There has been a lot of talk about housing affordability lately. We even had a post a while back about the ideal salary in every state to afford a home. Now, the folks over at GOBankingRates have put together a list of the top cities in America where you can own a home for less than $1k per month. In fact, four out of the top 10 are less than $500! To get their list, GOBankingRates took the 75 largest cities in the U.S. and ranked those with a monthly mortgage payment of $1k or less, based on median housing prices using Zillow’s February, 2018 data. Next, monthly mortgage payments were calculated by assuming 20% down and the current average mortgage rate for the state. Now….let’s talk about creative financing and we might get even more cities on this list!
“Toledo, Ohio, took the top spot in the study with a monthly mortgage payment of just $382, making it one of the cheapest places to live. Memphis, Tenn., and Baltimore ranked second and third, respectively. Cleveland finished fourth because of its higher expected price increase, despite having the lowest median home value, median list price and monthly mortgage payment.”