The financial meltdown of 2007/2008 taught many of us some very important lessons, including the actual value of the dollar, and how much your spending habits can impact your life. With the economy still in recovery, families across the United States are looking to find a city which offers a low cost of living, combined with a booming economy.
Does that sound like a stretch? In Huntsville, AL our economy keeps moving upwards, thanks to our high-tech and service industries bringing a constant stream of revenue and talent to the city. The added bonus here for you is that our city was recently voted the most affordable in the United States.
The added bonus here for you is that Huntsville was recently voted the best affordable city in the United States.
So, how do you calculate what makes your city more affordable than others?
Household Income in Huntsville:
The median household income in Huntsville is just over $50,000. This higher-than-average wage is due to the number of high-tech companies operating in and around the city, with several dozen Fortune 500 companies providing employment here.
When you combine the average household income here with the below average cost of living it means that Huntsville families enjoy a disposable income of around $2,500 after tax each month. This is well above the national average.
House Prices in Huntsville:
The cost of purchasing or renting a property can be the difference between a city being affordable, and completely off limits. Renting a 1-bedroom apartment in downtown Huntsville can cost as little as $650 per month, with the average monthly apartment rental working out at $780 per month. If you’re happy to live a little bit outside of the city center, your rental costs drop to around $450 – $550 per month for a nice apartment.
If you’re more interested in purchasing a home here, your first step onto the Huntsville property ladder will cost you around $135,000 for an entry-level home. The sheer affordability of real estate here has encouraged over 70% of residents to purchase their homes, so you’re moving in with neighbors more so than transient workers looking for the next big thing.
Luxury real estate in the city is also well within most budgets, with the average luxury home costing just $299,000.
Huntsville’s Local Economy:
Huntsville made the very dramatic leap from being an agricultural city to a high-tech city after World War II when the Redstone Arsenal became home to the future space program of the United States.
The NASA Marshall Flight Centre situated here has ensured that Huntsville retains its title of “Rocket City”, thanks in no small part to local involvement with the program which will see the first US colony on the Moon.
In terms of the cost of living in the city you can expect to pay 16% less for your groceries each week, enjoying a meal with your family will cost 20% less than elsewhere in the country, transportation costs are 40% lower than other cities, and even clothing will cost you at least 13% less than other cities with high-tech industries.
The economy in Huntsville has enjoyed growth spurts of up to 10% over the last few years, with the upward trend in earnings, and the downward trend in living costs, set to continue.
Residents of Hunstville enjoy a lifestyle which makes it possible for them to spend their disposable income in local businesses, further boosting the local economy. When you combine this with a wide range of cultural attractions, dozens of parks and a very high standard of education, you can see why our city is becoming increasingly popular for families looking to live the American dream.