There is some good reason and solid evidence to believe a recession could just be on the horizon for the global economy, one which will hit Americans incredibly hard in their wallets. Should it come to pass, you might want to think about relocating from an expensive metropolitan area to one that is more affordable, especially during economic downtimes.
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“If you’re already feeling pinched where you live now, moving to an affordable city can give you the breathing room you need to not just survive but thrive if a recession hits,” explained MarketWatch Guides Researcher and Senior Personal Finance Writer Laurie Sepulveda. “All of these cities offer the opportunity to secure your financial future without sacrificing the important things in life, like your home, your quality of life, and your peace of mind.”
Here are four of the most affordable cities to move to in a recession.
Lardeo, Texas
Sepulveda highlighted that Lardeo is the most affordable city in the United States. The Texas town has average home values of just $211,916 or about 41% cheaper than the rest of the country.
“As an added savings bonus, Laredo’s living expenses including groceries, gas, and healthcare are 12.2% cheaper than the national average,” Sepulveda mentioned. “Those savings can really add up over time! With a median income of $60,720, residents can still make a comfortable living.”
Wichita, Kansas
MiniMoves outlined that in Wichita, housing is affordable and the job market is stable, making it a great place to weather a recession. Plus, this Kansas town has great neighborhoods for families, as well as a booming local arts scene.
Nicknamed the “Air Capital of the World,” Sepulveda noted that Wichita has a “…strong local economy built around aerospace (with companies like Boeing and Spirit), healthcare, and manufacturing and a median income of $61,281.”
Oklahoma City, Oklahoma
In OKC the economy is expanding, the price of houses is dropping and the city at large is getting set for a large number of future residents to move in from out of town.
“Oklahoma City should be on the radar for anyone seeking financial freedom, plus looking for big-city perks with a small-town vibe,” Sepulveda shared, adding that homes cost an average of 44% less than the national average at just $201,647.
Sepulveda commented that the “[c]ost of living is 9% cheaper than the rest of the nation, so residents are able to stretch their paychecks further.”
Toledo, Ohio
If you are seeking ultra-affordable home prices before a recession hits, consider checking out the real estate market in Toledo, Ohio, which is difficult to match in a lot of other American cities.
“While the median income is lower in Toledo at $46,302, the typical home value is just $123,094,” stated Sepulveda, noting that these prices award Toledo one of the best home-value-to-income ratios in the country.
“Toledo’s proximity to other major Midwestern cities like Detroit and Cleveland can provide access to larger job markets without the hefty housing price tags,” Sepulveda concluded.
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This article originally appeared on GOBankingRates.com: The 4 Most Affordable Cities to Move to In a Recession
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