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With real estate price At a record level, it is not surprising that finding an affordable place to live is the top priority for many house buyers for the first time. And although the price requested of a house is certainly one of the largest considerations, many other hidden costs come into play. To help shed light on the larger financial burden, Buyer , a mortgage company for house buyers for the first time, analyzed the 800 largest American cities recorded by the census office in four categories: mortgage payment, property taxes, transport costs and home insurance costs. Continue to read to discover the 10 cities where they say that the purchase of a house is the most affordable depending on the monthly expenses.

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To achieve their results, Homebuyer's research team "has built an algorithm that digests the public and private data from the owners and calculates the relative cost of home ownership in the United States". From there, they allocated a score to each city according to the four categories and their monthly payments. Only cities with a population of 50,000 or more inhabitants were included in the survey.

When searching for overall mortgage payment, house buyers used the mortgage with a conventional fixed rate of 30 years (considered the most common for house buyers for the first time) and "assumed the minimum payment of 3% Authorized "under the first time the buyers for the first time for the first time programs. They then "awarded a mortgage rate of 6% to the conventional loan".

The team also analyzed the home insurance costs by doing the average "City -scale data by using publicly available results from Insurance.com according to the housing coverage of $ 200,000 with a Franchise of $ 1,000 and a personal responsibility police who accompanies him for $ 100,000 in damages. "

Then, the land taxes were determined according to the median registration price multiplied by the local tax rate of the city.

Finally, to find transport costs, house buyers used the center for neighborhood technology H + T index , which, according to them, represent "the average total cost of household transport", including the costs of possession and driving a vehicle, as well as the costs of public transport.

With all these data points considered, here are the 10 cities they consider the most affordable to buy a house at the moment.

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Monthly property cost: $ 2,237

Relative affordability: 99.03%

Pontiac, Michigan, a suburb of North Detroit, is currently experiencing an "economic renaissance", says Homebuyer. The study shares that the city has found a recent increase in new jobs and housing, in addition to improvements such as repavated sidewalks and updated community areas.

Monthly property cost: $ 2,184

Relative affordability: 99.18%

Lansing is the second of the four cities in Michigan to make the top 10. The team in Homebuyer describes Lansing as "a progressive city with a lot of equipment". It is affordable, at a distance from three of the big lakes, and about two hours by car in other animated places such as Detroit, Grand Rapids and Ann Arbor.

Monthly property cost: $ 2,168

Relative affordability: 99.22%

Residents of Springfield, Illinois can enjoy the lifestyle of the big city without high prices. With monthly insurance costs and land taxes at less than $ 200, it is not surprising to see this city on the list. In addition to being affordable, Springfield is home to school districts above average, notes the study.

Monthly property cost: $ 2,160

Relative affordability: 99.25%

As the first of the two cities of Ohio in the Top 10, Canton is certainly affordable. It is full of parks, museums and other activities that will take care of you, and it is also less than two hours from Cleveland and Columbus. Average canton monthly land taxes and insurance costs are both $ 150.

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Monthly property cost: $ 2,065

Relative affordability: 99.51%

Syracuse, New York, the only location in the northeast to be done on this list, is perhaps better known for its university atmosphere. While land taxes are the highest on the list on average of $ 246 per month, the others cost the balance of the total.

The study notes that the demand for housing in Syracuse is high, so if you find a house that you like, it is better to buy it as soon as possible.

Monthly property cost: $ 1,955

Relative affordability: 99.82%

From large lakes to museums and historic sites through outdoor events, Toledo is an excellent place for owners for the first time.

"At the beginning of COVID-19, Toledo experienced a frenzy of purchasing houses which increased the prices of houses across the city," explains the house buyer. "As normality has returned, the local market too."

Monthly property cost: $ 1,951

Relative affordability: 99.83%

Compared to other American cities, Flint, Michigan is one of the cheaps when it comes to buying a house. In fact, he has the lowest average monthly mortgage on the list - $ 738.

Homebuyer also shares this: "In recent years, Flint has undergone significant revitalization, with new businesses and developments emerging across the city."

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Monthly property cost: $ 1,931 AE0FCC31AE342FD3A1346EBB1F342FCB

Relative affordability: 99.89%

Gary, Indiana completes the three best most affordable cities to buy a house due to its low property taxes, with an average of $ 97 per month. In addition to low costs, "the vacuum rates for houses listed at MLS in Gary exceed national averages, which reduces tender wars among the first buyers," notes the team at Homebuyer.

Monthly property cost: $ 1,921

Relative affordability: 99.92%

Transport costs in Detroit can be high, but the city has the second lowest average mortgage payment, $ 771. According to the study, "the median income of the city's households is higher than the average compared to other cities", you will therefore draw the best party of your budget.

Monthly property cost: $ 1,892

Relative affordability: 100%

Macon, in Georgia, takes first place as the most affordable city to buy a house. It should be noted that their monthly property taxes of $ 94 are the lowest average on the list.

The city is home to Mercer University, and the study stresses that the school gives employees $ 20,000 to buy a house in College Hill. Macon also has "local incentive programs for buyers who include aid for the implementation and land tax gels for historical properties", they say.

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