Buy a house in the USA: 10 cities with the best conditions for buying a home
Over the past few years, rising home prices have made buying a home out of reach for so many. As a result, many people have been forced to rethink their plans and reassess their priorities. And while the cost of housing is an important part of what makes a particular location affordable, it's only one piece of the puzzle, reports Lifehacker.
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That's why Homebuyer analysts in their report took into account a few pieces of the puzzle when compiling a ranking of the most affordable American cities where you can buy a house right now. Here's what happened.
What makes a city accessible
Determining the affordability of a city is more than the cost of housing in it, although it is certainly an important component. Instead, there are many factors to consider based on your needs and lifestyle, such as where you work, whether you have children, and proximity to the airport.
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In their recent report, Homebuyer researchers ranked the most affordable US cities based on the following four components:
- House prices and mortgages
- Property tax
- Cost of transportation (including commuting, availability of public transportation, and taxes on gasoline and electricity)
- The cost of insurance.
The Most Affordable US Cities to Buy a Home Right Now
Based on the factors above, here are the top 10 most affordable US housing markets as of February 2023:
1. Macon, Georgia
Total monthly home ownership cost: $1892.
2. Detroit, MI
Total monthly home ownership cost: $1921.
3. Gary, Indiana
Total monthly home ownership cost: $1931.
4. Flint MI
Total monthly home ownership cost: $1951.
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5. Toledo Ohio
Total monthly home ownership cost: $1955.
6. Syracuse, New York
Total monthly home ownership cost: $2065.
7. Canton, Ohio
Total monthly home ownership cost: $2160.
8. Springfield, IL
Total monthly home ownership cost: $2168.
9. Lansing, MI
Total monthly home ownership cost: $2184.
10. Pontiac, Michigan
Total monthly home ownership cost: $2237.
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