25 Cities Where You Can Still Buy a House for $1,750 Per Month
The national median sales price of homes in the United States is $436,800, according to recent Federal Reserve data. And when you take things like high inflation, mortgage interest rates, homeowners insurance premiums, property taxes and associated fees into account, the cost of home ownership is too expensive for many people.
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In fact, a recent GOBankingRates survey found that almost two-thirds of people aren’t willing to spend more than $1,750 a month on their mortgage payments in the current economic climate. The good news is that there are still affordable cities in which you can buy a home on a budget.
GOBankingRates analyzed data from the Zillow Home Value Index (ZVHI) and the Federal Reserve of Economic Data (FRED) to rank the top 50 cities in which you can still purchase a home for $1,750 or less a month. Some data points are also from Numbeo’s cost of living information. Here are some of the key results.
25. Philadelphia
Average monthly mortgage amount with 10% down payment: $1,254.34
Average monthly mortgage amount with 5% down payment: $1,324.03
2023 average housing price: $216,654.38
Philadelphia’s cost of living index is 81.5, well below the national average. Everything from groceries to housing to dining out is cheaper than what you’d find in many other cities of a similar size.
24. Corpus Christi, Texas
Average monthly mortgage amount with 10% down payment: $1,239.82
Average monthly mortgage amount with 5% down payment: $1,308.70
2023 average housing price: $214,146.46
The overall cost of living index in Corpus Christi is 83.7. This is lower than the state average of 94.2. It’s also affordable in terms of things like groceries, housing and transportation. Utilities may be on the higher side, however.
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23. Buffalo, New York
Average monthly mortgage amount with 10% down payment: $1,219.01
Average monthly mortgage amount with 5% down payment: $1,286.73
2023 average housing price: $210,551.74
Buffalo’s cost of living index is 78.9 out of 100. This is lower than the state average. On average, homes are very affordable there as well.
22. El Paso, Texas
Average monthly mortgage amount with 10% down payment: $1,208.18
Average monthly mortgage amount with 5% down payment: $1,275.30
2023 average housing price: $208,680.51
Another place where you can spend less than $1,750 a month on housing is El Paso, Texas. Its overall cost of living index is 82. And, while groceries, utilities and healthcare costs may be on the higher side, the cheaper homes may make up for it.
21. Lubbock, Texas
Average monthly mortgage amount with 10% down payment: $1,201.28
Average monthly mortgage amount with 5% down payment: $1,268.01
2023 average housing price: $207,488.62
If you’re looking to spend slightly less, Lubbock is a good mid-sized city with affordable housing options. The cost of living is 80.7 — about on par with El Paso, but still noticeably cheaper than the rest of the state.
20. Rochester, New York
Average monthly mortgage amount with 10% down payment: $1,194.35
Average monthly mortgage amount with 5% down payment: $1,260.70
2023 average housing price: $206,292.21
The median housing price in Rochester is just over $200,000 and the overall cost of living index is 83.2. You can expect to spend more on groceries, healthcare, utilities and entertainment in this city, but housing costs are way down.
19. Oklahoma City
Average monthly mortgage amount with 10% down payment: $1,171.32
Average monthly mortgage amount with 5% down payment: $1,236.39
2023 average housing price: $202,314.21
With a cost of living index of 75.1, Oklahoma City is another affordable city with varied housing options — many of which can fit into almost any budget. Even things like groceries and utilities are cheaper than what you’d find elsewhere.
18. Laredo, Texas
Average monthly mortgage amount with 10% down payment: $1,153.46
Average monthly mortgage amount with 5% down payment: $1,217.54
2023 average housing price: $199,229.01
Laredo boasts many affordable real estate options for families and individuals alike. The overall cost of living index is 82 out of 100 — also well below the national and state average. Groceries, healthcare, utilities and transportation are also slightly lower than average.
17. Tulsa, Oklahoma
Average monthly mortgage amount with 10% down payment: $1,151.18
Average monthly mortgage amount with 5% down payment: $1,215.14
2023 average housing price: $198,836.55
If you’re looking for an affordable location with cheap housing, plenty of nature and a quieter lifestyle, Tulsa could be a good fit for you. The cost of living index is only 82.4 and homes are still very affordable.
16. Amarillo, Texas
Average monthly mortgage amount with 10% down payment: $1,139.42
Average monthly mortgage amount with 5% down payment: $1,202.73
2023 average housing price: $196,805.29
The average homeowner in Amarillo spends close to $1,200 a month on housing — well below the $1,750 limit. The cost of living index is about 77.8.
15. Des Moines, Iowa
Average monthly mortgage amount with 10% down payment: $1,136.03
Average monthly mortgage amount with 5% down payment: $1,199.15
2023 average housing price: $196,219.39
Des Moines’ overall cost of living is 78.7 — nearly 23 points below the national average. While healthcare costs are still a bit higher than the rest of the country, many residents benefit from lower grocery, transportation, utilities and housing costs.
14. Fayetteville, North Carolina
Average monthly mortgage amount with 10% down payment: $1,135.12
Average monthly mortgage amount with 5% down payment: $1,198.18
2023 average housing price: $196,061.08
Located in the south, Fayetteville’s cost of living index is around 82 — about 9 points below the state average. As a result, housing prices are also still more affordable than in other parts of the state. Healthcare and utilities are high, though.
13. Milwaukee, Wisconsin
Average monthly mortgage amount with 10% down payment: $1,133.58
Average monthly mortgage amount with 5% down payment: $1,196.55
2023 average housing price: $195,795.44
With a cost of living index of 72.2, Milwaukee also makes the list for its overall affordability. Housing, groceries and utilities are all cheaper than the national average.
12. Little Rock, Arkansas
Average monthly mortgage amount with 10% down payment: $1,122.43
Average monthly mortgage amount with 5% down payment: $1,184.79
2023 average housing price: $193,869.81
Little Rock’s cost of living is 80.9 out of 100. This is slightly higher than the state average, but many modern amenities, as well as things like groceries, housing, utilities and healthcare are still more affordable than other areas. Its livability scale is 69.
11. Wichita, Kansas
Average monthly mortgage amount with 10% down payment: $1,113.81
Average monthly mortgage amount with 5% down payment: $1,175.69
2023 average housing price: $192,381.59
With an estimated cost of living index of 81.6, which is lower than the state and national average, Wichita also enables many people to live an affordable lifestyle. Entertainment and healthcare are a little higher than average, but the general cost of living is lower.
10. Mobile, Alabama
Average monthly mortgage amount with 10% down payment: $1,037.76
Average monthly mortgage amount with 5% down payment: $1,095.41
2023 average housing price: $179,244.66
Located in the south, Mobile makes the list for its inexpensive real estate, groceries, utilities and transportation — while providing a good quality of life for many people. Its cost of living index is 82.9.
9. Baltimore
Average monthly mortgage amount with 10% down payment: $1,021.59
Average monthly mortgage amount with 5% down payment: $1,078.34
2023 average housing price: $176,451.66
While Maryland itself tends to be an expensive place to live, Baltimore is still cheaper than much of the state. It ranks high in terms of affordable housing and healthcare.
8. Brownsville, Texas
Average monthly mortgage amount with 10% down payment: $938.83
Average monthly mortgage amount with 5% down payment: $990.99
2023 average housing price: $162,158.70
Located on the eastern side of the state off the Gulf of Mexico, Brownsville is a mid-sized city offering affordable housing and a low cost of living. In fact, the state ranks 17th lowest in terms of costs in the country.
7. St. Louis
Average monthly mortgage amount with 10% down payment: $903.05
Average monthly mortgage amount with 5% down payment: $953.22
2023 average housing price: $155,978.22
St. Louis has a cost of living index of 70.1. Housing prices are far below the national average, making it a potentially great option for people looking to save money, invest or prepare for other things like retirement. Its livability score is 54.
6. Memphis, Tennessee
Average monthly mortgage amount with 10% down payment: $861.91
Average monthly mortgage amount with 5% down payment: $909.79
2023 average housing price: $148,872.17
With a cost of living index of 64.9, Memphis is one of the country’s most affordable cities if you’re looking for cheap housing. It’s also a vibrant city with plenty of things to do, whether you’re raising a family or striking out on your own. Memphis has a livability score of 58.
5. Akron, Ohio
Average monthly mortgage amount with 10% down payment: $662.32
Average monthly mortgage amount with 5% down payment: $699.12
2023 average housing price: $114,398.36
Ohio’s cost of living index is 94.0, but the mid-sized city of Akron is even more affordable. It has a livability score of 63.
4. Toledo, Ohio
Average monthly mortgage amount with 10% down payment: $639.33
Average monthly mortgage amount with 5% down payment: $674.85
2023 average housing price: $110,428.03
Like Akron, Toledo is another affordable mid-sized city in Ohio. Its overall cost of living is just over 72 out of 100. Toledo’s livability score is 62.
3. Cleveland
Average monthly mortgage amount with 10% down payment: $587.48
Average monthly mortgage amount with 5% down payment: $620.12
2023 average housing price: $101,471.81
Cleveland’s cost of living index is 75.5, and the average homeowner’s mortgage payment is around one-third of what many people are willing to spend. Perhaps the most expensive things in Cleveland are groceries and utilities.
2. Birmingham, Alabama
Average monthly mortgage amount with 10% down payment: $577.85
Average monthly mortgage amount with 5% down payment: $609.95
2023 average housing price: $99,807.53
With a livability score of 65, Birmingham is about average in terms of quality of life. However, it’s also got a low overall cost of living that may make it appealing to those on a budget.
1. Detroit
Average monthly mortgage amount with 10% down payment: $356.41
Average monthly mortgage amount with 5% down payment: $376.21
2023 average housing price: $61,560.09
And last but not least, Detroit’s cost of living index is 71.0. On the whole, Michigan is still considered cheaper than other states in the country, meaning there are several options to consider in the area. Detroit’s livability score is 54.
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Methodology: To find the Cities Where You Can Still Buy a House for $1750 per Month, GoBankingRates used the top 150 cities in the US and using Zillow Home Value Index, found the 2023 average home value for each city. Then GoBankingRates used the Federal Reserve Economic Data for the 30 year fixed rate mortgage and 30 year mortgage. Also using both a 5% downpayment and 10% downpayment to show how much a mortgage would be in either. All cities where either mortgage rate is over $1750 were removed and the cities were sorted to show the cheapest to most expensive mortgages. All data is up-to-date as-of June 23, 2023.
This article originally appeared on GOBankingRates.com: 25 Cities Where You Can Still Buy a House for $1,750 Per Month
