According to the Census Bureau, the average American family has a $55,000 annual salary, and a new ranking shows where these households can afford to buy a home.
For families running down a California dream, $55,000 will not be enough to make it a reality. Nine out of the bottom 10 cities in SmartAsset's ranking are in the Golden State. Yet, the Midwest has plenty of offerings for the $55,000 household, with four out of the top 10 cities, including number one-ranked Fargo, N.D. More than a wintry setting of a classic film and hit TV series, Fargo offers security to residents with top marks in all economic metrics, including an unemployment rate under 3 percent. Fargo also has one of the best average commute times, under 15 minutes.
In total, we looked at nine different metrics to rank the best places to live on $55,000. Specifically, we looked at median household income, entertainment establishments per 10,000 residents, civic establishments per 10,000 residents, quality of local healthcare, average commute time, median housing cost, housing costs as a percent of median income, unemployment rate and poverty rate.
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