The Great Recession is forcing a lot of people to do more with less — including a lot less money for their daily living expenses. And while consumers havenÃ¢â‚¬â„¢t been migrating to the degree they did during the Great Depression, there are probably quite a few who would seriously consider moving to a less expensive area if they could.
So if you count yourself among that group, here are some cities that Forbes magazine says are among the most affordable metro areas of the country. As you might expect, many of them are in the mid-west.
To compile its bargain city list, Forbes looked at the current median asking price of homes on the market in each city, using data from Altos Research, a San Francisco-based real estate research firm.
It then took into consideration the median salaries of workers with bachelor’s degrees or higher from PayScale.com and compared it with a cost-of-living index from Moody’s Economy.com. Moody’s uses such factors in its index as transportation costs, insurance, food, utilities and other factors.
Finally, it factored in the latest unemployment rates from the Bureau of Labor Statistics (BLS) to reflect the relative strength of local economies.
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