It's a difficult time for homebuyers no matter what part of the country they're in, but some cities in the US are a lot more affordable than others. To find out where it's easiest to afford a home, Homebuyer.com analyzed mortgage payments, property taxes, transportation expenses and home insurance costs in America's 800 largest Census-recognized cities, then ranked them according to their home affordability scores.
The study also ranked the most affordable small (50,000 – 71,000 residents), mid-sized (71,000 – 113,000 residents) and large (more than 113,000 residents) cities in the US. Because the Census Bureau does not consider areas with populations smaller than 50,000 residents as cities, locations such as South Jordan, Utah; New Braunfels, Texas; and Castle Rock, Colorado, were not included in the analysis.
Key Findings:
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The most affordable US city to purchase a home in is Macon, Georgia, where the total cost of homeownership is $1,892 a month. Macon is also the most affordable of the large cities analyzed.
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When it comes to mid-sized cities, Flint, Michigan, ranks highest. Homeowners in this city see average monthly expenses totalling $1,951.
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Of the 273 small cities in the study, homeownership is most affordable in Gary, Indiana, where mortgage payments, insurance fees, property taxes and transportation expenses cost $1,931 a month, on average.
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Via Homebuyer.com.
