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10 Least Expensive Places to Raise a Family

10. Colorado Springs, CO - $68,369

Colorado Springs has possibly the highest cost to raise a family on the list, at $68,369, while the median income is $54,351. Colorado Springs is also notable for the multitude of employers, from Lockheed Martin to Progressive to Oracle.

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9. Research Triangle, NC - $64,953

Duke, Raleigh, and Chapel Hill are a trio of academic powerhouses that offer biotechnology and academic jobs in an affordable living area. At $64,953, the cost to raise a family isn't too terribly high, utilities and transportation are reasonable, and having all those colleges around has got to do something for the schools in the area. 

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8. Omaha, NE - $64,780

The cost of raising a family in Omaha is $64,780/year, with a median household income of $49,352. That median income is pretty average, but the cost of living is well below average here. making Omaha one of the most financially feasible places to have kids. Omaha's also large enough to sustain a good array of things to do, with over 430,000 people living in the city.

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7. Round Rock, TX - $64,657

Living in Austin can be very expensive. Its housing market was almost completely unfazed by the recession. However, the suburbs aren't nearly as bad. Round Rock, Texas has a median household income $17,000 above the U.S. median, and a cost of living 9.4% below the national average. Austin would make for a bit of a commute depending on where you worked, but it's certainly doable, and you're living in a state with no state income tax. EPI lumps Austin, Round Rock, and San Marcos into one metro with an annual family cost of $64,657.

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6. Lawrence, KS - $63,648

Home of the University of Kansas, Lawrence has a surprising amount going on. For a start, it's the home of the Gunn Center for the Study of Science Fiction, which means that high-profile authors come through on a pretty regular basis. There are also several museums in the area and the Robert J. Dole Institute of Politics. If you're looking for an affordable place to raise kids that's also intellectually stimulating, you could do worse. EPI puts the cost of raising a family here at $63,648 a year. 

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5. Cedar Rapids, IA - $62,647

Cedar Rapids boasts a low unemployment rate, and EPI's cost to raise a family is $62,647 a year. The median household income is $52,242, which is really close to EPI's getting-by number. If you're looking to start a business, city aid includes a microloan program, and if you want to keep your kids entertained, the city has 74 parks, 4 golf courses, and 6 swimming pools.

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4. Northwest Arkansas Metro - $60,806

The Fayetteville/Springdale/Rogers area is the fastest-growing in the state. The cost of raising a family here is $60,806 a year, though the median household income is just $36,447. (Per capita income is $25,398, which is a weird difference between household and per capita compared to other cities in the article.) Of course, the region is bustling, between the University of Arkansas, the craft brew scene, and everything you could ask for in a college town.

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3. Nashville, TN - $54,389

With a cost of just $54,389, Nashville is one of the lower-cost entries on this list, though again, average household income is $42,479. Nashville also has a lot of things to do for kids, from the zoo to Opryland to Cheekwood Botanical Garden. It also has some of the best schools in the state.

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2. Memphis, TN - $52,971

We couldn't get away with just one Tennessee city. 14 of the EPI's 15 cheapest places to raise a family are all in Tennessee. The cost in Memphis is $52,971, a pittance compared to D.C. Median household income is just $36,817, though. Still, Memphis is a fun place to live, with affordable child care, an incredible music scene, and a great deal of historical significance.

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1. Morristown, TN - $49,114

It may be small, but according to EPI, the cost of raising a family in Morristown is cheaper than anywhere else in the country, at a mere $49,114. Granted, the median income here is $32,588, but good luck finding a place where that number is higher than the cost of having a family. Morristown has a decent number of things to do, like Panther Creek State Park, and an auto safari., but again, you literally cannot beat the price.

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