Pittsburgh, Jackson, Syracuse, and Toledo all rank among the most affordable cities. (iStock)
The housing market is having a good day. Although housing prices are on the rise, National Association of Realtorsmortgage rates and homeowners insurance are still rising nationwide, increasing the cost of home ownership.
Due to the current state of the market, some buyers are looking for affordable areas. Recently released Zillow analysis Survey results show that housing costs are less than 30% of the average household budget in 25 metropolitan areas.
Home buyers are often encouraged to spend no more than one-third of their income on housing. This is considered affordable and allows you to leave money for other necessities or savings.
Here are the 25 areas considered to be the most affordable according to Zillow’s research.
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Homeowners’ monthly mortgage payments fall to their lowest interest rates in years
1. Pittsburgh, Pennsylvania
Pennsylvania’s second largest city is home to just over 300,000 people and has some of the lowest housing costs in the nation. According to Zillow research, the average price of a home is $202,454. This brings your typical mortgage payment to about $1,053.
2. Jackson, Mississippi
Jackson, Mississippi, with its warm climate and history, is the state’s largest city with average housing costs under $200,000. According to a report from Zillow, the typical home price is $185,338, which equates to an average mortgage payment of just $964.
3. Syracuse, New York
For those who want to live in New York but don’t want to pay New York’s high prices, Syracuse is a major city with plenty of opportunities. On average, home buyers pay $212,404 for a home, which means their monthly mortgage payment is approximately $1,105.
4. Toledo, Ohio
Toledo is located at the tip of Lake Erie and is home to the Toledo Museum of Art, a good selling point for artistic buyers. Plus, the average monthly mortgage payment is just $920. Typical home prices average $176,787.
5. Wichita, Kansas
Wichita stands out as a small but affordable city. In Kansas’ largest city, homebuyers pay $201,780 for the average home. This equates to a monthly mortgage payment of $1,050 per month.
6. Akron, Ohio
Another Ohio city ranks in Zillow’s top 10 affordable places to live. Akron is a small city with a population of just over 188,000 people. The average buyer pays $207,190 for a home and he pays $1,078 in monthly mortgage payments.
7. St. Louis, Missouri
St. Louis is home to the famous Gateway Arch, a world-class zoo, and the Mississippi River. Although it’s not the most affordable city on this list, most home buyers can still get a home for less than $300,000. Zillow reports that the average home price is $242,214, which means your monthly payment will be about $1,260.
8. Augusta, Georgia
Given its nice weather and budding foodie scene, Augusta, Georgia has more affordable housing options than Atlanta. Typical home prices average $224,839. The buyer typically pays him $1,170 in monthly mortgage payments.
9. Rochester, New York
Located on the shores of Lake Ontario, Rochester is one of New York’s more affordable cities. Homes average $233,753 and monthly mortgage payments average $1,216.
10. Detroit, Michigan
Detroit has been trying to rebuild after years of population decline. We have a vibrant downtown scene and a large inventory. A buyer pays her $240,536 for the average home, which equates to a mortgage payment of approximately $1,251.
11. Birmingham, Alabama
For those looking for constant sunshine, plenty of parks, and delicious Southern food, Birmingham has it all, with relatively low mortgage payments. According to Zillow, the average home price is $247,702 and the average mortgage payment is $1,289.
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#1 city for first-time homebuyers and other top U.S. housing markets
12. Baton Rouge, Louisiana
Baton Rouge, the capital of Louisiana, is the home of the state and has a strong job market, as well as low housing prices, especially compared to expensive New Orleans. The average home price is $228,418 and his monthly mortgage payment is $1,188.
13. Indianapolis, Indiana
Indianapolis has a little bit of everything. Whether a buyer is a sports fan looking to watch a Pacers game or the Indy 500, or wants a variety of job opportunities, he’ll find what he’s looking for. Many home buyers can live without paying more than $1,500 on their mortgage. The average home price is just over $270,000.
14. Little Rock, Arkansas
Little Rock is the capital of Arkansas, located on the banks of the Arkansas River. Potential homebuyers pay an average of $212,713 for a typical home. This equates to $1,107 in monthly payments.
15. Des Moines, Iowa
Des Moines has a vibrant arts and live music scene thanks to its vibrant downtown and Des Moines Arts Center. Being the capital of Iowa, home prices are slightly higher than in other cities, but the typical home price is still $270,827 and the average monthly payment is about $1,400.
16. Columbia, South Carolina
Columbia is the capital of South Carolina with a population of 139,698. Here you’ll find Riverbanks Zoo and Gardens, a combination botanical garden and zoo. Homebuyers should expect to pay about $243,161 on average. This means a mortgage payment of $1,265.
17. Cleveland, Ohio
Cleveland is the perfect city for sports enthusiasts, artists, entrepreneurs, and anyone looking for a vibrant downtown. Additionally, the homes are wonderfully affordable, with a homebuyer paying approximately $215,913 for the home and $1,123 in monthly mortgage payments.
18. Buffalo, New York
Buffalo, New York is a popular vacation destination due to its proximity to Niagara Falls. It also boasts an affordable housing market, with an average monthly mortgage payment of $1,274. The average home price is $244,825.
19. Grand Rapids, Michigan
Grand Rapids is the only city listed on Zillow where the average home price is just over $300,000.Still, this National average is $417,700. The average home buyer pays $1,610 in monthly mortgage payments and $309,531 for the home purchase.
20. Memphis, Tennessee
Memphis has always been a cool city with a huge blues, soul, and rock music scene. Celebrities such as Elvis, Johnny Cash, and BB King all recorded albums at his famous Sun Studio. There is also plenty of affordable housing. The average buyer pays her $234,635 for a home and secures an average mortgage of $1,221.
21. Oklahoma City, Oklahoma
Oklahoma’s capital city has a lot to offer, from music festivals to country-themed bars. It also has an affordable housing market, with the average home price being $229,529. This equates to an average mortgage payment of $1,194.
22. Louisville, Kentucky
In Louisville, home of the Kentucky Derby, homebuyers can get a mortgage for less than $1,300. The average home price is $247,856.
23. Harrisburg, Pennsylvania
Harrisburg has a small-city feel with a population of just over 50,000 people. Despite the small housing market, the city has affordable options. The average home price is $274,217 and the average mortgage payment is $1,427.
24. Cincinnati, Ohio
There’s always something to do in Cincinnati. Home to the famous Cincinnati Zoo and multiple museums, it’s a great city for families. Homebuyers pay an average of $271,766 for a home and secure an average mortgage payment of $1,414.
25. Tulsa, Oklahoma
Tulsa is an inexpensive city overall. Mortgage payments are typically less than $1,200 per month, and the average homebuyer pays an average of $227,703 for a new home.
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Homebuyers considering buying a smaller home or a fixer-upper to combat rising home prices.
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