US Cities With the Most Affordable Mortgages
In this article, we have shared the Cities in the US with the most affordable mortgages. Before identifying those cities, we will explain the mortgage affordability index. The percentage of the monthly household income from which is invested in the payment of mortgage of a house in a given city is the mortgage affordability index.
Here are the cities in the U.S. with the most affordable mortgages:
Peoria, Ill
- Median household income: $58,603
- Affordability index: 8.4%
- Peoria is the first on the list of the most affordable large metro areas
Rockford, Ill
- Median household income: $55,829
- Affordability index: 8.8%
Toledo, Ohio
- Median household income: $51,321
- Affordability index: 9.6%
Dayton, Ohio
- Median household income: $54,942
- Affordability index: 10%
Syracuse, N.Y.
- Median household income: $58,715
- Affordability index: 10.2%
Johnstown, Pa
- Median household income: $45,084
- Affordability index: 6.4%
- Of the midsize metros, Johnstown, Pa. is highly affordable, where just 6.4% of household income goes toward a mortgage.
Wheeling, W.V./Ohio
- Median household income: $49,749
- Affordability index: 7.3%
Lawton, Okla
- Median household income: $52,034
- Affordability index: 8.2%
Goldsboro, N.C.
- Median household income: $40,791
- Affordability index: 8.4%
Springfield, Ill.
- Median household income: $63,521
- Affordability index: 8.4%
Colorado Springs, Colorado
- Average monthly rent: $1,551
- Average monthly mortgage payment: $1,545
Pheonix, Arizona
- Average monthly rent: $1,392
- Average monthly mortgage payment: $1,383
Arlington, Texas
- Average monthly rent: $1,555
- Average monthly mortgage payment: $1,545
Stockton, California
- Average monthly rent: $1,569
- Average monthly mortgage payment: $1,547
Greensboro North Carolina
- Average monthly rent: $1,116
- Average monthly mortgage payment: $1,080
Virginia Beach, Virginia
- Average monthly rent: $1,582
- Average monthly mortgage payment: $1,538
Columbus, Ohio
- Average monthly rent: $1,204
- Average monthly mortgage payment: $1,158
Anaheim, California
- Average monthly rent: $2,817
- Average monthly mortgage payment: $2,761
Mesa, Arizona
- Average monthly rent: $1,417
- Average monthly mortgage payment: $1,360
St. Louis, Missouri
- Average monthly rent: $932
- Average monthly mortgage payment: $866
Philadelphia, Pennsylvania
- Average monthly rent: $1,260
- Average monthly mortgage payment: $1,192
Albuquerque, New Mexico
- Average monthly rent: $1,240
- Average monthly mortgage payment: $1,171
Oklahoma City, Oklahoma
- Average monthly rent: $1,084
- Average monthly mortgage payment: $1,006
Sacramento, California
- Average monthly rent: $1,760
- Average monthly mortgage payment: $1,622
Chula Vista, California
- Average monthly rent: $2,566
- Average monthly mortgage payment: $2,475
Corpus Christi, Texas
- Average monthly rent: $1,372
- Average monthly mortgage payment: $1,277
Anchorage, Alaska
- Average monthly rent: $1,817
- Average monthly mortgage payment: $1,708
Jacksonville, Florida
- Average monthly rent: $1,259
- Average monthly mortgage payment: $1,137
Norfolk, Virginia
- Average monthly rent: $1,292
- Average monthly mortgage payment: $1,142
Milwaukee, Wisconsin
- Average monthly rent: $1,051
- Average monthly mortgage payment: $890
Conclusion
We have listed 30 cities in the US which offer affordable mortgages. Before moving, survey the area and do your research on the particular city.
