Jr. Tangney / Getty Images
Population: 382,630 Median Home Price: $94,000 Median Income: $63,100 Percentage Of Homes Sold That Are Affordable: 92.5
5
Cumberland, Maryland
Lee Cannon / Flickr
Population: 101,968 Median Home Price: $89,000 Median Income: $53,300 Percentage Of Homes Sold That Are Affordable: 92.9
4
Vineland, New Jersey
xmalibu69x / Flickr
Population: 157,785 Median Home Price: $131,000 Median Income: $68,600 Percentage Of Homes Sold That Are Affordable: 93.2
3
Monroe, Michigan
OZinOH / Flickr
Population: 151,048 Median Home Price: $120,000 Median Income: $63,700 Percentage Of Homes Sold That Are Affordable: 93.2
2
Springfield, Ohio
OZinOH / Flickr
Population: 137,206 Median Home Price: $76,000 Median Income: $53,500 Percentage Of Homes Sold That Are Affordable: 93.3
1
Kokomo, Indiana
OZinOH / Flickr
Population: 82,849 Median Home Price: $85,000 Median Income: $60,100 Percentage Of Homes Sold That Are Affordable: 96.3

Source: National Association of Home Builders/Wells Fargo Housing Opportunity Index. Metro area population data is from Census Bureau. The Housing Opportunity Index is the percentage of new and existing homes sold that families earning the area's median income could afford during the fourth quarter ended December 31, 2013. Prices of new and existing homes are based on figures from CoreLogic and mortgage data is based on rates reported by the Federal Housing Financing Agency.

To discover more details of the report, head over to CNNMoney.

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