10 American cities with the lowest cost of living

This month, Realtor.com released its rankings of the 10 lowest cost of living cities, based on the latest regional price parity data from the U.S. Department of Commerce's Bureau of Economic Analysis (BEA). Trade.

Regional price parities measure differences in price levels of goods and services between states and metropolitan areas and are presented as a percentage of the overall national price level, the BEA states.

Hannah Jones, senior economic research analyst at Realtor.com, told CNBC Make It that it's no coincidence that most of the cities on the list are in the South and Midwest.

“Housing is a big part of it. Housing prices tend to be lower in the South and Midwest,” Jones says.

“Markets in the South and Midwest can grow as demand increases, helping to keep housing costs low. Housing prices are relatively affordable due to their ability to adapt to request.”

McAllen, Texas, is the lowest cost of living city in America

McAllen, Texas is ranked as the city with the lowest cost of living. Its RPA was 86.92% and the cost of living is 13% lower than average. For $100 worth of necessities, residents pay $86.82 and the median home price is $275,000.

The driving force behind McAllen's No. 1 ranking is the city's low cost of housing, according to Realtor.com. In McAllen, the home price to income ratio in McAllen is 4.8, meaning home prices are 4.8 times the median household income.

“McAllen has a lot of room to expand and it has. There's been a lot of investment in the area and that's keeping real estate prices relatively low,” Jones said.

Housing supply increased 41% year-on-year in September, she added.

“That tells me there is ample supply given the demand in McAllen, which keeps the cost of living relatively affordable, especially when it comes to housing.”

McAllen, Texas

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McAllen is located on the border between Mexico and the United States and is a major hub for tourism and international trade. The region is a haven for people crossing the border and is known for its bicultural community.

The Texas city is famous for its many shopping districts. Many Mexicans cross the border into McAllen just to shop before returning south, according to the city's website.

Top 10 U.S. Cities with the Lowest Cost of LivingMcAllen, TexasWichita, Kan.Little Rock, Ark.Toledo, OhioScranton, Pa.Dayton, OhioTulsa, Okla.Akron, OhioBirmingham, Ala.El Paso, Texas

Wichita, Kansas has the second lowest cost of living. Its EPS was 89.16% and the median home price is $292,700.

Jones says the cost of basic necessities is also 11% lower than the national standard.

“This means that buyers, or simply residents in the area, are seeing both low housing prices and basic necessities,” she added.

Wichita, Kansas

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Once known as “the Air Capital of the World,” Wichita is the state's largest city. Kansas City is the birthplace of White Castle, Pizza Hut and Koch Industries, the privately owned conglomerate of Charles and David Koch.

Spirit AeroSystems, one of the world's largest aerostructure manufacturers, is also based in Wichita.

The city also has three universities, including Wichita State University.

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