May 22

Where a $1K Monthly Mortgage Is Most Possible

Where a $1K Monthly Mortgage Is Most Possible

Where a $1K Monthly Mortgage Is Most Possible

Where a $1K Monthly Mortgage Is Most Possible

 

Median home list prices have been hitting a record pace—topping a $300,000 average in the United States, according to realtor.com® data. The rise in mortgage prices has come with a higher median cost for home loans, which is up nearly 20% to $229,000, over the past five years.

Wage growth hasn’t kept the pace with higher housing costs. Household incomes have only risen 10% in comparison.

However, realtor.com® researchers were still able to find several U.S. markets where around half of borrowers are getting mortgages with payments under $1,000 a month or less on a 30-year fixed-rate loan.

“Right now, the Rust Belt area and parts of the South are where home buyers will get the biggest bang for their buck,” says Todd Teta, chief product officer at ATTOM Data Solutions.

Realtor.com®’s rankings showed these markets offer some of the best chances of scoring some of the lowest monthly mortgage payments:

1. Youngstown, Ohio

  • Median list price: $121,800
  • Share of homes with monthly mortgage of $1,000 or less: 63.7%

2. Peoria, Ill.

  • Median list price: $136,500
  • Share of homes with monthly mortgage of $1,000 or less: 61.2%

3. Binghamton, N.Y.

  • Median list price: $130,000
  • Share of homes with monthly mortgage of $1,000 or less: 61.1%

4. Huntington, W. Va.

  • Median list price: $143,000
  • Share of homes with monthly mortgage of $1,000 or less: 58.2%

5. Davenport, Iowa

  • Median list price: $145,100
  • Share of homes with monthly mortgage of $1,000 or less: 56.2%

6. Lynchburg, Va.

  • Median list price: $150,000
  • Share of homes with monthly mortgage of $1,000 or less: 54.7%

7. Erie, Pa.

  • Median list price: $155,100
  • Share of homes with monthly mortgage of $1,000 or less: 52.3%

View the full list and read the methodology used for the rankings at realtor.com®.

Source:
“A $1,000 Monthly Mortgage Is Real—in These 10 Bargain Cities,” realtor.com®

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