The 20 most affordable places to live in the U.S., according to a new report.

With the rising cost of living, many Americans are looking for cheap places to live that still maintain a high quality of life. To help in the search for the perfect place to live, financial services company Empower has released a new report with the 20 most affordable cities in the United States.

To compile the list, Empower surveyed 1,000 Americans and analyzed data from a variety of sources, including housing affordability (based on median home price from Realtor.com and median rent from Zumper), cost of living (AdvisorSmith), tax friendliness (SmartAsset), percentage of days per year with sunny weather (CurrentResults) and other metrics.

Sioux Falls, South Dakota has been named the most affordable place to live in the U.S. by a new report.

The absolute top of the list of the cheapest (and best) places to live in the US is Sioux Falls, South Dakota. Located on the banks of the Big Sue River, this Midwest city ranks at the top due to its winning combination of low home prices (the median home price in Sioux Falls is $313,630, according to Zillow), reasonable cost of living and high employment. It also offers a mix of urban amenities and natural beauty, including a network of scenic walking, hiking and biking trails.

Second on the list is Springfield, Illinois, the former home of Abraham Lincoln, which features a blend of affordability and culture thanks to its many museums and historic sites. According to Zillow, the median home price in Springfield is $146,404. Wichita also makes the list, thanks to its low cost of living, family-friendly atmosphere and median home price of $187,171.

Besides the top three, the list of most affordable cities for working adults includes a variety of options. Virginia Beach, Virginia offers a coastal lifestyle with top-notch medical care and cultural activities. Des Moines combines affordability with a thriving job market and a rich cultural scene. Oklahoma City is welcoming with affordable housing and a low cost of living. It should be noted that two cities in Nebraska - Lincoln and Omaha - made the top 10 list due to their affordable living conditions.

Las Vegas, Nevada is the cheapest place to retire in the U.S.

The Empower report also identifies the most affordable cities for retirees in the US. Topping the list is Las Vegas, known for its entertainment industry, sunny weather and tax incentives. It offers quality health care, a thriving retirement community and a wide range of recreational opportunities. According to Zillow, the median home price in Las Vegas is $399,512.

Pittsburgh, Pennsylvania ranks second among cities for retirees due to its emphasis on the quality and affordability of health care. Pittsburgh is home to renowned medical facilities offering access to general medical care and specialty medicine.

Sioux Falls, South Dakota makes the list again, ranking third due to affordability for both working adults and retirees. It has no state income tax, relatively low estate taxes and inheritance taxes. The city also features excellent air quality and a scenic natural environment.

In addition to affordability, the report also highlights the places Americans dream of moving to. Cost of living comes first for working adults when choosing where to live. A low cost of living can help people save more and build their financial stockpile. In addition, proximity to family, safety and job opportunities are important factors for this group.

In terms of dream locations, Denver is the most desirable place to live (17%), followed by San Diego (16%) and New York City (15%). Interestingly, these places didn't perform well on the list of most affordable places to live: Denver is popular because of its high employment and income levels, but loses out on cost of living and housing prices, ranking 66th on the list of most affordable cities. San Diego is ranked 105th. And New York City didn't make the list of affordable places at all because of its high cost of living, inflated rents and housing prices and overall high costs.

Read lists of the cheapest cities to live in the U.S., the most affordable places to retire and places Americans dream of living.

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