Image captionChatham enjoys a high speed train link to London
Basildon, at a total cost of £14,552, and Luton, at £14,676, were not far behind.
Oxford, Guildford and St Albans were the most expensive places to live and commute from - by train at least.
For the purposes of comparison, residents in London were assumed to be paying for a zone six annual travel card.
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For those wanting to buy a two to three bedroom house or flat, Chatham also turns out to be the most affordable, given the train fares.
The total cost for a year, including an average repayment mortgage, is £14,924.
In London the equivalent figure is £25,940. Anyone moving out to Chatham, therefore, could save as much as £11,016.
In the case of home-ownership, Luton is the second most affordable place to live, with Basildon a rather more distant third.
By contrast, St Albans is the most expensive place to live and commute, coming in at £27,248 a year, making it even more pricey than London itself.
Beaconsfield and Guildford are also near the bottom of the list, making them amongst the most expensive places to commute from.
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The Medway towns
The benefits of Chatham apply equally to other towns on the river, including Rochester and Strood, which have similar rail connections to London.
Richard Donnell of Hometrack, which supplied the property costs for the research, says all the towns in the area are worth considering.
"The analysis shows that it's the most affordable areas where the greatest cost benefits of commuting exist.
North Kent has always had good value for money. Housing and transport connections have also improved, with the high speed rail line (HS1) delivering speedy access to London."