25 Most Affordable Places to Buy a Home in the US
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Based on Mortgage value vs Median Income... Quite a few of our favorite cities made the list...
https://www.zillow.com/learn/most-affordable-places-to-live/
The 25 Most Affordable Places to Buy a Home
The typical mortgage payment in these housing markets consumes less than a third of the median household monthly income.
1. Pittsburgh, PA
Three rivers form the heart of this waterfront city, which boasts 446 bridges — more than Venice, Italy.
Typical home value: $202,454
Share of monthly income needed to pay the typical mortgage: 19%
Typical monthly mortgage payment: $1,053
Years to save for 20% down payment: 5.3
2. Jackson, MS
Nicknamed "The City With Soul,” this capital city is steeped in history and delivers big on southern hospitality.
Typical home value: $185,338
Share of monthly income needed to pay the typical mortgage: 22%
Typical monthly mortgage payment; $964
Years to save for 20% down payment: 5.7
3. Syracuse, NY
A regional hub for education and entertainment, this city in central New York is expected to benefit from the construction of a mega-complex of computer chip plants in its northern suburbs.
Typical home value: $212,404
Share of monthly income needed to pay the typical mortgage: 23%
Typical monthly mortgage payment: $1,105
Years to save for 20% down payment: 5.8
4. Toledo, OH
Known for eclectic architectural styles and its long history as a center of glass manufacturing, Toledo is full of surprises, including an 8,600 square-foot aquaponics farm in the heart of downtown.
Typical home value: $176,787
Share of monthly income needed to pay the typical mortgage: 24%
Typical monthly mortgage payment: $920
Years to save for 20% down payment: 5.6
5. Wichita, KS
Despite its size, Wichita is one of the least congested cities in the U.S., with average one-way commute times of about 19 minutes.
Typical home value: $201,780
Share of monthly income needed to pay the typical mortgage: 24%
Typical monthly mortgage payment: $1,050
Years to save for 20% down payment: 5.7
6. Akron, OH
Akron is home to several higher education institutions, including the University of Akron and Kent State University, which infuse the city with youthful energy.
Typical home value: $207,190
Share of monthly income needed to pay the typical mortgage: 24%
Typical monthly mortgage payment: $1,078
Years to save for 20% down payment: 5.8
7. St. Louis, MO
Known as “The Gateway to the West,” St. Louis’ rich history as a frontier town is reflected in its diverse architecture, historic neighborhoods and landmarks.
Typical home value: $242,214
Share of monthly income needed to pay the typical mortgage: 25%
Typical monthly mortgage payment: $1,260
Years to save for 20% down payment: 6
8. Augusta, GA
Georgia’s second oldest city, known worldwide for an annual golf tournament, sits along the Savannah River, with easy access to outdoor recreation.
Typical home value: $224,839
Share of monthly income needed to pay the typical mortgage: 25%
Typical monthly mortgage payment: $1,170
Years to save for 20% down payment: 6.4
9. Rochester, NY
This city in western New York has gone through many iterations, and while industries have come and gone, the city has maintained a rich arts scene and hosts several cultural festivals each year.
Typical home value: $233,753
Share of monthly income needed to pay the typical mortgage: 25%
Typical monthly mortgage payment: $1,216
Years to save for 20% down payment: 6.2
10. Detroit, MI
This riverfront city, which sits along the Canadian border, embraces diversity and continues to remake itself and its downtown core.
Typical home value: $240,536
Share of monthly income needed to pay the typical mortgage: 26%
Typical monthly mortgage payment: $1,251
Years to save for 20% down payment: 6.2
11. Birmingham, AL
The city, which played a significant role in the U.S. civil rights struggle of the 1960s, boasts a rich cultural scene and renowned medical and health care institutions.
Typical home value: $247,702
Share of monthly income needed to pay the typical mortgage: 26%
Typical monthly mortgage payment: $1,289
Years to save for 20% down payment: 6.7
12. Baton Rouge, LA
Home to Louisiana State University, Baton Rouge’s rich cultural heritage is influenced by French, Spanish, African, and Creole traditions that live on in its music, food and festivals.
Typical home value: $228,418
Share of monthly income needed to pay the typical mortgage: 26%
Typical monthly mortgage payment: $1,188
Years to save for 20% down payment: 6.5
13. Indianapolis, IN
Home to one of the oldest auto racing circuits in the U.S., this waterfront city landed a spot as one of the most affordable U.S. cities on Zillow’s list of the hottest housing markets for 2024.
Typical home value: $270,026
Share of monthly income needed to pay the typical mortgage: 26%
Typical monthly mortgage payment: $1,405
Years to save for 20% down payment: 6.6
14. Little Rock, AR
This capital city won a place on Zillow’s list of the best cities for first-time buyers in 2023.
Typical home value: $212,713
Share of monthly income needed to pay the typical mortgage: 26%
Typical monthly mortgage payment: $1,107
Years to save for 20% down payment: 6.5
15. Des Moines, IA
A study in contrasts, Des Moines hosts one of the largest and oldest state fairs in America and serves as a major center for insurance and financial services.
Typical home value: $270,827
Share of monthly income needed to pay the typical mortgage: 26%
Typical monthly mortgage payment: $1,409
Years to save for 20% down payment: 6.1
16. Columbia, SC
A typical home in this capital city, located in the middle of the state, goes from listing to pending in about 17 days.
Typical home value: $243,161
Share of monthly income needed to pay the typical mortgage: 26%
Typical monthly mortgage payment: $1,265
Years to save for 20% down payment: 7
17. Cleveland, OH
Known for attractions like the Rock & Roll Hall of Fame and a theater district that is second in size only to New York City.
Typical home value: $215,913
Share of monthly income needed to pay the typical mortgage: 26%
Typical monthly mortgage payment: $1,123
Years to save for 20% down payment: 6.1
18. Buffalo, NY
Known for epic snowstorms and its proximity to Niagara Falls, Buffalo topped the list of Zillow’s hottest markets for 2024.
Typical home value: $244,825
Share of monthly income needed to pay the typical mortgage: 26%
Typical monthly mortgage payment: $1,274
Years to save for 20% down payment: 6.5
19. Grand Rapids, MI
Located on the Grand River, Grand Rapids is known for its breweries and relatively low cost of living.
Typical home value: $309,531
Share of monthly income needed to pay the typical mortgage: 27%
Typical monthly mortgage payment: $1,610
Years to save for 20% down payment: 7.3
20. Memphis, TN
Known as the official home of the blues, Memphis is home to Elvis Presley’s mansion, Graceland, one of the most visited homes in the U.S.
Typical home value: $234,635
Share of monthly income needed to pay the typical mortgage: 27%
Typical monthly mortgage payment: $1,221
Years to save for 20% down payment: 7
21. Oklahoma City, OK
The energy industry fuels the economy here, but cowboy culture is still alive and well.
Typical home value: $229,529
Share of monthly income needed to pay the typical mortgage: 27%
Typical monthly mortgage payment: $1,194
Years to save for 20% down payment: 6.4
22. Louisville, KY
Louisville boasts skyscrapers and the largest historic preservation district featuring Victorian architecture in the U.S.
Typical home value: $247,856
Share of monthly income needed to pay the typical mortgage: 28%
Typical monthly mortgage payment: $1,290
Years to save for 20% down payment: 6.9
23. Harrisburg, PA
Located on the east bank of the Susquehanna River, this capital city serves as the metropolitan center for about 400 communities.
Typical home value: $274,217
Share of monthly income needed to pay the typical mortgage: 28%
Typical monthly mortgage payment: $1,427
Years to save for 20% down payment: 6.9
24. Cincinnati, OH
Located in a river valley, Cincinnati came in second on Zillow’s list of hottest markets for 2024.
Typical home value: $271,766
Share of monthly income needed to pay the typical mortgage: 28%
Typical monthly mortgage payment: $1,414
Years to save for 20% down payment: 6.9
25. Tulsa, OK
This spirited city is known for its classic and original Art Deco architecture and arts scene.
Typical home value: $227,703
Share of monthly income needed to pay the typical mortgage: 28%
Typical monthly mortgage payment: $1,185
Years to save for 20% down payment: 6.7
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Nothing beachfront and warm on the list.
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@jon-nyc said in 25 Most Affordable Places to Buy a Home in the US:
Nothing beachfront and warm on the list.
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I was surprised to read about Cleveland’s theater district.
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Pittsburgh (and Harrisburg), are good cities. Those would be great places to move to.
@jon-nyc some people asked why I would move to Minnesota. I actually like the seasonality of the weather (srsly). This morning I just cleared 8" of snow from our driveway and sidewalks, and it's quite nice when Spring fully arrives and everything blooms, the birds are out in force... then summer is nice here, lake life baby! Fall lasts long here (compared to Virginia, at least, where I lived), and winter here provides great snow-based activities. Anyway... a mini-rant, but I like to visit beach/warm areas but give me Pittsburgh or Minneapolis any day!
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Beachfront Connecticut is nice enough in the summer but would suck donkey dick in the winter. And not in a good way.
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Beachfront Connecticut is nice enough in the summer but would suck donkey dick in the winter. And not in a good way.
@Doctor-Phibes said in 25 Most Affordable Places to Buy a Home in the US:
Beachfront Connecticut is nice enough in the summer but would suck donkey dick in the winter. And not in a good way.
POTM (morning)
