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Mar
04
2025

Is 450 a Good Credit Score?

By | personal_loan | Comments Off on Is 450 a Good Credit Score?


Is 450 a Good Credit Score?

450 credit score

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      By Melissa Brock

      Here’s a question you may be asking yourself before a major purchase: Is my credit score high enough to get the best rates and terms? If your credit score is 450, then the answer is more than likely no.

      A 450 credit score is considered to be below average by FICO® and VantageScore, two widely used credit scoring models. It’s also 265 points lower than the average American’s credit score of 715. But don’t despair: There are ways to improve your credit score and qualify for more borrowing options with better rates and terms.

      Learn about a 450 credit score, whether you could get a credit card, auto loan, or mortgage loan with it, and how to build your credit score.

      Key Points

      •   A 450 credit score is considered poor, limiting access to favorable debt terms.

      •   Strategies to build credit include timely bill payments, reducing debt, and authorized user status.

      •   Secured credit cards and authorized user roles can help build credit.

      •   Auto loans are possible with a 450 credit score but may have high interest rates and strict conditions.

      •   Personal loans and mortgages are challenging but may be available from alternative lenders.

      What Does a 450 Credit Score Mean?

      Before we dive into what a 450 credit score means, here’s a crash course on credit scores. This three-digit number is calculated using information from your credit reports, and it communicates to lenders how you manage your debt.

      FICO Scores are used in the majority of lending decisions, and they consider five factors: payment history (35%), the amount you owe (30%), the length of your credit history (15%), your credit mix (10%), and new credit accounts (10%).

      FICO Scores are categorized as follows:

      •   Below 580: Poor

      •   580-669: Fair

      •   670-739: Good

      •   740-799: Very good

      •   800 and up: Exceptional

      As you can see, anything below 580 falls into the “poor” category, and this includes a 450 credit score. Borrowers with that score will likely have a difficult time getting approved for certain loans and credit cards. And the ones they can get may come with high fees, high interest rates, and less-than-favorable terms.

      How to Build Your Credit Score

      When you have a credit score of 450, consider taking steps to improve it — and increase the chances of getting approved for a credit card or loan. Here are some strategies to explore:

      •   Consistently pay your bills on time.

      •   Pay down 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.

      •   Check your credit report regularly, and address any inaccuracies.

      Recommended: Why Did My Credit Score Drop After a Dispute?

      What Else Can You Get with a 450 Credit Score?

      As we mentioned, a 450 credit score is considered below average. Getting approved for a loan or credit card will likely be difficult, but it’s not impossible. Let’s take a closer look.

      Can I Get a Credit Card with a 450 Credit Score?

      There’s no set credit score required for a credit card. However, chances are, you’ll find it a challenge to get approved for a traditional credit card with a 450 credit score. The ones you can get may come with higher interest rates and fees and few, if any, rewards.

      A secured credit card may be the answer. It often has lower credit score requirements, higher debt-to-income ratios (DTI), and more flexible financial criteria. Secured cards function like traditional cards: You pay a cash deposit upfront to guarantee the credit line. This deposit functions as collateral. If you don’t make payments on time or you default on your debt, your lender can take your deposit. As you make monthly payments on time, your lender will report your activities to the national credit bureaus, and your credit score may go up.

      Another idea is to become an authorized user on someone else’s card. The cardholder adds you to their account, and you can benefit from their positive financial habits.

      Can I Get an Auto Loan with a 450 Credit Score?

      Securing a car loan with a 450 credit score isn’t common, but it could happen. In 2024, only 1.9% of borrowers with a credit score of 300-500 got a car loan, according to Experian.

      It’s possible that whatever loan you do qualify for will come with higher interest rates. According to Experian, borrowers with a 450 credit score received an average annual percentage rate (APR) of 15.43%, while borrowers with scores of 781 or higher were offered an average APR of 5.08%.

      You may find it easier to get a car loan if you add a cosigner. You’ll both apply for the loan and be responsible for making payments. However, the cosigner doesn’t own your car.

      Can I Get a Mortgage with a 450 Credit Score?

      With a 450 credit score, you’re unlikely to get approved for a conventional loan, which typically requires a 620 credit score. Let’s take a look at the typical required minimum credit scores of some other types of home loans.

      •   FHA loan: The Federal Housing Administration (FHA) insures FHA loans. You’ll typically need to have a 580 credit score (with a 3.5% down payment) or 500 credit score (with a 10% down payment).

      •   VA loan: VA loans are backed by the U.S. Department of Veterans Affairs. There’s no specific credit score minimum to meet, though some lenders require at least a 620.

      •   USDA loan: USDA loans are backed by the U.S. Department of Agriculture. Most lenders for USDA loans require a minimum 640 credit score.

      Bottom line: If you’re house hunting and have a below-average score, you may want to hit the pause button if you can and focus on improving your credit profile.

      Can I Get a Personal Loan with a 450 Credit Score?

      A personal loan can be used for just about anything, including consolidating high-interest credit card debt, paying for a wedding, or covering an emergency expense.

      Typically, personal loans are unsecured, meaning you usually don’t need to put up a form of collateral, such as a house or car, to get approved. But you may have a difficult time finding a lender to extend you an unsecured loan if you have a 450 credit score. As with other types of credit, if you are approved for an auto loan, you may be subject to higher APRs and fees and shorter repayment periods.

      Another option: a secured personal loan, which is generally easier to qualify for but will require you to put up collateral.

      As you’re weighing your personal loan options, make sure to figure out how much your monthly payments will be based on the amount you want to borrow and the interest rate you’re offered. A personal loan calculator can help you crunch the numbers.

      Recommended: Can You Get a First-Time Personal Loan With No Credit History?

      The Takeaway

      Is a 450 credit score good or bad? According to two common credit scoring models, it’s below average and far lower than the average American’s score. Fortunately, credit scores aren’t permanent, and you can take steps to start boosting your number. It helps to pay bills on time, keep debt low, diversify your credit mix, keep older accounts open, and monitor your credit report and report inaccuracies.

      Remember, raising your score can take time, but the end result — positioning yourself for the best rates and terms — can be worth the wait.

      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’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

      View your rate

      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-Q125-002

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      Mar
      04
      2025

      Is 500 a Good Credit Score?

      By | personal_loan | Comments Off on Is 500 a Good Credit Score?


      Is 500 a Good Credit Score?

      500 credit score

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          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’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

          View your rate

          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-Q125-004

          Read more
          Mar
          04
          2025

          Texas: Best Affordable Places to Live

          By | Uncategorized | Comments Off on Texas: Best Affordable Places to Live


          Best Affordable Places to Live in Texas in 2025

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              By Dan Miller

              (Last Updated – 03/2025)

              As one of the largest states in the United States, Texas offers a lot of options for great places to live. Home to a few of the most populous cities in the country (Houston, Dallas, San Antonio, and Austin), Texas also has a plethora of small and medium-sized towns. Plus, there are deals to be had: The cost of living in Texas is 7% lower than the national average.

              Best Places to Live in Texas

              No matter what you’re looking for, you’re likely to be able to find it in Texas. Big cities, rural ranches, and everything in between — The Lone Star State has something for everyone. Texas also features a wide range of natural beauty, from beaches on the Gulf of Mexico to the Texas Hill Country on the western side of the state.


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              Best Affordable Places to Live in Texas

              If cost is top of mind, take a look at some of the cities mentioned below to determine where the best place to live in Texas might be for you and your family. To arrive at this list, we considered the overall cost of living for a location, as well as rent prices, home values, and other factors. Utilities are driving up the overall cost of living in Texas, but it still remains quite affordable.

              1. Odessa

              Odessa, Texas

              Photo credit: iStock/DenisTangneyJr

              Odessa is the county seat of Ector County and is located in West Texas, near the state’s border with New Mexico. Odessa is said to be the inspiration for the fictional setting of Dillon, Texas, in the popular book and movie Friday Night Lights. In addition to loads of local sports and activities to keep you busy, you can also check out the replica of Stonehenge, located at the University of Texas Permian Basin.

              Population: 115,743

              Median Household Income: $73,030

              Cost of Living: 90% of U.S. average

              Average Rent Price: $1,700

              Home Price-to-Income Ratio: 3.08

              Recommended: First-time Homebuyer Programs in Texas

              2. Amarillo

              Amarillo, Texas

              Photo credit: iStock/DenisTangneyJr

              Located in the Texas Panhandle in northern Texas, Amarillo is the gateway to Palo Duro Canyon State Park. You can also visit the Cadillac Ranch (a famous art installation of buried graffiti-decorated cars) or check out Historic Route 66. The area is rich with agriculture, but biosciences, technology, and aerospace companies are also increasingly calling the region home.

              Population: 202,408/span>

              Median Household Income: $62,469

              Cost of Living: 79% of U.S. average

              Average Rent Price: $1,200

              Home Price-to-Income Ratio: 3.10

              3. Abilene

              Abilene, Texas

              Photo credit: iStock/Aaron Yoder

              Located alongside Interstate 20 about three hours west of Dallas, Abilene hosts Dyess Air Force Base and is the county seat of Taylor County. It features a historic downtown where visitors enjoy the restored Paramount Theatre and Abilene Philharmonic Orchestra. Rodeo is a popular event in the spring and fall.

              Population: 129,043

              Median Household Income: $62,720

              Cost of Living: 84% of U.S. average

              Average Rent Price: $1,295

              Home Price-to-Income Ratio: 3.01

              Recommended: The Mortgage Preapproval Process

              Best Places to Live in Texas for Families

              For those in search of towns in Texas that are kid-friendly (meaning well-regarded schools and plenty of parks and activities), Texas has loads of options. Three favorites to consider:

              1. Leander

              Leander, Texas

              Photo credit: iStock/RoschetzkyIstockPhoto

              Located in the booming Austin metropolitan area, Leander was the fastest-growing city in the United States about six years ago and continues to attract new residents. Nature enthusiasts can take advantage of the nearby Colorado River as well as Balcones Canyonlands National Wildlife Refuge, and you are also close enough to Austin to enjoy all of the perks of a larger metro area.

              Population: 80,067

              Median Household Income: $140,180

              Cost of Living: 96% of U.S. average

              Average Rent Price: $2,239

              Home Price-to-Income Ratio: 3.16

              Recommended: Tips to Qualify for a Mortgage

              2. The Woodlands

              The Woodlands, Texas

              Photo credit: iStock/GJGK Photography

              The Woodlands is a census-designated place in Montgomery County in the northern exurbs of Houston. A master-planned community, it features eight different villages, with each village further subdivided into neighborhoods. The area is known for its parks and boasts 220 miles of biking and hiking trails, which may be one reason it makes so many people’s list of best places to live in Texas for families.

              Population: 114,436

              Median Household Income: $141,353

              Cost of Living: 98% of U.S. average

              Average Rent Price: $2,500

              Home Price-to-Income Ratio: 2.16

              Recommended: Jumbo Mortgage Loan

              3. Round Rock

              Round Rock, Texas

              Photo credit: iStock/SWCargill

              If you’re looking to be a part of the Austin metropolitan area but are seeking something outside Austin proper, Round Rock may be an option worth considering. Round Rock is located about 20 miles northeast of Austin and is named for The Round Rock, a large stone in Brushy Creek where 19th century travelers made low-water crossings via wagon. Today, it lands on lists of best places in Texas to live for families because of its abundance of parks, sports and recreation facilities, and other activities for kids.

              Population: 130,406

              Median Household Income: $97,187

              Cost of Living: 97% of U.S. average

              Average Rent Price: $2,100

              Home Price-to-Income Ratio: 4.38

              Best Places to Live in Texas for Young Adults

              Those in their 20s and 30s may especially appreciate these towns for their career opportunities, amenities like great dining-out options, plus access to nature and recreation.

              1. New Braunfels

              New Braunfels, Texas

              Photo credit: iStock/dszc

              Located northeast of San Antonio on the way to Austin, New Braunfels sits at the confluence of the Comal and Guadalupe rivers. Nature enthusiasts can visit the underground limestone caves at Natural Bridge Caverns. If you’re looking for an aquatic adrenaline rush, check out the Schlitterbahn water park.

              Population: 104,707

              Median Household Income: $76,890

              Cost of Living: 97% of U.S. average

              Median Rent Price: $1,790

              Home Price-to-Income Ratio: 4.52

              2. Dallas

              Dallas, Texas

              Photo credit: iStock/Art Wager

              Anchoring a major metro area in Texas, Dallas has something for everyone, so it’s not surprising it’s on a list of best places to live in Texas for young adults. Whether you’re looking to commune with nature, seeking a vibrant nightlife and cultural scene, or want access to major sports, the Dallas area has options for everyone. There is a busy job market, particularly in tech. In addition to all these advantages, when you compare the cost of living by state, Dallas may be somewhat pricier than other regions in the state, but it remains quite affordable as compared to metro areas in other parts of the country.

              Population: 1,302,868

              Median Household Income: $67,760

              Cost of Living: 114% of U.S. average

              Average Rent Price: $2,015

              Home Price-to-Income Ratio: 4.48

              3. Houston

              Houston, Texas

              Photo credit: iStock/Kruck20

              Houston is another Texas city that has options for everyone. While Houston is most closely linked with the NASA Space Center, it also features an arts scene, with museums and an amazing array of music options. Locals treasure the Theater District and the Houston Grand Opera. It’s a culturally diverse city, with plenty of green spaces. If you are thinking of moving to Houston, consider getting prequalified for a home loan before you get serious about your home search.

              Population: 2,314,157

              Median Household Income: $62,894

              Cost of Living: 94.2% of U.S. average

              Average Rent Price: $1,850

              Home Price-to-Income Ratio: 4.20

              Recommended: First-Time Homebuyer Guide

              Best Places to Live in Texas for Retirees

              Some of the best places to live in Texas for retirees are the locations that have an affordable cost of living and lots of fun things to do (walking trails, restaurants, entertainment) in your time off. Take a look at what these three towns in Texas offer.

              1. Katy

              Katy, Texas

              Photo credit: iStock/simonkr

              If you’re interested in the Houston area, but don’t want to live in Houston proper, you might consider the suburb of Katy. Katy sits near the intersection of Fort Bend, Waller, and Harris counties, to the west of Houston. Affordability is one plus, and it offers a wealth of activities from Katy Heritage Museum to the Mary Jo Peckham Park, with its fish-filled lake, to restaurants and craft breweries.

              Population: 26,360

              Median Household Income: $107,332

              Cost of Living: 95% of U.S. average

              Average Rent Price: $2,300

              Home Price-to-Income Ratio: 3.23

              2. Killeen

              Killeen is a city in Central Texas that is home to the sprawling Fort Hood army base. The Belton Lake Outdoor Recreation Area is a great draw for nature lovers, and the Mayborn Science Theater offers planetarium shows on a 60-foot domed screen. Historic sites, walking paths, and local theater fill residents’ free time, too.

              Population: 159,643

              Median Household Income: $58,339

              Cost of Living: 91% of U.S. average

              Average Rent Price: $1,200

              Home Price-to-Income Ratio: 3.72

              3. McAllen

              McAllen, Texas

              Photo credit: iStock/DenisTangneyJr

              McAllen is one of the larger cities in Southern Texas, directly across the national border from Reynosa, Mexico. Residents and visitors can check out the International Museum of Art & Science, the McAllen Heritage Center, and Quinta Mazatlan, a Spanish Revival mansion in an area with woodlands and several species of bird life.

              Population: 146,593

              Median Household Income: $60,165

              Cost of Living: 84% of U.S. average

              Average Rent Price: $1,300

              Home Price-to-Income Ratio: 3.68

              💡 Quick Tip: Lowering your monthly payments with a mortgage refinance from SoFi can help you find money to pay down other debt, build your rainy-day fund, or put more into your 401(k).

              Best Places to Live in Texas Near the Beach

              1. Corpus Christi

              Corpus Christi, Texas

              Photo credit: iStock/Jennifer Coulter

              Corpus Christi is a beach town located in southern Texas directly on the Gulf of Mexico. The Padre Island National Seashore acts as a barrier island protecting Corpus Christi Bay, and it’s home to both endangered sea turtles as well as several species of migratory birds. And, yes, spectacular sunsets are frequent!

              Population: 316,595

              Median Household Income: $66,325

              Cost of Living: 92% of U.S. average

              Average Rent Price: $1,550

              Home Price-to-Income Ratio: 3.25

              2. Freeport

              Freeport, Texas

              Photo credit: iStock/brucemaloneatx

              Freeport is located in Brazoria County on the Gulf of Mexico south of Houston. In addition to enjoying access to the Gulf of Mexico, outdoor enthusiasts can also take advantage of the San Bernard National Wildlife Refuge and the Justin Hurst Wildlife Management Area. Morning beach walks are just one of the wonderful rituals residents can experience here.

              Population: 10,550

              Median Household Income: $53,606

              Cost of Living: 82% of U.S. average

              Average Rent Price: $1,269

              Home Price-to-Income Ratio: 2.40

              3. Rockport

              Rockport, Texas

              Photo credit: iStock/jerryhopman

              Rockport is a beach town in southern Texas, just to the north of the larger city of Corpus Christi. Visitors and residents can explore the Texas Maritime Museum, the Rockport Center for the Arts, and the Aransas National Wildlife Refuge, which has 115,000 diverse acres full of waterfowl and other wildlife.

              Population: 10,929

              Median Household Income: $63,303

              Cost of Living: 94% of U.S. average

              Average Rent Price: $1,700

              Home Price-to-Income Ratio: 5.06

              The Takeaway

              Texas, one of the largest and most populous states in the country, has wonderful cities and towns, whether you are looking for the great outdoors, buzzing nightlife, lots of playgrounds, or all of the above. Texas also features a below average cost of living, with even many large cities and metropolitan areas having housing and overall costs right around the national average. That means your income may be able to stretch even further, allowing you a better bang for your buck.

              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.

              SoFi Mortgages: simple, smart, and so affordable.

              View your rate

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              FAQ

              What Texas town has the lowest cost of living?

              Texas features a variety of different towns and cities that are quite affordable. You might consider Abilene and Amarillo, two locations which offer significantly lower costs of living (15-20% lower vs. the norm) and can be great hometowns for those looking for a place to put down roots in Texas.

              Where is the cheapest place to live in TX?

              Texas is the largest state in the 48 contiguous U.S. states. While you may be able to find the absolute cheapest places to live in the remote reaches of Texas, you should also consider access to amenities in your home search. The good news is that the cost of living in Texas as a whole is below the national average — so no matter where you decide to live, your money will likely stretch further than in other states. A few locations to consider: Abilene, Amarillo, and Odessa.

              Where are good places for young professionals to live in Texas?

              New Braunfels, Dallas, and Houston can be good places for young professionals to live in Texas. These cities have considerable job opportunities and many of the activities (from recreational options to nightlife) that people in this life stage enjoy.

              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.


              ‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.

              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.


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              Mar
              04
              2025

              Vermont: Best Affordable Places to Live

              By | Uncategorized | Comments Off on Vermont: Best Affordable Places to Live


              Best Affordable Places to Live in Vermont in 2025

              vermont shelburne

              On this page:

                On this page:

                  By Pam O’Brien

                  (Last Updated – 03/2025)

                  If you’re looking to move to a place with a relaxed lifestyle and a deep sense of community that has lush forests, abundant mountains, and rolling farmlands, you may want to put Vermont at the top of your list.

                  With a population of less than 650,000 (the second lowest in the U.S. after Wyoming) spread out over its 9,600 square miles, the Green Mountain State offers families, young adults, and retirees a feeling of wide open space. There are no big cities here. Burlington, the largest city in Vermont, has less than 45,000 people. And while the state is not exactly inexpensive, it is more affordable than some other nearby states and there are some housing bargains to be found.

                  The glorious great outdoors is the focus in Vermont, and residents tend to spend their time hiking, biking, skiing, and snowshoeing, among other things. Lake Champlain borders the northwestern part of the state, and it’s a draw for those who enjoy swimming, kayaking, and fishing in the summer. Winters are snowy, cold, and long (the first frost typically happens in September), so a love of winter sports and cozying up by the fire certainly comes in handy.

                  Best Places to Live in Vermont

                  Living in Vermont gives residents the opportunity to enjoy such diverse experiences as skiing in the Green Mountains, relaxing on the beaches of Lake Champlain, perusing flea markets in one of the many charming small towns, and taking part in the state’s dynamic food and craft beer scene.

                  But there are costs to be aware of. The cost of living in Vermont is above the national average, although it’s less than some neighboring states. However, prospective residents should know that Vermont has some of the highest property tax rates in the country, which should be factored in when budgeting.

                  Those who are considering moving to Vermont may want to explore the cost of living by state for other locations in New England, to see where they can get the most for their money. For those who decide Vermont is the best option for them, this guide pinpoints some of the best areas in the state to consider.


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                  Best Affordable Places to Live in Vermont

                  These three towns in Vermont offer affordability along with picturesque scenery, plenty of activities for year-round fun, and a friendly vibe. Find out more about the most affordable places to live in Vermont.

                  1. Northfield

                  Northfield, Vermont

                  Photo credit: iStock/ErikaMitchell

                  Nestled in a valley in the Green Mountains, the charming town of Northfield has plenty to offer residents, including stores, restaurants, cafes, and art galleries. Those who enjoy outdoor adventures can spend their free time hiking, biking, and fishing at the Northfield Town Forest in the spring, summer, and fall, and skiing, snowshoeing, and snowmobiling in the winter. Plus, there are job opportunities at Norwich University, the town’s largest employer.

                  Population: 5,935

                  Median Household Income: $63,909

                  Cost of Living: 98.9% of U.S. average

                  Average Rent Price: $900

                  Home Price-to-Income Ratio: 4.64

                  Recommended: Mortgage Preapproval Process

                  2. Waterbury

                  Waterbury, Vermont

                  Photo credit: iStock/Wirestock

                  Quaint and picturesque, Waterbury, which is just 10 miles from the ski resort town of Stowe, has spectacular views of mountain peaks and rolling hills. It’s a vibrant town, filled with shops, breweries, and restaurants for farm-to-table dining. On weekends, you can browse at the Waterbury Flea Market, Vermont’s largest outdoor flea market. Ice cream lovers will appreciate the Ben & Jerry’s factory here, where they can learn how ice cream is made. And, of course, there is plenty of hiking, fishing, skiing, and snowshoeing in the nearby state parks.

                  Population: 5,458

                  Median Household Income: $109,022

                  Cost of Living: 98.9% of U.S. average

                  Average Rent Price: $1,500

                  Home Price-to-Income Ratio: 2.34

                  3. Montpelier

                  Montpelier, Vermont

                  Photo credit: iStock/halbergman

                  The capital city of Vermont, Montpelier has the distinction of being the smallest state capital in the U.S. Located in the Green Mountains at a spot where three rivers converge, the city is a draw for nature lovers. There’s skiing and ice skating in the winter, and kayaking and canoeing in the spring and summer. You can also hike in one of the many parks or go mountain biking on the area’s extensive trail network. The town itself is as active as its residents. There are community events and festivals on weekends, along with a multitude of restaurants, cafes, breweries, and boutique shops to enjoy. If you’re thinking of moving here, check out first-time homebuyer programs in Vermont, which include state and federal assistance programs.

                  Population: 7,991

                  Median Household Income: $79,175

                  Cost of Living: 103% of U.S. average

                  Average Rent Price: $2,100

                  Home Price-to-Income Ratio: 4.99

                  Best Places to Live in Vermont for Families

                  Families will find a lot to like about Vermont. The state boasts a strong sense of community, wide open places for kids to play, and numerous events to keep the whole family entertained. Here are some of the best places to live in Vermont for families.

                  1. Williston

                  Williston, Vermont

                  Photo credit: iStock/halbergman

                  Located just a half hour from Burlington, Williston is a bustling town where there is always something to do. Recreation programs for the kids, including soccer and track and field, are offered year round, and the Catamount Family Center has hiking in the summer and cross country skiing in the winter for your entire clan. There are numerous shops and restaurants here, along with community events such as parades, a town barbecue, and summer movie nights. Parents are drawn to the area’s good schools. If you are as well, tips to qualify for a mortgage may be useful as you begin your search for a home.

                  Population: 10,092

                  Median Household Income: $105,490

                  Cost of Living: 108% of U.S. average

                  Average Rent Price: $2,450

                  Home Price-to-Income Ratio: 5.39

                  Recommended: Mortgage Prequalification vs Preapproval

                  2. Essex Junction

                  Essex Junction, Vermont

                  Photo credit: Flickr/Dougtone , Creative Commons Attribution-ShareAlike 2.0 Generic

                  With small town charm and plenty of community spirit, this thriving area near Burlington is known for being family friendly. There are concerts and events for family entertainment plus a community pool, hiking, biking, pickleball, and skiing. The downtown is filled with shops, restaurants, and local businesses. Parents like the area’s top-rated schools, and the fact that so many families live here means there are many opportunities for play dates. Essex Junction also has public transportation via the Green Mountain Transit system. However, you may pay for these amenities: The everyday cost of living may be higher than in some other Vermont towns.

                  Population: 10,817

                  Median Household Income: $94,423

                  Cost of Living: 124% of U.S. average

                  Average Rent Price: $1,995

                  Home Price-to-Income Ratio: 5.25

                  3. South Burlington

                  Perched on the shores of Lake Champlain, South Burlington offers beautiful vistas, more than 400 acres of parks, and 26 miles of trails for walking, hiking, and biking. The area’s excellent public schools are a draw for parents, as are the many employers in town, including start-ups and small businesses. South Burlington has plenty to keep the entire family entertained, with numerous restaurants and stores and University Mall, the largest mall in Vermont.

                  Population: 21,043

                  Median Household Income: $97,229

                  Cost of Living: 117% of U.S. average

                  Average Rent Price: $2,400

                  Home Price-to-Income Ratio: 4.80

                  💡 Quick Tip: A major home purchase may mean a jumbo loan, but it doesn’t have to mean a jumbo down payment. Apply for a jumbo mortgage with SoFi, and you could put as little as 10% down.

                  Best Places to Live in Vermont for Young Adults

                  Vermont has a number of cities suitable for young professionals with job prospects, entertainment options, and reasonable affordability. These are the best places to live in Vermont for young adults.

                  1. Montpelier

                  Montpelier, Vermont

                  Photo credit: iStock/halbergman

                  Vermont’s capital city is a dynamic place, and it’s no wonder many young adults tend to settle here. Along with glorious mountain scenery and outdoor activities like kayaking, swimming, and hiking, there are restaurants, cafes, and breweries for entertainment. The resort town of Stowe is just a 30-minute drive away for world-class skiing in the winter, and for those who crave the occasional big-city adventure, Montreal is two hours by car. Job opportunities in Montpelier include working for the state government or one of the area’s many businesses, including Central Vermont Medical Center and Cabot Creamery.

                  Want to get up to speed before house-hunting? A home loan help center could be useful as you determine your best options for financing.

                  Population: 7,991

                  Median Household Income: $79,175

                  Cost of Living: 103% of U.S. average

                  Average Rent Price: $2,100

                  Home Price-to-Income Ratio: 4.99

                  Recommended: Should You Buy or Rent a Home?

                  2. Colchester

                  Colchester, Vermont

                  Photo credit: Flickr/djwtwo , Creative Commons Attribution-NonCommercial-ShareAlike 2.0 Generic

                  Filled with hiking trails and parks, Colchester is a great option for young professionals who are outdoor enthusiasts. There are many hikers, bikers, and runners here, and chances are, you’ll meet some fellow athletes as you log your miles. According to residents, this is a friendly place where people love to stop and talk. Employers in the area include Vermont Public Radio, Green Mountain Power, and several tech firms. There are plenty of restaurants, art galleries, shops, and even a drive-in movie theater to keep you entertained when you’re not working or exploring nature.

                  Population: 17,588

                  Median Household Income: $97,708

                  Cost of Living: 115% of U.S. average

                  Median Rent Price: $2,350

                  Home Price-to-Income Ratio: 4.82

                  3. South Burlington

                  Young adults can enjoy a fun and active lifestyle in this vibrant town on the banks of Lake Champlain. South Burlington has numerous stores and a mall, plus restaurants, bars, and breweries for socializing. Nature lovers will enjoy hiking, biking, and kayaking on the lake. And there are work opportunities in a variety of businesses in the area.

                  Population: 21,043

                  Median Household Income: $97,229

                  Cost of Living: 117% of U.S. average

                  Average Rent Price: $2,400

                  Home Price-to-Income Ratio: 4.80

                  Best Places to Live in Vermont for Retirees

                  With its beautiful scenery, community spirit, and relaxing lifestyle, Vermont may appeal to many seniors. As long as retirees can tolerate the long, cold winters, the state can offer distinct advantages, including a good health care system and an above-average quality of life. These are some of the best places to live in Vermont for retirees.

                  1. Randolph

                  Randolph, Vermont

                  Photo credit: Flickr/Dougtone , Creative Commons Attribution-ShareAlike 2.0 Generic

                  Not only is it the most affordable town on our list, Randolph is also a desirable location for those ready to retire. There’s history and culture here, including the Chandler Center for the Arts for performances, exhibits, and educational programs that seniors can enjoy. The town has many restaurants and farmers markets, and there are art galleries for browsing. Other perks: The Randolph Senior Center offers a variety of workshops and programs, there are a number of senior living communities in the area, and Central Vermont Medical Center is less than a half hour away.

                  Population: 2,010

                  Median Household Income: $58,333

                  Cost of Living: 105% of U.S. average

                  Average Rent Price: $600

                  Home Price-to-Income Ratio: 5.46

                  2. Vergennes

                  Vergennes, Vermont

                  Photo credit: iStock/DutcherAerials

                  Vermont’s first city, Vergennes, which is only two square miles in size, also calls itself America’s smallest city. But while its acreage may be tiny, its offerings for retirees are expansive. For arts and culture buffs, the town has a historic opera house that hosts musical and theatrical performances, and a beautiful library with a stained glass domed ceiling. Summer concerts and festivals fill the lovely park in the center of downtown. There are restaurants to grab a bite with friends, and eclectic shops to explore. Plenty of outdoor adventures also await, including canoeing and kayaking on the creek that runs through town, as well as hiking and biking.

                  Population: 2,561

                  Median Household Income: $72,171

                  Cost of Living: 110% of U.S. average

                  Average Rent Price: $1,850

                  Home Price-to-Income Ratio: 5.03

                  3. Bristol

                  Bristol, Vermont

                  Photo credit: iStock/morgainbailey

                  This dynamic little town offers breathtaking views from its location at the foot of the Green Mountains. There is a sizable senior population here who enjoy the fact that Bristol is pedestrian-friendly, with shops, bookstores, and arts and crafts boutiques for browsing, as well as restaurants and coffee places for meeting up with your peers. The sense of community runs deep — there’s a summer music festival and street fair and weekly band concerts on the town green. The city of Burlington is just 30 miles away for more arts and culture and access to the University of Vermont Medical Center.

                  Population: 1,956

                  Median Household Income: $65,536

                  Cost of Living: 113% of U.S. average

                  Average Rent Price: $2,200

                  Home Price-to-Income Ratio: 6.2

                  Best Places to Live in Vermont Near the Water

                  Vermont has more than 800 lakes, more than 7,000 miles of rivers, and many ponds and streams. Those hoping to live on the water here have plenty of choices throughout the state.

                  These are some of the best places to live in Vermont near the water.

                  1. Montpelier

                  Montpelier, Vermont

                  Photo credit: iStock/halbergman

                  Vermont’s capital city sits where three rivers come together, making it a good place for those looking for waterfront property. Even if you don’t purchase a house right on the water, you’ll still have easy access to it for fishing, kayaking, and canoeing. After a day of watersports, you can head into town to visit one of the many restaurants, cafes, or breweries, or enjoy one of the festivals or parades.

                  Population: 7,991

                  Median Household Income: $79,175

                  Cost of Living: 103% of U.S. average

                  Average Rent Price: $2,100

                  Home Price-to-Income Ratio: 4.99

                  2. Colchester

                  Colchester, Vermont

                  Photo credit: Flickr/djwtwo , Creative Commons Attribution-NonCommercial-ShareAlike 2.0 Generic

                  This lovely town is a nature lover’s paradise. It’s surrounded by water on three sides — the Winooski River, the Lamoille River, and Lake Champlain — and you can enjoy boating, fishing, swimming, or relaxing on the beach. There are also parks with trails for hiking, biking, and running. In the evenings, have dinner at one of the town’s many restaurants, or catch a movie at the drive-in, which is one of the largest in Vermont.

                  Population: 17,588

                  Median Household Income: $97,708

                  Cost of Living: 115% of U.S. average

                  Average Rent Price: $2,350

                  Home Price-to-Income Ratio: 4.82

                  3. South Burlington

                  If you’re searching for a location near Lake Champlain that won’t cost a fortune, South Burlington may have what you’re looking for. A dynamic town that offers plenty of entertainment options, including restaurants, bars, breweries, and a mall, its lakeside location means you can swim, fish, or boat all summer and into the fall. There are also trails for lakeside runs or walks, and you can enjoy the scenic water views and calming vibes year-round.

                  Population: 21,043

                  Median Household Income: $97,229

                  Cost of Living: 117% of U.S. average

                  Average Rent Price: $2,400

                  Home Price-to-Income Ratio: 4.80

                  The Takeaway

                  Vermont is not an inexpensive place to live, but it is less costly than other places in New England. And it has much to offer, especially for those who are active and love the outdoors. From charming small towns in the mountains to vibrant communities near Lake Champlain, there are affordable options to be found in the Green Mountain State for families, young adults, and retirees.

                  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.

                  SoFi Mortgages: simple, smart, and so affordable.

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                  Best Affordable Places to Live in the U.S.


                  Best Affordable Places to Live in Alaska

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                  FAQ

                  Is Vermont a good place to live?

                  It depends what you’re looking for, but Vermont can be a good place to live. The state has a lot to offer, especially for those who love the outdoors and can take advantage of its mountains, lakes, and rivers.

                  What is the most affordable place to live in Vermont?

                  The most affordable places in Vermont include small towns in the Green Mountains like Randolph, Northfield, and Waterbury.

                  What is the best area of Vermont to live in?

                  The best area of Vermont to live in depends on what you’re looking for. Those who want to live near the water may be drawn to towns near Lake Champlain. Those who enjoy skiing may want to be closer to a resort town such as Killington or Stowe.

                  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.


                  ‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.

                  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-Q125-124

                  Read more
                  Mar
                  04
                  2025

                  Best Affordable Places to Live in New Hampshire in 2025

                  By | Uncategorized | Comments Off on Best Affordable Places to Live in New Hampshire in 2025


                  Best Affordable Places to Live in New Hampshire in 2025

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                      By Ashley Kilroy

                      (Last Updated – 03/2025)

                      Nestled in the heart of New England, New Hampshire offers a captivating blend of natural beauty and modern opportunities. The state’s job market excels in technology, health care, and education, bolstered by its proximity to major cities like Boston.

                      However, New Hampshire’s cost of living (COL) is a notable consideration: It clocks in at fully 12% higher than the national average. Driving the higher cost of living are factors like utilities, groceries, health, and transportation costs.

                      Despite its reputation as a low-tax state (owing to its absence of sales tax and income tax on wages and salaries), New Hampshire still demands careful consideration before making a move. With the fourth-highest property tax rates in the U.S. and boasting an average effective rate of 1.77%, prospective residents must plan well to ensure the state is the right fit for their financial situation and goals.

                      If it is, a wonderful home state can await. Whether drawn by the allure of outdoor adventures or the promise of professional growth, New Hampshire can provide a dynamic blend that draws a diverse population.

                      Best Places to Live in New Hampshire

                      Home to Dartmouth College and the beautiful New England outdoors, New Hampshire also boasts numerous towns and cities with appeal for families, young professionals, nature-lovers, and more. The state also has a higher median household income and lower poverty rate than the national average, indicating that economic opportunities are available for residents. For more details, here are several lists of the places to live in New Hampshire based on such variables as affordability and age.

                      New Hampshire’s cost of living can be a key focus for many potential residents, so first consider the most affordable places to live in the state.


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                      real estate agent and earn up to
                      $9,500‡ cash back when you close.

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                      💡 Quick Tip: SoFi’s Lock and Look + feature allows you to lock in a low mortgage financing rate for 90 days while you search for the perfect place to call home.

                      Best Affordable Places to Live in New Hampshire

                      Is cost of living (COL) a concern? If so, here are the top three cities in New Hampshire ranked for affordability:

                      1. Berlin

                      Berlin, New Hampshire

                      Photo credit: Wikimedia Commons/
                      AlexiusHoratius                       , Creative Commons Attribution-ShareAlike 3.0 Unported

                      If you want small-town life with a state forest in your backyard while maintaining a modest budget, Berlin can accommodate your needs perfectly. It’s also popular for retirees. Berlin’s rental costs are relatively affordable, and the town’s affordability combined with outdoor recreation (fishing the Androscoggin River, camping and hiking in Jericho Mountain State Park) make it an attractive option for those who want to enjoy nature and pay lower prices for housing. Housing is more affordable here, a fact that can be especially important to first-time homebuyers.

                      Population: 9,459

                      Median Household Income: $43,972

                      Cost of Living: 94% of U.S. average

                      Average Rent Price: $1,075

                      Home Price-to-Income Ratio: 4.2

                      2. Claremont

                      Claremont, New Hampshire

                      Photo credit: iStock/DenisTangneyJr

                      Avid outdoors fans will also love Claremont, where the Sugar River, Cornish Town Forest, and Green Mountain Trail are within easy reach. In addition, the Claremont Opera House is a venue for all forms of art, enhancing the area’s cultural and entertainment offerings. Claremont combines suburban flair with country surroundings at a low price point, which can be attractive, especially when combined with first-time homebuyer programs in New Hampshire.

                      Population: 13,111

                      Median Household Income: $54,520

                      Cost of Living: 96% of U.S. average

                      Average Rent Price: $1,600

                      Home Price-to-Income Ratio: 4.7

                      While property taxes are more than twice the national average, the absence of state income and sales taxes offsets this expense. As a result, Claremont combines suburban flair with country surroundings at a low price point, which can be attractive, especially when combined with first-time homebuyer programs in New Hampshire.

                      3. Rochester

                      Rochester, New Hampshire

                      Photo credit: iStock/DenisTangneyJr

                      One of New Hampshire’s most populated cities, Rochester features a fine art museum, opera house, and nature trails. Its more urban setting means higher prices than the towns above, but the average median income helps to accommodate the costs. Those looking for an urban feel in New Hampshire can find their place here without the massively inflated prices of bigger cities. Here are the metrics for this bustling region:

                      Population: 33,519

                      Median Household Income: $79,388

                      Cost of Living: 108% of U.S. average

                      Average Rent Price: $1,800

                      Home Price-to-Income Ratio: 4.7

                      💡 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 Hampshire for Families

                      Families across America have similar priorities, such as good schools, safety, health care, and kid-friendly amenities. Fortunately, New Hampshire has several optimal locations for families to live:

                      1. Bedford

                      Bedford, New Hampshire

                      Photo credit: Wikimedia Commons/
                      John Phelan                      , Creative Commons Attribution-ShareAlike 4.0 International

                      Bedford’s population is about 91% family households, and people under age 20 make up 27% of the population. Parents are likely drawn here in part because the town is known for a top-notch K-12 public school system with an average of 13 students per teacher in the district. Here are additional data points to note about Bedford:

                      Population: 23,764

                      Median Household Income: $160,253

                      Cost of Living: 117% of U.S. average

                      Average Rent Price: $2,095

                      Home Price-to-Income Ratio: 4.4

                      2. Dover

                      Dover, New Hampshire

                      Photo credit: iStock/jmoor17

                      Dover is another of the best places to live in New Hampshire for families. Home to the Children’s Museum of New Hampshire and the Hilltop Fun Center, the city provides excitement and activities throughout the year. It’s located on the Atlantic coast, meaning it offers quick access to the beach, and it’s more populous than most of New Hampshire’s cities. Here are some essential numbers to know about Dover:

                      Population: 33,485

                      Median Household Income: $92,748

                      Cost of Living: 114% of U.S. average

                      Average Rent Price: $2,100

                      Home Price-to-Income Ratio: 5.4

                      3. Somersworth

                      Somersworth, New Hampshire

                      Photo credit: iStock/DenisTangneyJr

                      Somersworth is a suburb sitting on the Maine border. It offers numerous parks, a golf course, and a higher median income than rural areas in the state. Plus you benefit from all the family-friendly activities in Dover, which is close by. Here are the numbers to know about this region:

                      Population: 12,192

                      Median Household Income: $79,677

                      Cost of Living: 108% of U.S. average

                      Average Rent Price: $1,950

                      Home Price-to-Income Ratio: 5.1

                      Recommended: Mortgage Prequalification vs. Preapproval

                      Best Places to Live in New Hampshire for Young Adults

                      New Hampshire has numerous places for young folk looking for nightlife and economic opportunity to thrive in. Here are the top three:

                      1. Lebanon

                      Lebanon, New Hampshire

                      Photo credit: iStock/DenisTangneyJr

                      A diverse suburb packed with shops, restaurants, and outdoor recreation, Lebanon offers a lively atmosphere for young people. It has a lower price tag than Portsmouth and provides transportation to New York and Boston via the Dartmouth Coach. The city also houses the Powerhouse Mall, a regional shopping center, and is next door to Dartmouth College. Young adults — those between the ages of 20 and 39 — make up 36% of its population.

                      Population: 15,342

                      Median Household Income: $92,288

                      Cost of Living: 115% of U.S. average

                      Average Rent Price: $2,400/month

                      Home Price-to-Income Ratio: 4.7

                      2. Portsmouth

                      Portsmouth, New Hampshire

                      Photo credit: iStock/Sean Pavone

                      New Hampshire’s oldest city captures the hearts of the state’s younger crowd by combining top-notch breweries, boutiques, restaurants, and outdoor activities. About 17% of its residents are between ages 20 and 39, and residents compare the city’s nightlife to that of Boston. Here are more stats on the city:

                      Population: 22,733

                      Median Household Income: $105,756

                      Cost of Living: 128% of U.S. average

                      Average Rent Price: $2,750

                      Home Price-to-Income Ratio: 6.8

                      3. Salem

                      Home to the Rockingham Park Mall, the largest in New Hampshire, Salem has numerous amenities for young adults. The Castaway Island water park features a 60-foot water slide, while those who seek pure wilderness can find it in the White Mountains and surrounding lakes. In addition, Tuscan Village offers shopping, nightlife, and economic opportunities. Salem’s population includes 28% of residents between the ages of 20 and 39.

                      Population: 31,549

                      Median Household Income: $101,339

                      Cost of Living: 135% of U.S. average

                      Average Rent Price: $2,495

                      Home Price-to-Income Ratio: 5.6

                      Best Places to Live in New Hampshire for Retirees

                      As retirees embark on a new chapter of life, their priorities tend to align around factors like tranquility, health care access, recreational opportunities, and a welcoming community. In this regard, New Hampshire emerges as a haven for retirees, offering a selection of prime destinations tailored to meet these needs. Consider these three:

                      1. Exeter

                      Exeter, New Hampshire

                      Photo credit: iStock/DenisTangneyJr

                      In southern New Hampshire, a short drive from Manchester, Exeter shines as a unique retirement destination. With a remarkable 0.43 retirement community availability per 1,000 residents, the town offers abundant specialized living options. This figure, the highest among its peers on the list, underscores Exeter’s commitment to catering to retirees. Here’s more about this historically significant town that dates back to 1638:

                      Population: 16,172

                      Median Household Income: $96,483

                      Cost of Living: 117% of U.S. average

                      Median Rent Price: $2,225

                      Home Price-to-Income Ratio: 5.9

                      2. Rochester

                      Rochester, New Hampshire

                      Photo credit: iStock/DenisTangneyJr

                      Situated along the border shared with Maine, Rochester emerges as another best place to live in New Hampshire for retirees. Rochester boasts a significant senior demographic, with 19% of its population composed of individuals 65 and over. It’s a promising prospect for retirees yearning for an urban ambiance in New Hampshire.

                      Population: 33,519

                      Median Household Income: $79,388

                      Cost of Living: 108% of U.S. average

                      Median Rent Price: $1,800

                      Home Price-to-Income Ratio: 4.7

                      3. Londonderry

                      Londonderry presents a prime location with proximity to Manchester-Boston Regional Airport, easing travel for retirees and their social circles. It also boasts a robust medical infrastructure, with 3.82 medical centers per 1,000 residents.

                      The town has a senior population of 17%. Londonderry is an appealing choice for retirees seeking a diverse community inclusive of various ages and family structures. Londonderry is an economical choice for retirees looking to embrace their golden years.

                      Population: 26,708

                      Median Household Income: $130,481

                      Cost of Living: 116% of U.S. average

                      Median Rent Price: $2,355

                      Home Price-to-Income Ratio: 4.3

                      Best Places to Live in New Hampshire Near the Water

                      New Hampshire features lakes, rivers, and beachfronts to swim in, fish in, and enjoy. If you’re a fan of the water, consider living in these cities:

                      1. Hampton

                      Hampton, New Hampshire

                      Photo credit: iStock/DenisTangneyJr

                      Sitting on the Atlantic Coast, Hampton offers a boardwalk with beautiful beaches, the Casino Ballroom entertainment venue, carnival games, deep sea fishing, and whale watching tours. In addition, bird-lovers and adventure-seekers can enjoy exploring the Hampton Salt Marshes. While the Average Rental and homeownership costs are higher than other areas, its water-related offerings are unique to the state.

                      Population: 16,484

                      Median Household Income: $87,418

                      Cost of Living: 122% of U.S. average

                      Median Rent Price: $2,700

                      Home Price-to-Income Ratio: 4.61

                      2. Laconia

                      Laconia, New Hampshire

                      Photo credit: iStock/DenisTangneyJr

                      Nestled amidst a cluster of lakes, including Lake Winnipesaukee, Laconia boasts one of the lowest cost of living rankings in the state. The town has four beaches, including one for residents only. Locals enjoy entertainment at the Cake Theatre and Lakeport Opera House, not to mention boating, fishing, and other hallmarks of lakeside life. If home shopping is your next step, visit a home loan help center to learn more about the process and mortgage options.

                      Population: 17,142

                      Median Household Income: $68,427

                      Cost of Living: 103% of U.S. average

                      Median Rent Price: $1,800

                      Home Price-to-Income Ratio: 5.9

                      3. Portsmouth

                      Portsmouth, New Hampshire

                      Photo credit: iStock/SeanPavonePhoto

                      Portsmouth makes a second appearance, this time as an ideal beach town. It contains the mouth of the Piscataqua River, which features fantastic beaches, Peirce Island, and cliffside hiking areas. Plus, the USS Albacore Museum will inspire you to embrace life on the sea. Remember, Portsmouth is one of the more expensive locations in New Hampshire, so it can be cost-prohibitive depending on your budget.

                      Population: 22,733

                      Median Household Income: $105,756

                      Cost of Living: 128% of U.S. average

                      Median Rent Price: $2,750

                      Home Price-to-Income Ratio: 6.8

                      The Takeaway

                      Exploring the most affordable places to live in New Hampshire reveals a range of options that balance cost-effectiveness with quality of life. From the serene landscapes of Berlin, where the average monthly rent is a wallet-friendly $1,075, to the pricier beach town of Hampton, the state has plenty of options for young professionals, families, and retirees alike.

                      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 place to live in New Hampshire?

                      Berlin, New Hampshire, stands out as an affordable place to reside, boasting a notably low cost of living highlighted by a mere $1,075 average monthly rent. This may make Berlin an attractive choice for budget-conscious individuals seeking comfortable living arrangements.

                      How much money do you need to live comfortably in New Hampshire?

                      Living comfortably in New Hampshire requires an estimated annual income of around $51,552 for a single adult to cover expenses such as housing, utilities, transportation, and daily essentials, according to MIT’s Living Wage Calculator.

                      Is New Hampshire cheaper to live in than Maine?

                      New Hampshire’s overall cost of living is slightly higher than Maine’s, however Maine has higher housing costs.

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