Killeen Cost of Living Among 10 Lowest Cities in Nation
We've all seen the studies where Temple was named one of America's most affordable places to live. Not to be outdone, rent prices in Killeen are among the lowest in the nation, according to two recent studies.
For the second year in a row, Killeen placed in the top ten in SmartAsset’s study “Most Affordable Cities for Renters.” Killeen ranked 7th nationally by having a fair market rent for a two-bedroom apartment at $682 and an annual salary of $29,229 to meet the rental rate.
To find the most affordable cities for renters, the company looked at the fair market rents of two-bedroom apartments in the 300 largest U.S. cities. They then calculated how much income households need to pay for these rents using a 28% rent-to-income ratio. The most affordable cities for renters are those that have inexpensive average fair market rents that don’t require households to make above average income.
SmartAsset is a financial technology company that provides advice on big personal finance decisions.
Recently elected Killeen Mayor Jose Segarra stated:
I'm not surprised by the SmartAsset study that shows Killeen ranks 7th in 'Most Affordable Cities for Renters. Our economy is strong and has withstood the recession, the housing bubble and even the dot.com bust. We are a diverse micropolitan region that has experienced tremendous growth and still maintained an overall low cost of living.
In another recent study by apartment search website Zumper, “The Best Cities for New College Grads in 2016,” ranked Killeen 106 nationally with a rating of B+. The report analyzed 260 cities across the nation using U.S. Census numbers and the site’s rental data. The following metrics were used to determine rankings: millennial population; young professional income; amenities, nightlife, restaurants, bars; employment rate; population single/never married; rent prices. These categories were weighted based on overall importance to a new graduate.
Killeen placed highest in the “rent prices” category, scoring 98.5%. Rent burden is determined by calculating the yearly rent an individual would pay divided by the metro region’s median yearly income. The city also ranked high in the category of “millennial population.” The results of this study will no doubt be a powerful recruiting tool in continuing to attract and retain young talent.
The Killeen Chamber of Commerce contributed to this report.