Cincinnati is the fifth most affordable city in the country. Flickr / Over-the-Rhine To find the most affordable cities in the US, Forbes analyzed data from America's 100 largest Metropolitan Statistical Areas and Metropolitan Divisions with populations of 600,000 or more.

Using the fourth quarter 2014 Housing Opportunity Index from the National Association of Home Builders and Wells Fargo and an index developed by Sperling's Best Places, Forbes measured the cost of food, utilities, gas, transportation, medical expenses and other daily expenses in each area.

Here are the top five most affordable place to live in the 50 states.

5. Cincinnati, Ohio, where the median family income is $68,500, while the Q4 2014 median sales price was $133,000.

Cost below (or above) national average:

Groceries: 4.6%

Utilities: 5.9%

Transportation: (0.2)%

Health: 0.3%

Misc.: 7.2 %

4. Oklahoma City, Oklahoma, where the median family income was $61,400, and the Q4 2014 median sales price was $139,000.

Cost below (or above) national average:

Groceries: 10.1%

Utilities: 10.1%

Transportation: 2.1%;

Health: 6 %

Misc.: 7.7 %

Buffalo may be cold, but it does offer affordable housing. REUTERS/Lindsay DeDario

3. Buffalo, New York, where the median family income is $63,900, while the Q4 2014 median sales price was $118,000.

Cost below (or above) national average:

Groceries: 7.1%

Utilities: (7.1)%

Transportation: (2.4)%

Health: 11.8%

Misc.: 10.7 %

Knoxville, Tennessee has the second-lowest cost of living among US cities. Flickr / Frank Kehren

2. Knoxville, Tennessee, where the median family income is $60,500, and the Q4 2014 median sales price was $144,000.

Cost below (or above) national average:

Groceries: 11.2%

Utilities: 7.7%

Transportation: 14.7%

Health: 7.7%

Misc.: 8 %

The most affordable city in the US is Birmingham, Alabama. Flickr / Alby Headrick

And the number one most affordable city in the US was Birmingham, Alabama, where the median family income is $61,000, while the Q4 2014 median sales price is $130,000.

Cost below (or above) national average: