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Clark Howard's Tips

January 18, 2008

People often assume the house you own is a ticket to wealth. But the reality is that the more you spend on your home, the less wealthy you'll be in the long run.

Houses depreciate, they do not appreciate. The land they sit on may go up in value, but the houses themselves decline. One of the keys to gaining wealth is trying to keep your housing expenses low.

Forbes has analyzed all the major markets in the nation and come up with a unique list of the Most Affordable Places To Live Well. The emphasis on the last three words is what's really important here. These are all places that offer affordable housing, great cultural opportunities, exceptional quality of life and a low cost of living.

So what's the top city? Minneapolis! The editors at Forbes obviously don't know about the winter in Minnesota! Indianapolis, Cincinnati, St. Louis, Milwaukee, Pittsburgh and Columbus, Ohio also made the cut. So that means 7 of the Top 10 selections are Midwestern cities.

Several emerging Sun Belt cities also round out the list. Houston, Dallas and Atlanta -- 3 of the nation's fastest growers -- are unlike the others in that they come with some traffic and air pollution problems.

The one common link among all 10 cities is that housing is a deal. Being wealthy involves limiting the amount you spend on the roof over your head, the taxes on that roof and all the assorted utility bills every month.

Consumer advice courtesy of