Sioux Falls Is the Most Affordable City in U.S., Iowa in Top Five

It was a little more than 30 years ago that relatively unknown Sioux Falls, South Dakota shocked the nation when it was named by Money Magazine as the Best Place to live in America.

Three decades later, depending on who you ask, that lofty honor was either the best thing or the worst thing that ever happened to South Dakota's largest city.

Some say the recognition helped jumpstart the momentum the city still enjoys today, while others argue the ranking led to an influx of new residents and a whole host of problems that came with that growth - a population jump of nearly 100,000 (from 103,951 in 1992 to 203,287 in 2023).

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A lot of the same factors that landed Sioux Falls at the top of the heap in 1992 are still alive and well in the city and that's led to another impressive showing.

Sioux Falls is now the Most Affordable City in America for Working Adults, according to a new study from financial services company Empower.

They compared the economic realities of 113 different cities for things like rent and home prices, average income, cost of living, and employment rates.

Sioux Falls emerged at the top thanks to a low unemployment rate to go with a cost of living well below the national average.

And even though the median price of a home in the city ($340,000 according to Realtor.com) has more than tripled since 1992, Sioux Falls is still adding new residents - more than 6,000 per year over the past two years, according to city data.

The Tri-State area landed another city on the most affordable list, with Des Moines at number five.

MOST AFFORDABLE CITIES IN AMERICA FOR WORKING ADULTS

1. Sioux Falls, South Dakota
2. Springfield, Illinois
3. Wichita, Kansas
4. Virginia Beach, Virginia
5. Des Moines, Iowa
6. Oklahoma City, Oklahoma
7. Lincoln, Nebraska
8. Anchorage, Alaska
9. Omaha, Nebraska
10. McAllen, Texas