50 Cities Where You Can Own a Home for Less Than $1,000 a Month
Not even the rising housing crisis, inflation and high cost of living have deterred potential home-buyers. Many people still aspire to be homeowners, as rent and its expenditures can be seen as a higher risk. The average cost of owning a home runs in six figures, and that might look daunting to low- and middle-income earners — depending on family situations, as no two cases are exactly the same.
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However, if you’re determined to own a home, there’s a way, even if you have less than $1,000 to spare every month. In this GOBankingrates study, you can find 50 cities where your home ownership dreams can come true. Livability percentages and the average cost of the mortgage have also been provided to aid you. Check them out.
50. Carbondale, Illinois
Population Total: 22,039
Livability: 70
Average Home Value in April: $124,240
10% Down Payment: $12,424
Loan Amount: $111,816
Average Mortgage Cost: $751
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49. Burlington, Iowa
Population Total: 23,976
Livability: 70
Average Home Value in April: $116,641
10% Down Payment: $11,664
Loan Amount: $104,976
Average Mortgage Cost: $705
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48. Terre Haute, Indiana
Population Total: 58,599
Livability: 70
Average Home Value in April: $147,300
10% Down Payment: $14,730
Loan Amount: $132,570
Average Mortgage Cost: $890
47. Gary, Indiana
Population Total: 69,136
Livability: 70
Average Home Value in April: $78,811
10% Down Payment: $7,881
Loan Amount: $70,930
Average Mortgage Cost: $476
46. Clinton, Iowa
Population Total: 24,524
Livability: 71
Average Home Value in April: $120,811
10% Down Payment: $12,081
Loan Amount: $108,730
Average Mortgage Cost: $730
45. Barberton, Ohio
Population Total: 25,167
Livability: 71
Average Home Value in April: $141,847
10% Down Payment: $14,185
Loan Amount: $127,662
Average Mortgage Cost: $857
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44. Parkersburg, West Virginia
Population Total: 29,685
Livability: 71
Average Home Value in April: $138,480
10% Down Payment: $13,848
Loan Amount: $124,632
Average Mortgage Cost: $837
43. Rock Island, Illinois
Population Total: 37,264
Livability: 71
Average Home Value in April: $121,042
10% Down Payment: $12,104
Loan Amount: $108,938
Average Mortgage Cost: $731
42. Cleveland
Population Total: 370,365
Livability: 71
Average Home Value in April: $107,571
10% Down Payment: $10,757
Loan Amount: $96,814
Average Mortgage Cost: $650
Dolton, Illinois
Population Total: 21,283
Livability: 72
Average Home Value in April: $145,834
10% Down Payment: $14,583
Loan Amount: $131,250
Average Mortgage Cost: $881
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40. Maple Heights, Ohio
Population Total: 23,473
Livability: 72
Average Home Value in April: $118,272
10% Down Payment: $11,827
Loan Amount: $106,445
Average Mortgage Cost: $715
39. Freeport, Illinois
Population Total: 23,884
Livability: 72
Average Home Value in April: $107,243
10% Down Payment: $10,724
Loan Amount: $96,518
Average Mortgage Cost: $648
38. Chicago Heights, Illinois
Population Total: 27,366
Livability: 72
Average Home Value in April: $165,055
10% Down Payment: $16,506
Loan Amount: $148,550
Average Mortgage Cost: $997
37. Warren, Ohio
Population Total: 39,204
Livability: 72
Average Home Value in April: $105,607
10% Down Payment: $10,561
Loan Amount: $95,047
Average Mortgage Cost: $638
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36. Euclid, Ohio
Population Total: 49,279
Livability: 72
Average Home Value in April: $138,338
10% Down Payment: $13,834
Loan Amount: $124,504
Average Mortgage Cost: $836
35. Emporia, Kansas
Population Total: 24,118
Livability: 73
Average Home Value in April: $158,114
10% Down Payment: $15,811
Loan Amount: $142,302
Average Mortgage Cost: $955
34. Fort Dodge, Iowa
Population Total: 24,850
Livability: 73
Average Home Value in April: $128,455
10% Down Payment: $12,846
Loan Amount: $115,610
Average Mortgage Cost: $776
33. Austintown, Ohio
Population Total: 30,397
Livability: 73
Average Home Value in April: $159,883
10% Down Payment: $15,983
Loan Amount: $143,849
Average Mortgage Cost: $966
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32. Eastpointe, Michigan
Population Total: 34,087
Livability: 73
Average Home Value in April: $149,310
10% Down Payment: $14,931
Loan Amount: $134,379
Average Mortgage Cost: $902
31. Moline, Illinois
Population Total: 42,452
Livability: 73
Average Home Value in April: $141,860
10% Down Payment: $14,186
Loan Amount: $127,674
Average Mortgage Cost: $857
30. Roswell, New Mexico
Population Total: 48,035
Livability: 73
Average Home Value in April: $150,719
10% Down Payment: $15,072
Loan Amount: $135,647
Average Mortgage Cost: $911
29. Detroit
Population Total: 636,787
Livability: 73
Average Home Value in April: $72,292
10% Down Payment: $7,229
Loan Amount: $65,063
Average Mortgage Cost: $437
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28. New Iberia, Louisiana
Population Total: 28,363
Livability: 74
Average Home Value in April: $146,118
10% Down Payment: $14,612
Loan Amount: $131,506
Average Mortgage Cost: $883
27. Pekin, Illinois
Population Total: 32,075
Livability: 74
Average Home Value in April: $125,126
10% Down Payment: $12,513
Loan Amount: $112,614
Average Mortgage Cost: $756
26. Mansfield, Ohio
Population Total: 47,630
Livability: 74
Average Home Value in April: $132,024
10% Down Payment: $13,202
Loan Amount: $118,821
Average Mortgage Cost: $798
25. Flint, Michigan
Population Total: 81,863
Livability: 74
Average Home Value in April: $58,555
10% Down Payment: $5,855
Loan Amount: $52,699
Average Mortgage Cost: $354
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24. Peoria, Illinois
Population Total: 113,054
Livability: 74
Average Home Value in April: $121,845
10% Down Payment: $12,185
Loan Amount: $109,661
Average Mortgage Cost: $736
23. Marshalltown, Iowa
Population Total: 27,511
Livability: 75
Average Home Value in April: $153,308
10% Down Payment: $15,331
Loan Amount: $137,978
Average Mortgage Cost: $926
22. North Little Rock, Arkansas
Population Total: 64,454
Livability: 75
Average Home Value in April: $157,202
10% Down Payment: $15,720
Loan Amount: $141,482
Average Mortgage Cost: $950
21. Alliance, Ohio
Population Total: 21,603
Livability: 76
Average Home Value in April: $149,900
10% Down Payment: $14,990
Loan Amount: $134,910
Average Mortgage Cost: $906
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20. Belleville, Illinois
Population Total: 42,155
Livability: 76
Average Home Value in April: $140,985
10% Down Payment: $14,099
Loan Amount: $126,887
Average Mortgage Cost: $852
19. Altoona, Pennsylvania
Population Total: 43,821
Livability: 76
Average Home Value in April: $140,835
10% Down Payment: $14,084
Loan Amount: $126,752
Average Mortgage Cost: $851
18. Wilkes-Barre, Pennsylvania
Population Total: 44,123
Livability: 76
Average Home Value in April: $149,196
10% Down Payment: $14,920
Loan Amount: $134,276
Average Mortgage Cost: $901
17. Binghamton, New York
Population Total: 47,617
Livability: 76
Average Home Value in April: $164,950
10% Down Payment: $16,495
Loan Amount: $148,455
Average Mortgage Cost: $997
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16. Ottumwa, Iowa
Population Total: 25,359
Livability: 77
Average Home Value in April: $114,897
10% Down Payment: $11,490
Loan Amount: $103,407
Average Mortgage Cost: $694
15. Danville, Virginia
Population Total: 42,507
Livability: 77
Average Home Value in April: $144,954
10% Down Payment: $14,495
Loan Amount: $130,459
Average Mortgage Cost: $876
14. Newcastle, Pennsylvania
Population Total: 21,863
Livability: 78
Average Home Value in April: $134,797
10% Down Payment: $13,480
Loan Amount: $121,317
Average Mortgage Cost: $814
13. Michigan City, Indiana
Population Total: 31,983
Livability: 78
Average Home Value in April: $164,504
10% Down Payment: $16,450
Loan Amount: $148,053
Average Mortgage Cost: $994
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12. Lansing, Michigan
Population Total: 112,986
Livability: 78
Average Home Value in April: $150,252
10% Down Payment: $15,025
Loan Amount: $135,226
Average Mortgage Cost: $908
11. Springfield, Illinois
Population Total: 114,214
Livability: 79
Average Home Value in April: $156,898
10% Down Payment: $15,690
Loan Amount: $141,209
Average Mortgage Cost: $948
10. Mason City, Iowa
Population Total: 27,271
Livability: 80
Average Home Value in April: $146,662
10% Down Payment: $14,666
Loan Amount: $131,996
Average Mortgage Cost: $886
9. Huntington, West Virginia
Population Total: 46,637
Livability: 80
Average Home Value in April: $122,577
10% Down Payment: $12,258
Loan Amount: $110,320
Average Mortgage Cost: $741
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8. Youngstown, Ohio
Population Total: 60,048
Livability: 80
Average Home Value in April: $57,505
10% Down Payment: $5,751
Loan Amount: $51,755
Average Mortgage Cost: $347
7. Waterloo, Iowa
Population Total: 67,256
Livability: 80
Average Home Value in April: $146,294
10% Down Payment: $14,629
Loan Amount: $131,664
Average Mortgage Cost: $884
6. Akron, Ohio
Population Total: 190,273
Livability: 80
Average Home Value in April: $128,479
10% Down Payment: $12,948
Loan Amount: $116,531
Average Mortgage Cost: $782
5. Richmond, Indiana
Population Total: 35,642
Livability: 81
Average Home Value in April: $140,214
10% Down Payment: $14,021
Loan Amount: $126,192
Average Mortgage Cost: $847
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4. Lincoln Park, Michigan
Population Total: 39,807
Livability: 81
Average Home Value in April: $145,877
10% Down Payment: $14,588
Loan Amount: $131,289
Average Mortgage Cost: $881
3. Muncie, Indiana
Population Total: 65,167
Livability: 81
Average Home Value in April: $137,404
10% Down Payment: $13,740
Loan Amount: $123,664
Average Mortgage Cost: $830
2. Charleston, West Virginia
Population Total: 48,415
Livability: 83
Average Home Value in April: $151,736
10% Down Payment: $15,174
Loan Amount: $136,562
Average Mortgage Cost: $917
1. Sandusky, Ohio
Population Total: 24,964
Livability: 87
Average Home Value in April: $129,334
10% Down Payment: $12,933
Loan Amount: $116,401
Average Mortgage Cost: $781
Chris Jennings contributed to the reporting for this article.
Methodology: For this study, GOBankingRates analyzed different cities across the United States to find the cities where you can afford to own a home for less than $1,000 a month. Using the Zillow Home Value Index for single family homes, the average home value from April 2024 can be sourced for every city. By assuming a 10% down payment and using the national 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated for each city. The cities with an average mortgage cost under $1,000 were kept for this study. The top 250 cities by population, as sourced from the U.S. Census American Community Survey, were kept for this study. For each city, the livability index was sourced from AreaVibes. All cities with a livability index of 70 or below were removed for this study, as they represent places with a lower quality of life and do not qualify as a best location. The top 50 most populated cities remaining were kept and sorted by the livability index, showing the best cities where you can own a home for less than $1,000 a month. All data was collected on and is up to date as of May 15, 2024.
Photo Disclaimer: Please note photos are for representational purposes only. As a result, some of the photos might not reflect the locations listed in this article.
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This article originally appeared on GOBankingRates.com: 50 Cities Where You Can Own a Home for Less Than $1,000 a Month
