Here are the most affordable U.S. cities for working adults

article

FILE-People walk down a street in a city downtown. (Photo by Spencer Platt/Getty Images)

Choosing the right place to live can be a difficult decision, specifically when considering if the new place you plan to call home can offer financial stability.

In a recent study published by Empower, the team took a deep dive into which locales provide working adults and retirees the most for their money.

The financial services company collected data on home prices, average income, cost of living, and employment rates across 113 cities. Researchers also surveyed 1,000 Americans about where they want to live and what criteria they look for when deciding where to call home.

Empower also scored each city based on statistics, including cost of living, culture, proximity to family, employment opportunities and crime to create their list.

Based on their results, Sioux Falls, South Dakota, was first, followed by Springfield, Illinois, in the second spot, Wichita, Kansas, at no. 3, Virginia Beach, Virginia, was fourth, with Des Moines, Iowa, rounding out the top-five.

Here are the rankings for the most affordable cities for workers and retirees.

Top 10 most affordable cities for workers

Sioux Falls, South Dakota
Springfield, Illinois
Wichita, Kansas
Virginia Beach, Virginia
Des Moines, Iowa
Oklahoma City, Oklahoma
Lincoln, Nebraska
Anchorage, Alaska
Omaha, Nebraska
McAllen, Texas

The report also ranked the most desired locations where workers want to live based on cost of living, culture, proximity to family, employment opportunities, and crime. According to the report, Denver, San Diego, New York City, Charlotte, and Seattle were the top selections.

Separately, when ranking the most desired locales for retirees, Empower used data for tax friendliness, healthcare access and quality, home prices, cost of living, and average yearly sunshine.

The top-five cities for retirees are Las Vegas at no. 1, Pittsburgh at no. 2, Sioux Falls, South Dakota, ranks third, Detroit was fourth, and Philadelphia was fifth.