Yahoo Finance 25 Big Cities With the Most Affordable Housing
Housing is typically your biggest expense — whether you rent or own — and it’s become unaffordable for many in the largest cities in the U.S. The good news, though, is there are some major cities where housing is still relatively affordable.
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GOBankingRates analyzed the top 250 major cities by population to find the most affordable housing. Using the Zillow Home Value Index for single family homes to find the average home values for each city, a number of factors for each city were found, including the total population, total households, median household income and cost-of-living indexes.
Here are 25 big cities with the most affordable housing, from most expensive to cheapest.
Amarillo, Texas
Average home value: $201,798
Mortgage: $1,211
Located in the Texas Panhandle, Amarillo has a population of 200,360. The median household income in Amarillo is $60,628, and the total monthly cost of living is $3,008.
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Independence, Missouri
Average home value: $199,233
Mortgage: $1,195
Just east of Kansas City lies Independence, which has a population of 122,218. The total monthly cost of living is $3,154 and the household median income is $57,415.
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Abilene, Texas
Average home value: $199,229
Mortgage: $1,195
Abilene is located on the plains in west-central Texas. Its population is 126,356 and the monthly cost of living is $3,081.
Wichita, Kansas
Average home value: $197,243
Mortgage: $1,183
Wichita is the largest city in Kansas, with a population of approximately 396,000. The household median income is $60,712 and the total monthly cost of living is $3,286.
Mobile, Alabama
Average home value: $192,394
Mortgage: $1,154
Mobile is considered the cultural center of the Gulf Coast. The population is 186,316 and the total monthly cost of living is $3084.
Kansas City, Kansas
Average home value: $189,935
Mortgage: $1,140
Kansas City lies where the Kansas and Missouri rivers meet. The total monthly cost of living is $3,056, and the household median income is $56,120.
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Brownsville, Texas
Average home value: $188,705
Mortgage: $1,132
Brownsville is the largest city in the Rio Grande Valley of Texas. The population is approximately 187,000, and the total monthly cost of living is $2,949.
Baltimore
Average home value: $186,037
Mortgage: $1,116
Located 40 miles northeast of Washington, D.C., Baltimore has a population of 584,548 and 247,232 households. The average monthly cost of living is $3,103.
Syracuse, New York
Average home value: $184,080
Mortgage: $1,104
Syracuse is the fourth-largest city in New York and has a population of 146,134. The household median income is $43,584, and the total monthly cost of living is $3,432.
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Topeka, Kansas
Average home value: $183,284
Mortgage: $1,100
Topeka is the capital city of Kansas with a population of 126,431. The city has over 54,000 households, and the total monthly cost of living is $3,226.
Augusta, Georgia
Average home value: $175,865
Mortgage: $1,055
Located in east-central Georgia, Augusta has a population of 201,615. The city has 72,510 households, and the total monthly cost of living is $2,977.
St. Louis
Average home value: $175,179
Mortgage: $1,051
If you move to St. Louis, you’ll live in a city of almost 300,000. Even so, the total monthly cost of living is quite reasonable at $2,972.
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Macon, Georgia
Average home value: $166,257
Mortgage: $998
If you’re looking to keep your mortgage under $1,000, Macon is one option. This city in central Georgia has a population of 156,554 and a total monthly cost of living of $2,973.
Columbus, Georgia
Average home value: $162,110
Mortgage: $973
Columbus, located in western Georgia, has a household median income of $54,561. The total monthly cost of living is $2,944.
Rockford, Illinois
Average home value: $152,441
Mortgage: $915
Located in northern Illinois, Rockford has a total monthly cost of living of $2,960. Its population is 148,173.
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Memphis, Tennessee
Average home value: $149,486
Mortgage: $897
Memphis, which has a whopping population of approximately 630,000, is known as both the “Home of the Blues” and the “Birthplace of Rock ‘n’ Roll.” The total monthly cost of living in this big city is $2,830.
Dayton, Ohio
Average home value: $144,245
Mortgage: $865
Dayton, located in southwestern Ohio, has a total monthly cost of living of $2,845. The population is 137,305.
Montgomery, Alabama
Average home value: $143,083
Mortgage: $858
Montgomery is the capital of Alabama, with a population of almost 200,000. The household median income is $54,166.
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Shreveport, Louisiana
Average home value: $134,910
Mortgage: $809
Located about 20 miles from the Texas border, Shreveport has a population of 186,183. The total monthly cost of living is $2,690.
Akron, Ohio
Average home value: $129,479
Mortgage: $777
Akron is in the northeastern part of Ohio and has a population of 190,273. The household median income is $46,596 and the total monthly cost of living is $2,685.
Birmingham, Alabama
Average home value: $126,534
Mortgage: $759
Birmingham is the largest city in Alabama with a population of 200,431. The household median income is $42,464, and the total monthly cost of living is $2,732.
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Toledo, Ohio
Average home value: $119,053
Mortgage: $714
There are 117,618 households in Toledo, and the household median income is $45,405. The total monthly cost of living is $2,622.
Cleveland
Average home value: $107,571
Mortgage: $645
Cleveland, located in northeastern Ohio, has a population of 370,365. The total monthly cost of living is $2,574.
Detroit
Average home value: $72,292
Mortgage: $434
Detroit is one of the largest cities on this list, with a population of 636,787. Its household median income is one of the lowest, however, at $37,761. The total monthly cost of living is $2,333.
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Jackson, Mississippi
Average home value: $63,656
Mortgage: $382
Jackson ranks as the city with the largest population in the state of Mississippi, at 153,271. The household median income is $42,193, and the total monthly cost of living is $2,208.
Methodology: For this study, GOBankingRates analyzed the top 250 major cities by population, as sourced from the US Census American Community Survey, to find the most affordable housing. First, GOBankingRates found a number of factors for each city, including total population, total households and median household income — all sourced from the US Census American Community Survey. For each city, the cost-of-living indexes were sourced from Sperling’s BestPlaces and using the national average expenditure costs for all residents, as sourced from the Bureau of Labor Stiatistics Consumer Expenditure Survey, the average expenditure cost was calculated. Using Zillow Home Value Index for single family homes, the average home values from April 2024 were found for each city. By assuming a 10% down payment and the national 30-year fixed mortgage rate, the average mortgage cost was calculated for each city. Using the average mortgage and the average expenditure costs, the total cost of living was calculated. The cities were sorted to rank the cities based on mortgages. All data was collected on and is up to date as of May 17, 2024.
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This article originally appeared on GOBankingRates.com: 25 Big Cities With the Most Affordable Housing
