Fourth-best city for cheapskates: Memphis, Tenn.
Cost of living: 14.6% below U.S. average
Elvis Presley could afford plenty of his beloved fried peanut-butter-and-banana sandwiches if he still lived in Memphis, as groceries there cost 11.8% below the U.S. average.
The River City, which placed fifth in CCER's rankings last year, also offers the 13th-lowest housing costs among communities the group surveyed. Local rents and mortgage expenses run 26.8% below the national average.Memphis' 655,200 residents also pay 13.6% less than average on utilities, 10.9% below what's typical for transportation and save 7.6% on health care. Lastly, locals enjoy the 22nd-lowest prices for miscellaneous items, paying 9% less than the average nationwide.