Louisiana: Best Affordable Places to Live
Best Affordable Places to Live in Louisiana in 2025
(Last Updated – 03/2025)
Louisiana may be synonymous with Bourbon Street and Mardi Gras, but there’s so much more to the Bayou State than booze and beads. Everyday life here can seem like something straight out of a guidebook: streets of dramatic moss-covered oaks, sounds of live music around nearly every corner, Creole and Cajun cuisine you can’t get anywhere else, and a unique culture heavily shaped by African, French, and Spanish ancestry.
It also helps that Louisiana is easier on the wallet compared to other states. The cost of living is 9% below the national average. Housing is 18% lower than the national average, and utilities are 16% lower. Basic expenses are slightly cheaper, too: Groceries are 5% lower than in the rest of the country, as is transportation. That’s good news for Louisianians, whose median household income is currently well below the nation’s ($60K vs. $78.5K).
Whether you’re looking to relocate, raise a family, or relax during retirement, the state’s big cities and small towns may just fit the bill. Let’s take a look at the best places to live in Louisiana.
Best Places to Live in Louisiana
Finding the best place to live in Louisiana depends largely on your needs and wants. It’s important to consider where career opportunities are and whether you crave the nonstop activity of a city or prefer a slower pace of life, perhaps closer to the water.
As you explore different areas, keep insurance premiums top of mind. Both homeowners and flood insurance rates have been rising in the state, making it more expensive to own a home. If you’re new to home buying and aren’t sure where to start, a first-time homebuyer guide can get you up to speed on the basics.
💡 Quick Tip: Buying a home shouldn’t be aggravating. SoFi’s online mortgage application is quick and simple, with dedicated Mortgage Loan Officers to guide you through the process.
Best Affordable Places to Live in Louisiana
Though there are expensive homes throughout the state, finding an affordable place to live is possible. The median home value in Louisiana is just under $200,000 — less than half the median across America. Plus, there are first-time homebuyer programs in Louisiana to help eligible residents break into the real estate market.
1. Zachary
If you have a big-city job and a small budget, consider driving 25 minutes north to the Baton Rouge suburb of Zachary. No stranger to best-of lists, this small, friendly town boasts well-kept parks and a calendar full of events, including festivals and the weekly farmers’ market. Parents may appreciate the fact that the schools receive high marks.
Population: 19,968
Median Household Income: $90,507
Cost of Living: 91% of U.S. average
Average Rent Price: $1,700
Home Price-to-Income Ratio: 2.88
2. Jennings
Jennings is conveniently located on Interstate 10 and U.S. Highway 90, midway between Lafayette and Lake Charles. This charming small town has a decidedly French feel, thanks to Cajun roots that influence everything from the local restaurants to music venues and festivals. Jennings is also known as the “Cradle of Louisiana Oil,” since it’s home to the state’s first oil well, and the oil and gas industry still plays a major role in the local economy today.
Population: 9,372
Median Household Income: $45,194
Cost of Living: 81.3% of U.S. average
Average Rent Price: $775
Home Price-to-Income Ratio: 2.69
3. Bastrop
Photo credit: Flickr/J. Stephen Conn , Creative Commons Attribution-NonCommercial 2.0 Generic
You’d be hard-pressed to find a more affordable place in Louisiana than Bastrop. But don’t worry, the low cost of living doesn’t require sacrificing a high quality of life. In fact, this northeast town is known for its stunning architecture, abundance of outdoor activities, and easy way of life.
Population: 8,989
Median Household Income: $30,069
Cost of Living: 75.4% of U.S. average
Average Rent Price: $566
Home Price-to-Income Ratio: 2.65
Recommended: What to Know About Getting Preapproved for a Home Loan
Best Places to Live in Louisiana for Families
Eager to raise your children in the Bayou State? These five spots have a winning combination of well-regarded schools, lots of outdoor space, and plenty of ways to keep little ones entertained.
1. Zachary
Want to raise your crew away from the hustle and bustle of Baton Rouge? Consider Zachary. Located a short 25-minute drive from the capital city, this small town boasts well-maintained community parks and playgrounds. Parents may be drawn to its top-performing schools.
As you start shopping for a home, what goes into qualifying for a home loan can be confusing. Help take out some of the mystery surrounding the process by reading up on tips to qualify for a mortgage.
Population: 19,968
Median Household Income: $90,507
Cost of Living: 91% of U.S. average
Average Rent Price: $1,534
Home Price-to-Income Ratio: 2.88
2. Jennings
Families in Jennings don’t have to go far to find things to do — the town is full of kid-friendly activities. The playgrounds, walking track, and 10-acre fishing pond of the Louisiana Oil and Gas Park are popular attractions. On chilly or rainy days, you can take your crew to visit the baby alligators at Gator Chateau, soak in the world-class art collection in the Zigler Museum, or catch a live country music variety show at the Strand Theatre.
Population: 9,372
Median Household Income: $45,194
Cost of Living: 81.3% of U.S. average
Median Rent Price: $625
Home Price-to-Income Ratio: 2.69
3. Shreveport
Photo credit: iStock/Sean Pavone
Far from New Orleans in both location and culture, Shreveport’s culture, food, and street names reflect its close proximity to Arkansas and Texas. While Little Rock and Dallas make for good day trips, you’d be forgiven for not wanting to leave this vibrant city. Known for its jazz and blues scene, diverse dining options, and important historical sites, Shreveport offers more than enough to keep families of all ages entertained.
Population: 177,959
Median Household Income: $48,465
Cost of Living: 77,7% of U.S. average
Average Rent Price: $1,000
Home Price-to-Income Ratio: 2.67
Recommended: Cost of Living by State
Best Places to Live in Louisiana for Young Adults
Louisiana has a little something for everyone, particularly young people just starting out. Whether you’re in a city, suburb, or small town, you’ll likely have fantastic food and nightlife options, and a mortgage or rent that won’t consume your budget. Bonus: The state skews young, with a median age of 38.7.
1. Elmwood
Maybe you want to be within easy driving distance of New Orleans, but far enough away to get more space and cheaper housing. If so, Elmwood might be the place for you.
When you’re ready to get serious about home buying, a good place to start is learning about the different types of mortgage loans to make sure you get the one that fits your needs.
Population: 5,649
Median Household Income: $83,268
Cost of Living: 97.5% of U.S. average
Median Rent Price: $1,750
Home Price-to-Income Ratio: 2.39
2. Metairie
Photo credit: iStock/Art Wager
There was a time when Metairie was where city dwellers moved as they got older and started a family. But these days, the sprawling New Orleans suburb is attracting younger residents right off the bat with noteworthy restaurants, a revitalized lakefront area, and a convenient location.
Population: 143,507
Median Household Income: $73,256
Cost of Living: 97.5% of U.S. average
Average Rent Price: $1,700
Home Price-to-Income Ratio: 3.75
3. Lafayette
Photo credit: iStock/DenisTangneyJr
When most people picture the graceful oaks, spicy food, and upbeat music of Cajun Country, Lafayette often comes to mind. But this unique city isn’t just the stuff of travel books, it’s also a good place for young adults to call home. The University of Louisiana at Lafayette is in the center of town, and graduates often decide to stay and work here. Not surprisingly, Lafayette residents are on the younger side — the median age is 37.3 — and three quarters of households don’t have children.
Population: 121,467
Median Household Income: $61,454
Cost of Living: 90.2% of U.S. average
Average Rent Price: $1,395
Home Price-to-Income Ratio: 3.49
💡 Quick Tip: Backed by the Federal Housing Administration (FHA), FHA loans provide those with a fair credit score the opportunity to buy a home. They’re a great option for first-time homebuyers.
Best Places to Live in Louisiana for Retirees
Thanks to its warm climate, decadent food, and friendly people, Louisiana is a popular spot to retire. In fact, the state has one of the largest retirement populations in the country, with almost a quarter of the population over the age of 65. The tax situation is also appealing for those on a fixed income. Louisiana doesn’t tax Social Security benefits, federal retirement benefits, or several state retirement benefits. As you consider where in Louisiana to spend your golden years, keep these places in mind.
1. Bastrop
Photo credit: Flickr/J. Stephen Conn , Creative Commons Attribution-NonCommercial 2.0 Generic
Retiring doesn’t have to mean slowing down, especially if you decide to settle in Bastrop. This bucolic town is known for its outdoor adventures, thanks to its proximity to the Upper Ouachita National Wildlife Refuge and the Georgia Pacific Wildlife Management Center.
Population: 8,989
Median Household Income: $30,096
Cost of Living: 75.4% of U.S. average
Average Rent Price: $566
Home Price-to-Income Ratio: 2.65
2. River Ridge
Retirees living in River Ridge, a bedroom community east of New Orleans, enjoy the kind of amenities found in larger towns. Community parks play host to local sporting teams, and family-owned restaurants, upscale boutiques, and grocery stores are sprinkled throughout town. The New Orleans International Airport is also within easy reach, a bonus when you’re hopping on a plane to visit friends and family.
Population: 13,591
Median Household Income: $84,464
Cost of Living: 97.5% of U.S. average
Median Rent Price: $1,650
Home Price-to-Income Ratio: 3.57
3. Bogalusa
Tucked away from New Orleans, but within 25 miles of two hospitals, Bogalusa is the kind of place where you can truly unwind. Pass an afternoon enjoying the shops, art galleries, and restaurants lining downtown. Or enjoy the best of what Mother Nature has to offer in the beautiful Bogue Chitto National Wildlife refuge.
Population: 10,343
Median Household Income: $37,846
Cost of Living: 80.7% of U.S. average
Average Rent Price: $675
Home Price-to-Income Ratio: 2.17
Recommended: Refinance Your Mortgage and Save
Best Places to Live in Louisiana Near the Water
Louisiana fully earns its Bayou State nickname, as the famous swamps cover some 3 million acres of ground. But bayous aren’t the only bodies of water here. The Mississippi River, Gulf of Mexico, Lake Pontchartrain, and many smaller rivers and reservoirs also meander throughout the state. Bottom line: If you’re looking to put down roots near the water, you’ll have no shortage of options in Louisiana. Here are five that are among the best places in Louisiana to live.
1. Mandeville
Photo credit: iStock/Judy Darby
Mandeville’s prime location provides easy access to Lake Pontchartrain, where fishing and boating opportunities abound. When it’s time to raise the anchor and head back to shore, you can grab a bite at one of the many top-flight restaurants or take in the million-dollar views along the lakefront.
Population: 12,999
Median Household Income: $89,122
Cost of Living: 98.4% of U.S. average
Average Rent Price: $1,800
Home Price-to-Income Ratio: 3.94
2. Lake Charles
Photo credit: iStock/halbergman
Grab your rod and reel: Lake Charles is a well-established fishing destination, where anglers try their luck in Calcasieu Lake, Holly Beach, and (of course) Lake Charles. And because southwestern Louisiana enjoys mild winters, you can cast your line year-round. After a day on the boat or shore, take a load off at one of the many restaurants in this fast-growing city.
Population: 79,633
Median Household Income: $56,864
Cost of Living: 84.1% of U.S. average
Average Rent Price: $1,100
Home Price-to-Income Ratio: 3.27
3. Breaux Bridge
Photo credit: Flickr/jc.winkler , Creative Commons Attribution 2.0 Generic
Bayou Teche winds through the beautiful town of Breaux Bridge and plays host to activities and events throughout the year. If you prefer lots of outdoor action, you can get your fill of hunting, paddling, bird watching, and fishing. Once you’ve worked up an appetite, load up on the local specialty: crawfish. In fact, Breaux Bridge’s crawfish farming and cooking is so renowned, the town was officially designated the crawfish capital of the world.
Population: 7,500
Median Household Income: $45,620
Cost of Living: 83% of U.S. average
Median Rent Price: $1,700
Home Price-to-Income Ratio: 3.73
The Takeaway
If you’re considering relocating to Louisiana, rest assured there are lots of big cities, small towns, and vibrant suburbs worthy of calling home. Bayou State residents typically pay less for everyday expenses and housing. But keep in mind that rising flood and insurance premiums may add to the cost of homeownership here, so you may want to adjust your budget accordingly.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
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FAQ
Where is the cheapest and nicest place to live in Louisiana?
The determination of what is a cheap and nice place will vary depending on an individual’s wants and needs. Bastrop, for instance, is considered a very affordable city in Louisiana, with average monthly rent of under $600 and a cost of living that is 75% of the national average.
How much money do you need to live comfortably in Louisiana?
Many factors impact how much money you would need to live comfortably in Louisiana. For example, you need to consider the cost of living in the area where you want to settle, your family size, how much debt you are paying off, and more. That said, the cost of living in Louisiana is lower than the average in the U.S., so you might find it takes less money to live comfortably there.
Are Louisiana home prices coming down?
Between January 2024 and January 2025, home prices in Louisiana rose 3.5%, indicating that the housing market has heated up in general. However, in certain locations, prices may be dropping; it depends upon which community you are focusing on.
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Best Affordable Places to Live in Nebraska in 2025
Best Affordable Places to Live in Nebraska in 2025
By Rebecca Lake
(Last Updated – 03/2025)
Nebraska, in America’s heartland, is known for being home to vast cornfields, Warren Buffett, and the College Baseball World Series. About two million people live here, with more newcomers arriving each year. What attracts people to the Cornhusker State?
A low cost of living is at the top of the list, along with moderately priced homes and property taxes that won’t break the bank — not to mention beautiful scenery and friendly people. If you’re looking for the best places in Nebraska to live on a budget, read on to learn which cities stand out the most.
Best Places to Live in Nebraska
Nebraska offers plenty of variety for those seeking to make a home here, from larger cities like Omaha to smaller, lesser-known spots. If you’re on the hunt for an affordable place to live, comparing the cost of living by state is a good place to start. Nebraska falls below the national average cost of living, which can appeal to families, young professionals, and retirees alike.
💡 Quick Tip: Buying a home shouldn’t be aggravating. SoFi’s online mortgage application is quick and simple, with dedicated Mortgage Loan Officers to guide you through the process.
Best Affordable Places to Live in Nebraska
To find the best affordable places to live in Nebraska, we examined the overall cost of living, which includes things like housing, food, transportation, and household expenses. Housing is affordable in the state overall, and first-time homebuyer programs can put property ownership even closer in reach. Check out our picks for the best affordable places overall.
1. Bellevue
Photo credit: Flickr/Jimmy Emerson, DVM , Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic
Bellevue is part of the Omaha-Council Bluffs metro area and it’s one of the larger suburban spots to make our list of the best places to live in Nebraska. Originally established as a fur-trading post, it’s the oldest continuous settlement in the state and is a thriving city that attracts families, young professionals, and retirees who are looking for convenient access to quality health care.
Population: 63,922
Median Household Income: $87,343
Cost of Living: 90% of U.S. average
Average Rent Price: $1,517/month
Home Price-to-Income Ratio: 3.2
2. Omaha
Photo credit: iStock/Davel5957
Omaha is the most populous city in Nebraska, and its thriving economy is a definite mark in its favor for attracting newcomers. Job opportunities abound, as do local attractions, including the famed Henry Doorly Zoo and Aquarium. Parents who move here will appreciate the well-rated school system. Omaha features plenty of affordable rental options, something you don’t always see in a larger city, and the large size of the market and the many homes for sale at all price points means it could be easier to find a place here.
Population: 483,335
Median Household Income: $72,708
Cost of Living: 95% of U.S. average
Average Rent Price: $1,495/month
Home Price-to-Income Ratio: 3.8
3. Kearney
Photo credit: iStock/DenisTangneyJr
Kearney is consistently voted as one of the best places to live in Nebraska. Whether you’re interested in shopping, visiting local historic sites, or immersing yourself in the city’s diverse culture, you can do all of that and more here. Kearney also affords numerous opportunities to spend time outdoors, hiking, biking, kayaking, and canoeing. Completing the mortgage preapproval process can give you an idea of how much you might be able to borrow if you plan to buy.
Population: 34,362
Median Household Income: $69,790
Cost of Living: 86% of U.S. average
Average Rent Price: $1,200/month
Home Price-to-Income Ratio: 4.2
Recommended: Mortgage Prequalification vs. Preapproval: The Differences
Best Places to Live in Nebraska for Families
Raising a family can influence where you choose to live, as you might prioritize renting or buying in an area with good schools and plenty of things for kids to do. These Nebraska cities are the best overall for people with families or those looking to start one.
1. Seward
Photo credit: iStock/BOB WESTON
Seward is part of the Lincoln metro area, which could make it a good fit for families who prefer the suburbs to the busier city. Parents will be happy to hear that the schools are well-regarded. If you’re looking for something fun to do with kids, you can find the world’s largest time capsule located here. If you’re interested in owning a home, researching tips to qualify for a mortgage can make the process of getting a loan easier to navigate.
Population: 7,672
Median Household Income: $70,000
Cost of Living: 89% of U.S. average
Average Rent Price: $1,210/month
Home Price-to-Income Ratio: 4.0
2. Papillion
Photo credit: iStock/Wirestock
Papillion is a suburb of Omaha that’s routinely at the top of ‘best places to live in America’ lists. It offers plenty of family-friendly attractions, and parents appreciate its good-quality schools. French fur traders are reportedly responsible for the town’s name, the French word for butterfly.
Population: 23,791
Median Household Income: $109,602
Cost of Living: 87% of U.S. average
Average Rent Price: $1,905/month
Home Price-to-Income Ratio: 3.6
3. Gering
Photo credit: iStock/LIKE HE
Gering is an outstanding choice for families who are looking for a small-town feel. It’s quiet, there are lots of things to see and do around town with kids, and the cost of living isn’t a dealbreaker. With a home price-to-income ratio of under 3, you aren’t likely to need a jumbo mortgage loan in order to buy.
Population: 8,531
Median Household Income: $70,244
Cost of Living: 82% of U.S. average
Average Rent Price: $1,056/month
Home Price-to-Income Ratio: 2.7
Best Places to Live in Nebraska for Young Adults
Cities like Omaha and Lincoln tend to be magnets for recent college grads who are hoping to start their career. If you’re hoping to find your first job — or your next one — these are the Nebraska cities that offer the brightest prospects.
1. Ralston
Ralston is part of the Omaha metro area and it offers many of the things any young professional might value. There’s a vibrant nightlife scene, plenty of parks where you can go for a jog or walk the dog, and the many restaurants and cafes make it a foodie’s dream. Along with those features, Ralston is also an affordable place to live for workers who are trying to do life on an entry-level salary. If this is your first time buying a home, explore the different types of mortgage loans before you go deep with your search.
Population: 6,401
Median Household Income: $65,557
Cost of Living: 91% of U.S. average
Average Rent Price: $945/month
Home Price-to-Income Ratio: 3.8
2. Lincoln
Photo credit: iStock/Jacob Boomsma
Lincoln is Nebraska’s second-largest city and its local economy revolves around business, manufacturing, agriculture, and transportation. Entrepreneurship is also encouraged here, and there are more than a few small business owners launching new ventures. The median age of residents is around 33, and the vast majority of residents are single and childless, which could bode well for those seeking to find “the one.”
Population: 294,757
Median Household Income: $69,991
Cost of Living: 93% of U.S. average
Average Rent Price: $1,247/month
Home Price-to-Income Ratio: 3.9
3. La Vista
La Vista is also a suburb of Omaha, and it manages to combine the best of both worlds, in terms of a small-town feel and big-city amenities. Young professionals will find plenty of affordable rental housing here. It’s perfectly situated for a short commute, though there are a good many job opportunities to be had in La Vista if you’re not interested in driving to Omaha.
Population: 16,346
Median Household Income: $78,145
Cost of Living: 93% of U.S. average
Average Rent Price: $1,359/month
Home Price-to-Income Ratio: 3.7
Best Places to Live in Nebraska for Retirees
Good news: Starting in 2025, Nebraska no longer taxes Social Security benefits. These Nebraska cities may be suited for those seeking a lower cost of living in their later years.
1. Beatrice
Photo credit: Flickr/Jasperdo , Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic
Beatrice sits about 40 minutes from Lincoln, making it close enough for day trips to visit doctors, check in on friends, or just go sightseeing. One in five people here is 65 or over. The local senior center regularly sponsors events and activities that are designed to encourage retirees to connect with their community.
Population: 12,262
Median Household Income: $54,583
Cost of Living: 82% of U.S. average
Average Rent Price: $975/month
Home Price-to-Income Ratio: 3.1
2. South Sioux City
Photo credit: Flickr/Jerry Huddleston , Creative Commons Attribution 2.0 Generic
South Sioux City is uniquely situated along the Nebraska border and sits directly across the Missouri River from Sioux City, Iowa. It’s about halfway between Omaha and Sioux Falls, South Dakota, making it a potentially ideal spot for retirees who want to routinely travel to any of these cities. There’s plenty of local history to soak up as well as numerous scenic trails for stretching your legs. The home price-to-income ratio is low enough to make housing affordable even for seniors living on a fixed income in retirement.
Population: 13,856
Median Household Income: $68,397
Cost of Living: 86% of U.S. average
Average Rent Price: $950/month
Home Price-to-Income Ratio: 3.0
3. Sidney
Photo credit: Flickr/Jasperdo , Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic
Sidney is located in western Nebraska, not far from the Colorado and Wyoming borders. It offers the epitome of small-town living and may be perfect for retirees who are looking for a cozy community in which to spend their golden years. The local senior center offers daily activities to help retirees stay active and involved alongside their peers. Sidney has one of the lowest price-to-income ratios on our list, which might make it attractive for retirees who want to own a home.
Population: 6,423
Median Household Income: $51,704
Cost of Living: 78% of U.S. average
Average Rent Price: $1,300/month
Home Price-to-Income Ratio: 2.9
💡 Quick Tip: If you refinance your mortgage and shorten your loan term, you could save a substantial amount in interest over the lifetime of the loan.
Best Places to Live in Nebraska Near the Water
Nebraska has its fair share of man-made beaches as well as rivers and creeks for those who like spending time on the water. Here are some of the most affordable places to settle.
1. Burwell
Burwell is a hotspot for those who enjoy boating, fishing, skiing, and other water sports. The Calamus Reservoir State Recreation Area is perfect for a weekend camping trip and there are 31 miles of sandy beaches to lounge on (though, because there are no lifeguards on duty, swimming is at your own risk).
Population: 1,020
Median Household Income: $64,821
Cost of Living: 77% of U.S. average
Average Rent Price: N/A
Home Price-to-Income Ratio: 5.9
2. Fremont
Photo credit: iStock/Wirestock
Fremont could be a dream place to live for anyone who loves being close to the water. Fremont Lakes State Park is where you’ll find residents boating, swimming, camping, and picnicking when the weather is nice. If that’s not exciting enough, you can book an airboat tour along the Platte River, which is a great opportunity to catch a glimpse of the local wildlife. Unsure whether it makes sense to switch from renting to buying? Visit the home loan help center to learn more about how the process works.
Population: 27,602
Median Household Income: $67,179
Cost of Living: 89% of U.S. average
Average Rent Price: $1,375/month
Home Price-to-Income Ratio: 3.4
3. Grand Island
Photo credit: iStock/Jacob Boomsma
Grand Island is also close to the Platte River, but there are other ways to enjoy the water here. For example, if you have kids, you might take them to the Island Oasis Water Park for some splashy fun. In the spring, you can observe the migration of the sandhill cranes, which draws over one million waterfowl to the area.
Population: 52,622
Median Household Income: $62,439
Cost of Living: 85% of U.S. average
Average Rent Price: $1,250/month
Home Price-to-Income Ratio: 3.9
The Takeaway
Nebraska could certainly make it to your shortlist if you’re looking for an affordable place to live. When deciding which city or town might be best, consider what’s most important to you. All of the places we’ve recommended have a cost of living that’s below the national average, but some are less expensive than others. Housing costs aside, think about what else is a must-have, whether it’s dining, nightlife, shopping, or plenty of green spaces.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
Browse Other States
FAQ
Is Nebraska a good place to live for 2025?
Nebraska is a good place to live if you’re looking for affordable housing and a low cost of living. Rent prices are well below the national median in most areas of the state, and there are plenty of homes listed for sale at reasonable prices.
Where is the most beautiful place to live in Nebraska?
Papillon has a reputation for being one of the most scenic places to live in Nebraska. There are plenty of outdoor areas where residents can enjoy nature, and the city has a calm, peaceful vibe.
Where is the cheapest and nicest place to live in Nebraska?
Gering ranks as one of the least expensive and nicest cities to live in Nebraska. It’s a small town, but if you don’t mind that, you’ll enjoy the quaint feel and the low cost of living.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
SOHL-Q125-106
New Mexico: Best Affordable Places to Live
Best Affordable Places to Live in New Mexico in 2025
(Last Updated – 03/2025)
Alongside its natural beauty and delicious cuisine featuring green chiles, New Mexico also offers residents a lower-than-average cost of living (about 5% lower than the national average), thanks to below-average housing and utilities costs.
If you’re considering making a move, keep reading for a breakdown of some of the best places to live in New Mexico.
Best Places to Live in New Mexico
When looking for the best places in New Mexico to live, the good news is you’ll have a lot of great cities and small towns to choose from. From more metropolitan options to quieter suburbs, here are some of the most affordable options in New Mexico and which locations could be the best fit depending on what stage of life you’re in. You’ll also find diverse landscapes and climates (if you like clear skies, know that Albuquerque, for example, averages 310 sunny days a year).
💡 Quick Tip: When house hunting, don’t forget to lock in your home mortgage loan rate so there are no surprises if your offer is accepted.
Best Affordable Places to Live in New Mexico
If you love the Southwest and rugged scenery, New Mexico may have what you’re looking for. These are some of the most affordable places to live in New Mexico where you can enjoy the state’s natural beauty without sticker shock.
1. Portales
Photo credit: Flickr/Jimmy Emerson, DVM , Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic
If you like a small-town feel and are looking to save on housing costs, then Portales, home to Eastern New Mexico University, could be a good fit. Cannon Air Force base is nearby, and the peanut and dairy industries also have a significant footprint in the local economy.
Population: 11,859
Median Household Income: $51,290
Cost of Living: 75% of U.S. average
Average Rent Price: $875
Home Price-to-Income Ratio: 2.65
2. Clovis
Photo credit: Flickr/stephenhanafin , Creative Commons Attribution-ShareAlike 2.0 Generic
Clovis can be a welcome community for those wanting to settle in New Mexico. It’s close to the Texas border, and the Cannon Air Force base is right outside town. The area is known for its rodeo events and music festivals. Locals and visitors enjoy the town’s zoo and 17 parks, as well as checking out the restaurants (from Spanish to Japanese) and breweries.
To compete more effectively in the market when home shopping, think about going through the mortgage preapproval process before your search heats up.
Population: 37,612
Median Household Income: $54,029
Cost of Living: 80% of U.S. average
Median Rent Price: $1,135
Home Price-to-Income Ratio: 2.98
3. Grants
Photo credit: Flickr/Jasperdo , Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic
Located on Route 66 and featuring an active downtown commercial area, Grants is a welcoming community that is a good fit no matter what stage of life you’re in. El Malpais National Monument, with its jaw-dropping volcanic landscape, is just outside town, and Albuquerque, with its more urban attractions, is about an hour away.
Population: 8,996
Median Household Income: $49,286
Cost of Living: 83% of U.S. average
Average Rent Price: $750
Home Price-to-Income Ratio: 2.75
Best Places to Live in New Mexico for Families
If you have a couple of little ones or are planning on expanding your family, then you’re likely curious about what places in New Mexico families might like. Here’s a closer look at some family-friendly cities. If you find a place you’d like to move to, visit a home loan help center to learn more about the mortgage process.
1. Los Alamos
Photo credit: iStock/benedek
Located on a mountain plateau not far from Santa Fe and Taos and many parks and protected lands, Los Alamos is home to the Los Alamos National Laboratory, which is also its main employer. Families might appreciate that, per capita, the population has exceptionally high levels of education, and the high-ranking school district here is appreciated by parents. There are a few primarily science-focused museums for families to explore as well.
If you’re buying one of the more expensive properties here, you might require a jumbo mortgage loan in order to make your purchase.
Population: 13,179
Median Household Income: $136,502
Cost of Living: 101% of U.S. average
Average Rent Price: $2,500
Home Price-to-Income Ratio: 4.23
2. Rio Rancho
Photo credit: iStock/WesternWriter
Families are often drawn to the highly ranked public schools in Rio Rancho. When the kids aren’t hard at work, they can enjoy a lot of fun in this community. From outdoor parks to indoor trampoline centers that help beat the summer heat, there’s no shortage of good times to be found in Rio Rancho.
If you enter the market at a competitive moment, it can be wise to understand mortgage prequalification vs. preapproval and the right time in your search to explore these steps.
Population: 110,660
Median Household Income: $85,755
Cost of Living: 97% of U.S. average
Average Rent Price: $2,145
Home Price-to-Income Ratio: 4.06
3. Roswell
Photo credit: iStock/DenisTangneyJr
If you’re looking for a kid-friendly city to raise your brood in, Roswell has a lot to offer. From the Chattahoochee River to the many UFO attractions to zoos to cinemas, there is no shortage of family-friendly fun waiting for you in Roswell. Add to that its lower-than-average cost of living, and you may understand why this is a popular community for clans with youngsters.
Population: 47,109
Median Household Income: $50,294
Cost of Living: 87% of U.S. average
Average Rent Price: $1,376
Home Price-to-Income Ratio: 3.02
Recommended: Tips to Qualify for a Mortgage
Best Places to Live in New Mexico for Young Adults
If you are a recent grad or young professional looking to make the most out of your career and your downtime, consider putting down roots in some of the best places to live in New Mexico for young adults.
1. Albuquerque
Photo credit: iStock/Sean Pavone
Young adults often like to skip the sleepy suburbs in favor of a bit more hustle and bustle. With over half a million residents in Albuquerque, the largest city in New Mexico, young adults have a lot of opportunities to meet friends, date, and expand their professional network.
If you’re thinking of purchasing a home, it would be wise to explore first-time homebuyer programs in New Mexico.
Population: 560,274
Median Household Income: $65,604
Cost of Living: 92% of U.S. average
Average Rent Price: $1,650
Home Price-to-Income Ratio: 5.02
2. Los Alamos
Photo credit: iStock/benedek
When first starting out, young adults tend to earn lower salaries, but it can be a smart move to settle in an area with a high earning potential. Home to the University of New Mexico and Los Alamos National Laboratory, Los Alamos offers ample opportunities for growth. It’s also not far from Santa Fe and other larger cities that may offer job options.
Population: 13,179
Median Household Income: $136,502
Cost of Living: 101% of U.S. average
Average Rent Price: $2,500
Home Price-to-Income Ratio: 4.23
3. Roswell
Photo credit: iStock/DenisTangneyJr
Roswell can be a great place to make new friends and enjoy single life before settling down to start a family — not to mention the hundreds of job opportunities available, so finding that great first job should be doable. This can be an affordable place to call home when budgeting on an entry-level salary.
Population: 47,109
Median Household Income: $50,294
Cost of Living: 87% of U.S. average
Average Rent Price: $1,376
Home Price-to-Income Ratio: 3.02
Recommended: First-Time Homebuyer Guide
Best Places to Live in New Mexico for Retirees
Settling down somewhere warm and sunny for retirement doesn’t sound too bad, does it? Some parts of New Mexico will be perfect in that way. While some areas of the state do get chilly in winter, there’s natural beauty all around that can be worth bundling up for. Here are some of the best places to live in New Mexico for retirees.
1. Los Alamos
Photo credit: iStock/benedek
If you want to live where seniors make up a good chunk of the population, consider Los Alamos, where almost 17% of residents are over the age of 65. It’s easy to meet new people in Los Alamos, thanks to the wide range of attractions like museums, parks, and senior centers.
If you’re planning to buy a home, explore the different types of mortgage loans to see how your payments would be affected by your loan type.
Population: 13,179
Median Household Income: $136,502
Cost of Living: 101% of U.S. average
Average Rent Price: $2,500
Home Price-to-Income Ratio: 4.23
2. Ruidoso
Photo credit: iStock/Esdelval
Located near the Sierra Blanca mountains, this quaint town has a tranquil pace to daily life. A plethora of wineries and riverfront activities is likely to ensure kids and grandkids will keep coming back for fun visits. Exploring the outdoors is a popular way to spend time here (from kayaking to skiing), and just taking in the views of the snow-capped mountains add to the quality of life in Ruidoso, too.
Population: 7,663
Median Household Income: $50,259
Cost of Living: 88% of U.S. average
Average Rent Price: $1,600
Home Price-to-Income Ratio: 6.70
3. Rio Rancho
Photo credit: iStock/WesternWriter
Rio Rancho offers a range of retiree amenities through its senior centers and services. The Meadowlark Senior Center provides recreational, social, and educational classes and programs, while the Broadmoor Senior Center serves as an additional hub for lifelong learning, offering health, fitness, and nutrition classes, as well as cultural and technology activities. Rio Rancho’s Senior Services Advisory Board plays a pivotal role in shaping and enhancing these offerings, ultimately enriching the retirement experience there.
Population: 110,660
Median Household Income: $85,755
Cost of Living: 97% of U.S. average
Average Rent Price: $2,145
Home Price-to-Income Ratio: 4.06
💡 Quick Tip: If you refinance your mortgage and shorten your loan term, you could save a substantial amount in interest over the lifetime of the loan.
Best Places to Live in New Mexico Near the Mountains
New Mexico boasts more than 2,900 named mountains, the highest being Wheeler Peak at 13,161 feet, north of Santa Fe. So it should be easy to find a mountain town where you can settle down.
1. Taos
Photo credit: iStock/JacobH
Taos residents of any age enjoy the scenery here. Taos lies in the southern Rocky Mountains and is near the Sangre de Cristo range. Williams Lake is a picturesque mountain lake that combines the best of both worlds, mountains and water. There’s also the beloved historic Taos Pueblo less than 10 minutes from the center of town. While homeownership can be pricey, renting can offer an affordable way to enjoy the Taos lifestyle.
Population: 6,427
Median Household Income: $46,579
Cost of Living: 101% of U.S. average
Average Rent Price: $1,945
Home Price-to-Income Ratio: 9.60
2. Aztec
Photo credit: iStock/Jeffrey Ross
Aztec is near the Angel Peak Scenic Area and offers more than 30 miles of mountain biking trails, not to mention hiking, bird-watching, and lake access. You can explore the history of the Puebloan ruins or visit the Aztec Speedway for an adrenaline-pumping show.
Population: 6,130
Median Household Income: $42,699
Cost of Living: 84% of U.S. average
Average Rent Price: $975
Home Price-to-Income Ratio: 4.70
3. Ruidoso
Photo credit: iStock/Esdelval
Between lakes and wineries, there’s no shortage of ways to enjoy the many recreational options that come with living in Ruidoso, located in the Sacramento Mountains at 6,900 feet elevation. Want every day to feel like a vacation? You’ll fit right into this small town.
Population: 7,663
Median Household Income: $50,259
Cost of Living: 88% of U.S. average
Average Rent Price: $1,600
Home Price-to-Income Ratio: 6.70
The Takeaway
When deciding to move to New Mexico, in addition to looking at what the state has to offer, it’s important that you narrow your focus to what the individual cities are like. There are so many different cities in New Mexico that can appeal to different buyers based on affordability or the lifestyle they promote. From cities to tranquil rural areas, many options in New Mexico can provide an affordable homebase.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
Browse Other States
FAQ
Where is the most affordable place to live in New Mexico?
With average rents well under $1,000 a month, Grants and Portales can be among the most affordable spots to call home in New Mexico. Overall, the state’s cost of living is below the national average.
What is the nicest area to live in New Mexico?
Which is the nicest area to live in New Mexico will depend on what matters most to you. There are plenty of nice places to live in New Mexico, but mountain towns like Taos and Aztec offer unparalleled views and access to the natural beauty of New Mexico. Or, for those who prefer a more urban setting, Albuquerque or Santa Fe (which has a lively restaurant scene) might be preferable.
Is it a good idea to move to New Mexico?
Whether or not it’s a good idea for you to move to New Mexico depends entirely on your unique preferences, budget, and lifestyle. Luckily, New Mexico is one of the more affordable states to live in on average and has a lot of natural beauty to offer residents.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
SOHL-Q125-110
Is 430 a Good Credit Score?
Is 430 a Good Credit Score?
By Jackie Lam
A 430 credit score is considered below average, according to FICO® and Vantage Score, two widely used credit scoring models. It’s also nearly 300 points lower than the national average credit score of 715.
If you have a credit score of 430, you may find it difficult to get approved for a loan or credit card. And those you qualify for may come with high interest rates and less-flexible terms. Boosting your credit score can help increase your chances of gaining access to credit and potentially make it cheaper to borrow money.
Key Points
• A 430 credit score is poor, far below the national average, making loan and credit card approval difficult.
• Strategies to improve a low credit score include timely bill payments, reducing revolving debt, and responsible credit use.
• Approval for auto loans with a 430 credit score is less common, often requiring a cosigner and resulting in higher interest rates.
• A 430 credit score makes it unlikely to qualify for a conventional mortgage; consider FHA, VA, or USDA loans with manual underwriting.
• Personal loans are challenging to obtain with a 430 credit score; a cosigner can improve approval chances and loan terms.
What Does a 430 Credit Score Mean?
When a lender loans you money, they want to know that you’ll be able to pay it back. Your credit score represents your creditworthiness, or how likely you are to repay the money you borrowed. Lenders consider this three-digit number when deciding whether to offer you a car loan, mortgage, personal loan, or credit card. It also helps them determine the terms they’ll offer you.
FICO credit scores, which are used in most lending decisions, are calculated based on a set of credit score factors. They include payment history, how much available credit you use, the length of your credit history, your credit mix, and how much new credit you’ve applied for recently.
FICO Scores range from 300 to 850. Here’s how credit scores are categorized:
• Poor: 300–579
• Fair: 580–669
• Good: 670–739
• Very good: 740–799
• Exceptional: 800–850
Is 430 a good credit score? As you can see, it falls in the “Poor” range. There are several reasons behind a below-average score. For example, forgetting to pay a credit card bill, closing out one of your oldest accounts, maxing out credit cards, or applying for too many personal loans in a short period of time could all have a negative impact on your credit score.
Recommended: FICO vs. VantageScore
How to Build Your Credit Score
If you have a credit score of 430, it’s a good idea to focus on improving your score and boosting your chances of getting approved for a credit card or loan. Here are some credit-building strategies to consider:
• Pay your bills on time, every time.
• Pay down your revolving debt.
• Become an authorized user on a friend or family member’s credit card, or get a secured credit card and use it responsibly. (More on both options in a minute.)
• Check your credit report regularly and dispute any errors you see.
What Else Can You Get with a 430 Credit Score?
A 430 credit score signals to lenders that you might be a risky borrower, so getting the green light for that loan or credit card is likely more challenging. While your options are more limited than a borrower with a higher credit score, that doesn’t mean borrowing is impossible. Let’s take a closer look.
Can I Get a Credit Card with a 430 Credit Score?
There’s no single credit score required to qualify for a credit card. That said, with a 430 credit score, you may find it difficult to qualify for an unsecured credit card. And the ones you can get will likely carry higher interest rates, steeper fees, and fewer, if any, rewards and perks.
But all is not lost. You can explore getting a secured credit card, which involves putting down a cash deposit that’s usually equal to your spending limit on that card. A secured card typically has lower credit score requirements, less rigid financial criteria, and higher debt-to-income (DTI) ratios.
Another avenue to pursue is becoming an authorized user on someone else’s card. The primary cardholder adds you to their account, and you benefit from their positive financial habits. This can be a boon to your credit if the cardholder has solid credit and a track record of making on-time payments.
Can I Get an Auto Loan with a 430 Credit Score?
While you can get a car loan with a 430 credit score, it’s not very common. According to 2024 Experian data, only 1.9% of those with a deep subprime score (300 to 500 credit score) got a car loan.
If you are approved for a car loan, you’ll likely face a higher-than-average interest rate. The average annual percentage rate (APR) for borrowers with a 430 credit score is 15.43%, according to Experian. Meanwhile, car loan borrowers with excellent scores (781 or above) had an average APR of 5.08%.
You’ll likely have an easier time securing an auto loan if you have a cosigner on your auto loan. When you have a cosigner, you both apply for the loan and share financial responsibility for paying back the borrowed money. Your cosigner doesn’t also own your car, but they are listed on the loan agreement and are on the hook for making payments.
Can I Get a Mortgage with a 430 Credit Score?
It’s unlikely that you’ll be able to get a conventional mortgage with a credit score of 430. Most lenders require borrowers to have a 620 credit score or higher.
However, with some work, you might qualify for an FHA loan. These loans are backed by the Federal Housing Association (FHA) and require a minimum credit score of 580 with a down payment of 3.5%.
A VA loan may also be worth looking into. Although a 620-640 credit score is typically required for approval, some lenders might extend a home loan to borrowers with a poor credit score. Similarly, a USDA loan usually requires a credit score of at least 640. But borrowers with a lower score may still be eligible. Their loan will likely go through manual underwriting, and they may need to show a low DTI or a significant amount in savings.
Can I Get a Personal Loan with a 430 Credit Score?
There’s a lot to love about personal loans. You can use them for anything from covering an emergency, paying for a dream vacation, or consolidating debt. And if the loan is unsecured, you won’t need to put down collateral.
But can you get a personal loan with a 430 credit score? Perhaps, but you’ll likely face higher rates and less-flexible terms, and you may not get approved for the full amount you need. (Keep in mind that interest rates on personal loans are usually lower than those available on credit cards.)
You might have an easier time with a secured personal loan, which requires you to offer some sort of collateral, such as money stashed in a savings account, a certificate of deposit (CD), or car.
Once you’ve established a stronger credit profile, you could qualify for a credit card debt consolidation loan. There’s no set score to get approved, but lenders typically prefer to see a score of 670.
As you’re comparing loan options, it’s important to understand what your monthly payments will be based on the amount you’re planning to borrow and the interest rates you’re offered. A personal loan calculator can help you crunch the numbers.
Recommended: Guide to Credit Score Ranges
The Takeaway
Is 430 a good score? Unfortunately, it’s classified as “poor” by FICO and VantageScore, two widely used credit scoring models. While you may be able to qualify for certain loans and credit cards, chances are you’ll face higher fees and less-flexible terms.
Your best bet to save on interest and receive more favorable rates is to work on building up your credit score by paying bills on time, lowering debt, and keeping older accounts open. You can also look into other ways to get approved for financing, such as adding a cosigner to your loan application.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SOPL-Q125-001
Is 500 a Good Credit Score?
Is 500 a Good Credit Score?
By Jackie Lam
A 500 credit score is considered “poor” and is far below the average American’s credit score of 715.
If you have a poor credit score, take note: It could negatively impact your odds of securing a loan or credit card. And the credit you are offered may come with higher interest rates and less-favorable terms.
Let’s take a closer look at how a 500 credit score can affect your borrowing power.
Key Points
• A credit score of 500 is poor, leading to higher interest rates and less favorable loan terms.
• Paying bills on time, becoming an authorized user, and using a secured credit card can improve credit.
• Secured credit cards require a deposit equal to the credit limit, helping build credit.
• Retail credit cards may have lower credit score requirements, aiding in credit establishment or rebuilding.
• Despite a poor score, options like secured and retail credit cards, and certain mortgages may still be available to borrowers.
What Does a 500 Credit Score Mean?
A credit score is a three-digit number that’s calculated using information found in your credit reports. Lenders use it to help determine your creditworthiness, or how likely you are to repay the money you borrow.
FICO® Scores, which are used in most lending decisions, are between 300 and 850. The credit score ranges are as follows:
• Poor: 300–579
• Fair: 580–669
• Good: 670–739
• Very Good: 740–799
• Excellent: 800–850
As you can see, a 500 credit score sits solidly in the “poor” category. There can be various reasons for a bad credit score, including late or missed bill payments, maxing out credit cards, and closing old accounts.
There are ways to check your credit score for free. You can ask your bank, Experian, credit card company or lender, or a credit counselor if you can view your score at no charge. You might also have access to this information if you have a money management app.
Recommended: FICO Score vs. Credit Score: What’s the Difference?
How to Build Your Credit Score
If you have a credit score of 500, you’ll likely want to work on improving your credit. Fortunately, there are several ways to do that.
A good first move is to build a positive payment history by paying your bills on time, every time. Other strategies include paying down revolving debt, becoming an authorized user on a loved one’s credit card, and applying for a secured credit card and using it responsibly.
What Else Can You Get with a 500 Credit Score?
A borrower with a credit score of 500 is usually viewed by lenders as risky. If that’s your score, you may find it challenging — but not impossible — to get approved for a loan or credit card. Let’s take a closer look at what’s required for common types of credit.
Can I Get a Credit Card with a 500 Credit Score?
The good news: There’s no minimum credit score needed to qualify for a credit score. The not-so-good news: With a 500 credit score, you may have a smaller selection of cards with heftier fees and higher interest rates.
One avenue to consider is getting a secured credit card. As the name implies, a secured card requires a security deposit, which serves as collateral until you close the account. The security deposit usually matches your credit limit. This means if your security deposit is $250, for example, so is your credit limit.
A retail credit card can also be an option if you have a 500 credit score. These cards often have lower credit score minimums and debt-to-income ratios, and if used responsibly, can help you build your credit score. However, note that retail cards can have higher interest rates and lower credit limits than a traditional credit card. And any rewards and perks are tied to the card’s retailer or brand.
Can I Get an Auto Loan with a 500 Credit Score?
You may be able to secure a car loan with a credit score of 500, but the odds aren’t in your favor. According to 2024 Experian data, only 1.9% of those with a deep subprime score (300 to 500 credit score) got an auto loan.
Typically, these loans carry higher-than-average interest rates and less-favorable terms. Experian reported that the average annual percentage rate (APR) for borrowers with a 500 credit score is 15.43%. By comparison, borrowers with a score of 781 or higher had an average APR of 5.08%.
You may find it easier to secure a car loan if you add a cosigner. You’ll both be on the hook for making payments on the money you borrow, but the cosigner doesn’t own your car.
Recommended: What Is the Responsibility of a Cosigner on a Loan?
Can I Get a Mortgage with a 500 Credit Score?
When it comes to a conventional mortgage, most lenders prefer that borrowers have a credit score of 620 or higher. That said, lending criteria varies by the type of mortgage you’re seeking:
• FHA loans: Securing a mortgage insured by the Federal Housing Administration (FHA) means you’ll need a down payment of at least 3.5% and a minimum credit score of 580. If you provide a 10% down payment or more, you can qualify for an FHA loan with a score of 500.
• VA loans: Mortgages offered by the U.S. Department of Veteran Affairs typically require a minimum credit score in the 620 to 640 range. That said, you might come across a lender that approves prospective homebuyers with a lower score.
• USDA loans: USDA loans typically require a minimum score of 640. Otherwise, you’ll need to provide a full credit review.
If you’re not in a hurry to buy a home, you might qualify for better rates if you paused and worked on raising your credit score.
Can I Get a Personal Loan with a 500 Credit Score?
Personal loans can be a good financing option because the funds can be used for nearly any purpose. They are usually unsecured, which means you don’t need to provide collateral to get approved.
While it’s possible to get a personal loan with a 500 credit score, you can expect it to come with higher interest rates and less flexible terms. (It’s worth noting that personal loans usually have lower interest rates than credit cards.) A more viable option may be a secured personal loan, which is often easier to qualify for, though it requires borrowers to put down collateral.
If you’re able to boost your credit score, you could qualify for a credit card consolidation loan, which can be useful if you want to knock down balances on high-interest credit cards. There’s no minimum score to get approved, but lenders generally want borrowers to have a score of 670 or higher.
Of course, to make the best choice for you, you’ll need to consider what types of rates, loan amounts, and terms you’ll likely qualify for. Shop around and see what makes the most financial sense. And use a personal loan calculator to figure out what your monthly payments will be based on the amount you want to borrow and the interest rates you’re offered.
The Takeaway
Wondering if a 500 credit score is good or bad? Unfortunately, it’s considered “poor” by credit scoring models, and you may find it challenging to get approved for credit cards and loans with good rates and terms.
But keep in mind that you can make moves to improve your credit profile. Paying bills on time, keeping balances low, and keeping older accounts open can all help you increase your score — and put you in a better position to get approved for a credit card or loan.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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