25 US cities where you can buy a house by installments for $ 1000 per month
For many people, buying their own home is an American dream come true. But for most Americans, this goal is impossible, writes GOBankingRates.
A recent OnePoll survey conducted for Unison showed that 2 out of 5 millennials (representatives of a generation of people born in the late 1980s and early 1990s) think that the issue of home ownership is completely eliminated for them.
While the labor market is on the rise, wages remain relatively unchanged. According to the Brookings Institution, the average hourly wage in the United States for workers aged 25–54, adjusted for inflation, has increased by only 1979% since 3.
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However, not everything is so sad. A Wells Fargo poll, published in July 2019, showed that 95% of millennial homeowners believe that the joys of owning a home are worth the sacrifice and labor they put in to save. In addition, a small down payment mortgage made buying a home more real for young people. Mortgage program 97 requires a down payment of 3%, while the minimum loan rate of the Federal Housing Administration is 3,5% for buyers with a credit rating of at least 580 points.
However, according to the offers of the portal Zillow, the average price for a private home in the US is $ 285. And that’s a big sum for an average American family. Suppose you are lucky to pay a down payment of 000% of this amount, and you are tied to a fixed mortgage rate of 20% for a period of 3,68 years. In this case, you agree to a monthly payment of $ 30.
It is not surprising that with a constant salary, high housing prices and expensive loan payments, many Americans are not optimistic about the prospect of buying their own housing. But, as you know, the location of real estate plays a key role - and in the US there are many cities that are more than enjoyable and offer affordable options.
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Using Zillow data, GOBankingRates analyzed more than 100 cities - the country's largest housing markets, to determine the best places to buy a home on credit, which will cost you no more than $ 1000 per month. In the process of creating the rating, analysts examined the average cost of housing in the city, taking into account the first installment of 20%, the tax on the purchase of real estate and 3,68% of the interest rate on a mortgage loan. The study also took into account the market forecast and indicators of quality of life in each city.
So if buying your own home is your cherished dream, take a look at the objects in these cities:
- Toledo Ohio
Estimated home value: $ 88
Monthly loan payment: $ 470
Forecast of annual market growth: 2,9%
Life quality rating: 63
- Cleveland Ohio
Estimated home value: $ 86
Monthly loan payment: $ 489
Annual Market Growth Forecast: 3,5% (Ohio State)
Life quality rating: 61
- Fayetteville, North Carolina
Estimated home value: $ 151
Monthly loan payment: $ 696
Forecast of annual market growth: 0,5%
Life quality rating: 63
- Memphis, Tennessee
Estimated home value: $ 115
Monthly loan payment: $ 563
Annual Market Growth Forecast: 4,4% (for Tennessee)
Life quality rating: 65
- St. Louis, MO
Estimated home value: $ 159
Monthly loan payment: $ 729
Forecast of annual market growth: 0,3%
Life quality rating: 58
- Mobil, Alabama
Estimated home value: $ 169
Monthly loan payment: $ 698
Forecast of annual market growth: 2,8%
Life quality rating: 63
- Buffalo, New York
Estimated home value: $ 109
Monthly loan payment: $ 645
Forecast of annual market growth: 4,4%
Life quality rating: 63
- Fort Wayne, Indiana
Estimated home value: $ 169
Monthly loan payment: $ 756
Forecast of annual market growth: 5,8%
Life quality rating: 76
- Tulsa, Oklahoma
Estimated home value: $ 189
Monthly loan payment: $ 875
Forecast of annual market growth: 1,9%
Life quality rating: 69
- Lubbock, TX
Estimated home value: $ 189
Monthly loan payment: $ 978
Forecast of annual market growth: 2,7%
Life quality rating: 78
- Oklahoma City, Oklahoma
Estimated home value: $ 191
Monthly loan payment: $ 952
Forecast of annual market growth: 3%
Life quality rating: 76
- Baltimore, MD
Estimated home value: $ 159
Monthly loan payment: $ 814
Forecast of annual market growth: 1,7%
Life quality rating: 60
- Baton Rouge, Louisiana
Estimated home value: $ 228
Monthly loan payment: $ 954
Forecast of annual market growth: 0,4%
Life quality rating: 66
- Wichita, Kansas
Estimated home value: $ 169
Monthly loan payment: $ 808
Forecast of annual market growth: 2,6%
Life quality rating: 62
- Indianapolis Indiana
Estimated home value: $ 174
Monthly loan payment: $ 795
Forecast of annual market growth: 5,4%
Life quality rating: 70
- Columbia, South Carolina
Estimated home value: $ 185
Monthly loan payment: $ 801
Forecast of annual market growth: 3,4%
Life quality rating: 63
- Kansas City, MO
Estimated home value: $ 189
Monthly loan payment: $ 912
Forecast of annual market growth: 2,3%
Life quality rating: 64
- Louisville, KY
Estimated home value: $ 205
Monthly loan payment: $ 912
Forecast of annual market growth: 3,6%
Life quality rating: 67
- Milwaukee, WI
Estimated home value: $ 134
Monthly loan payment: $ 786
Forecast of annual market growth: 4%
Life quality rating: 58
- Jacksonville florida
Estimated home value: $ 215
Monthly loan payment: $ 964
Forecast of annual market growth: 5,3%
Life quality rating: 75
- Winston-Salem, North Carolina
Estimated home value: $ 192
Monthly loan payment: $ 866
Forecast of annual market growth: 5,1%
Life quality rating: 65
- Columbus, Ohio
Estimated home value: $ 184
Monthly loan payment: $ 997
Forecast of annual market growth: 5,8%
Life quality rating: 76
- Tallahassee Florida
Estimated home value: $ 219
Monthly loan payment: $ 989
Forecast of annual market growth: 2,7%
Life quality rating: 65
- Greensboro, North Carolina
Estimated home value: $ 207
Monthly loan payment: $ 948
Forecast of annual market growth: 4,4%
Life quality rating: 67
- Pensacola Florida
Estimated home value: $ 229
Monthly loan payment: $ 996
Forecast of annual market growth: 6,3%
Life quality rating: 72
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