A lot of factors go into deciding where to buy a home, and cost is near the top of the list. According to the National Association of Realtors, “overall affordability” is the second-most important factor for homebuyers, right behind “quality of neighborhood.” And a new report from Homebuyer.com reveals the most affordable cities in the U.S. for buying a home.
- Using data from the U.S. Census Bureau and Altos Research, the research team from Homebuyer.com built an algorithm that calculates the relative cost of homeownership in the U.S.
- They analyzed mortgage payments, property taxes, home insurance costs and more in the 800 largest Census-recognized cities to determine the most affordable ones for U.S. home buyers.
- Topping the list is Macon, Georgia, where homeownership costs around $1,892 a month.
- In the southern city, located about 85 miles southeast of Atlanta, monthly mortgage payments are $870, home insurance is $187 and property taxes are $94, on average.
- Coming in second is Detroit, Michigan, with an average monthly home ownership cost of $1,921.
- Michigan is actually home to four of the top 10 most affordable cities for home buyers.
The Top 10 Most Affordable U.S. Cities for Home Buyers
- Macon, Georgia
- Detroit, Michigan
- Gary, Indiana
- Flint, Michigan
- Toledo, Ohio
- Syracuse, New York
- Canton, Ohio
- Springfield, Illinois
- Lansing, Michigan
- Pontiac, Michigan
Source: Daily Mail
Photo: Getty