With two of Texas’ cities among the cheapest US cities to live according to a study by Kiplinger, the state is no doubt one of the most affordable states in the US. While the cost of living in Texas is on the increase, several places in the Lone Star State are affordable to live in.
In this article, we will highlight 11 of the most affordable places to live (buy or rent) in Texas. Our top picks are based on the average cost of homes in the area, the ratio of income to home price, and the ease of homeownership.
Currently ranked as the most affordable place to live in the Lone Star State, Progresso, TX is located along the Rio Grande River. With an estimated population of around 6,000 people, it is an excellent place if you cherish a quiet and serene environment. The median price of homes is a little above $50,000, making it a great place to buy your first home.
Voted by Forbes as the second-fastest growing town in the US, Pecos, TX is home to around 10,000 people. With the current economic boom in Texas, Pecos is also experiencing an increase in homebuyers. The median price of homes in Pecos in 2020 was around $65,200, making it one of the most affordable towns to live in the US.
With a population of slightly above 5,568, Muleshoe, located in Western Texas, is one of the most affordable places to live in the state. More importantly, with the average cost of homes around $68,500, Muleshoe is one of the best places to buy a home if you are looking for an area with economic activity and low housing costs.
If you are a fan of outdoor activities, then Monahans, a town located near Monahans Sandhills State Park, is a great place to buy a home or live. With a low population of around 7,500 people, Monahans’ cost of living is 25% lower than the national average.
In recent years, Monahans is fast attracting first-time home buyers because of its low price of homes and low unemployment rate. The median price of homes in this area is around $88,200. Also, it is the 54th cheapest place to rent a house in Texas.
With the median price of homes around $63,500, buying a home wouldn’t break your bank in Breckenridge, TX. Also, with an unemployment rate of 6.4%, this former major oil town is still bubbling with economic activity.
When compared to other areas in the state of Texas, Kermit boasts of the second-lowest home price to income ratio, with the price of homes around $62,000 and the median income at $55,000. Because of this affordability, most residents in this town prefer to buy or build homes over renting.
If you are looking for excellent Mexican cuisine and an excellent winter season, then the town of Diboll situated in proximity to the Davey Crockett National Forest is a great, low-cost place to live. Known for its thriving lumber industry, the median price of a home in this town is a little above $81,800. But with the average rent around $500 a month, Diboll is super affordable, regardless.
Snyder, TX, situated in the county of Scurry, is another affordable place to live in the Lone Star State. Famous for its wind energy and oil industry, Snyder is fast becoming home to thousands of individuals looking for jobs in these sectors. But even with the influx of new homebuyers, the median price of homes in the area is around $84,300.
Lamesa is known for two things—chicken-fried steaks and artifacts. With a population of around 10,000 people, this quiet town is located south of Lubbock. Not only is the cost of rent affordable, but the median price of homes in the area is also well under $70,000, making it easy to own a home.
Located within 200 miles of the Dallas Fort-Worth metropolis, Vernon, TX is home to around 11,000 people. If you’re a lover of ranch-styled living, then this affordable city in Northern Texas is a cheap place to buy or rent a house. With the average cost of rent around $700 a month and the median price of homes at $67,500, Vernon is ranked as the 9th most affordable place to live in Texas.
La Feria, TX
Situated along the Rio Grande, La Feria is a popular winter vacation destination for Texans and individuals around the country. With a population of about 7,000 people, this city was voted among the top 200 best green cities in America by Country Magazine. It is quite affordable to rent and buy a home; the median price of homes is around $60,000.
Although the state of Texas is experiencing a boom in its tech industry, there are still several affordable places to buy, build, or even rent in Texas. With plenty of buildable lands, no state income tax, down payment assistance programs, and one of the lowest mortgage rates in the country, Texas—no matter which town or city you end up in—is a great place to buy a house.