Your dream home could be less expensive than you thought. Depending on where you’d like to live, affordable places for home buyers are found in small towns and major cities.
Factors involved in finding a home that fits your needs include the housing costs as well as average regional income, interest rates, or local property taxes. Analysts and real estate marketers consider these different elements when considering home affordability.
Here are seven of the most affordable places for home buyers:
- McKinney, Texas — Ranking first on a list of best places for first-time home buyers by WalletHub, McKinney is considered a top-rated place for the real-estate market attractiveness and its high quality of life. WalletHub ranked some 300 cities for affordability, cost of living, and property taxes.
- Orlando — Zillow, a real-estate database firm, named the Florida city number one for first-time home buyers following a study of 35 metropolitan areas. The company based its findings on strong home value growth potential, healthy inventory, and affordability, according to USA Today.
- Pittsburgh — The city was named among the six most-affordable cities in the country for home buyers in an analysis from HSH Associates. It has an average mortgage rate of 3.49 percent, lower than the national average, reported CBS News. The median home price is $140,000 and the income necessary for such a home is $31,962.
- Cleveland — Also listed among the six most-affordable cities for home buyers, Cleveland has a median home price of $138,900, well below the national average of $240,900, according to CBS. Income necessary to afford a median-priced home is $34,185.
- Park Forest, Illinois — Coldwell Banker named it among the top 10 most affordable housing markets, Business Insider noted. The average cost of a four-bedroom, two-bathroom house is $78,392. The town, just outside of Chicago, has a population under 22,000.
- Palatka, Florida — With a population of just over 10,000, Palatka was also considered among the most affordable housing markets by Coldwell Banker. The average price of a four-bedroom, two-bath house is $110,655.
- Gulfport, Mississippi — It was ranked number one as the most affordable beach town in America, according to SmartAsset, which collected Census Bureau data on 221 coastal cities. The median home value is $117,300 and residents spend $926 for property taxes each year.
© 2021 Newsmax Finance. All rights reserved.