12 Most Affordable Towns To Live In The United States

Richmond, Ind.

Cost of living: 19.1% below national average

City population: 35,539

Median household income: $39,724

Median home value: $88,400

Unemployment rate: 5.1%

Richmond is famous for its contribution to jazz music, with some of the first jazz records recorded with Richmond's Gennett Record, including some feats of Hoagy Carmichael, Duke Ellington and Louis Armstrong.

Apart from its special relationship with jazz music, Richmond also boasts several high-quality institutions, including Indiana University East, the Earlham School of Religion and the Bethany Theological Seminary.

This small town is also one of the cheapest to live in, with residents paying 34 percent less on housing than the national average. Rent is around 50 percent below the U.S. average while the median home value is 26 percent less.

Healthcare services are also affordable, with a visit to the ophthalmologist costing half the national average.