Who’s Paying Less Than $1,000 a Month for Their Homes? Check Out These 30 Cities
With the cost of living at an all-time high, it might seem impossible to find a city where you can pay less than $1,000 a month for your mortgage. But you’re in luck because there are still many cities throughout the United States that are both affordable and worth checking out.
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GOBankingRates gathered and analyzed data from the FRED (Federal Reserve Economic Data) and the Zillow Home Value Index (ZVHI) to determine the cities where you can pay less than $1,000 a month for your home. This list of 30 cities is based on livability, average rental cost, monthly mortgage payment amount and typical home value. Check out these affordable places.
30. Sayre, Pennsylvania
Average monthly rent: $925
Average monthly mortgage: $986.75
Average home value: $170,435.22
The biggest borough in Bradford County, Sayre is a small town with a high quality of life. The overall livability score is 81.
29. Collinsville, Illinois
Average monthly rent: $937.46
Average monthly mortgage: $986.13
Average home value: $170,327.13
With just under 30,000 people, Collinsville is close enough to St. Louis for anyone looking for the city life while still having a suburban feel. Its livability score is 70.
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28. Frankfort, Indiana
Average monthly rent: $675
Average monthly mortgage: $984
Average home value: $169,960.22
Known as the Gem City, Frankfort stands out on the Indiana horizon for its bright lights and various attractions — including the Frankfort Lagoons and a kid-friendly petting zoo. It has a livability score of 79.
27. Salina, Kansas
Average monthly rent: $887.50
Average monthly mortgage: $983.54
Average home value: $169,880.55
Salina has a vibrant downtown and a variety of attractions to keep the whole family entertained. Plus, it’s still very affordable. Its livability score is 70.
26. Newton, Iowa
Average monthly rent: $615
Average monthly mortgage: $956.32
Average home value: $165,179.21
With around 15,000 people, Newton is a small town known for its theater scene, botanical gardens and museums. The town’s livability score is 82.
25. Valley City, North Dakota
Average monthly rent: $595
Average monthly mortgage: $954.39
Average home value: $164,844.79
Valley City is known for its multiple historic bridges, mom-and-pop shops and riverside views. This lovely city has a livability score of 85.
24. Ada, Oklahoma
Average monthly rent: $905.56
Average monthly mortgage: $952.62
Average home value: $164,539.12
With family-friendly recreational activities like the Family Fun Center and McSwain Theater, Ada offers a small-town lifestyle at an affordable price. Its livability score is 71.
23. Ashland, Ohio
Average monthly rent: $822.66
Average monthly mortgage: $948.28
Average home value: $163,790.14
With a livability score of 87, Ashland has a myriad of outdoor activities to choose from, including the Audubon Wetlands Preserve and multiple nature parks. The city also has charming local shops and a quieter vibe for those who want to get away from the hustle and bustle of big-city life.
22. Ottawa, Illinois
Average monthly rent: $924.09
Average monthly mortgage: $944.20
Average home value: $163,085.91
Charming and friendly, Ottawa ranks high with a livability score of 84 and a low cost of living. The town is located near a myriad of natural attractions, including The Fox River and Starved Rock State Park.
21. Tiffin, Ohio
Average monthly rent: $917.37
Average monthly mortgage: $934.27
Average home value: $161,369.66
For outdoor enthusiasts and history buffs, Tiffin offers everything from hiking to bird-watching to historic buildings. The town’s livability score is 84.
20. Elyria, Ohio
Average monthly rent: $886.89
Average monthly mortgage: $927.85
Average home value: $160,262.14
Elyria is home to around 52,000 people and is a good place to live if you’re looking for beautiful scenery and plenty of outdoor recreation. Its livability score is 73.
19. Emporia, Kansas
Average monthly rent: $868.94
Average monthly mortgage: $892.57
Average home value: $154,168.30
The Disc Golf Capital of the World, Emporia is a historic city located near Flint Hills. It has a pleasant downtown historic district and plenty of artisanal goods. Emporia’s livability score is 77.
18. East Peoria, Illinois
Average monthly rent: $600
Average monthly mortgage: $855.81
Average home value: $147,818.44
Family-friendly and community-oriented, East Peoria is an affordable town for young families looking to buy real estate and settle in. Its livability score is 71.
17. Princeton, West Virginia
Average monthly rent: $700
Average monthly mortgage: $847.55
Average home value: $146,391.03
With a lively downtown area, vibrant artwork and plenty of local attractions and shops, Princeton is a great place to check out. As a whole, the town is inexpensive to live in and most people own their own homes. Princeton’s livability score is 73.
16. Waterloo, Iowa
Average monthly rent: $758.20
Average monthly mortgage: $811.23
Average home value: $140,117.63
With art galleries, nature trails, amusement parks, botanic gardens and more, Waterloo is worth considering. The town’s livability score is 71.
15. Uniontown, Pennsylvania
Average monthly rent: $875
Average monthly mortgage: $807.26
Average home value: $139,433.47
Located in southwestern Pennsylvania, Uniontown sits near the beautiful Laurel Highlands and is known for its historic monuments and small-town charm. Its livability score is 77.
14. Alliance, Ohio
Average monthly rent: $716.76
Average monthly mortgage: $796.76
Average home value: $137,618.81
With a population of about 21,000, Alliance offers a more suburban feel while still having the essentials. The town’s livability score is 77, and it even has a well-established private liberal arts college.
13. Meadville, Pennsylvania
Average monthly rent: $600
Average monthly mortgage: $795.38
Average home value: $137,380.36
Another historic town, this one with a livability score of 78, Meadville boasts plenty of arts, tourism and recreation activities. It also has a variety of education and job opportunities.
12. Piqua, Ohio
Average monthly rent: $873.50
Average monthly mortgage: $786.84
Average home value: $135,905
Once known as The Atomic City for housing the nation’s first municipally-owned nuclear power plant, Piqua is now a small town with plenty to do — especially for families or those looking for a quieter lifestyle. Piqua’s livability score is 71.
11. Ambridge, Pennsylvania
Average monthly rent: $805
Average monthly mortgage: $783.34
Average home value: $135,300.55
With museums, antiques, outdoor parks and other family-friendly activities, Ambridge makes the list for its low cost of living and overall livability score of 71.
10. Dixon, Illinois
Average monthly rent: $875
Average monthly mortgage: $780.34
Average home value: $134,783.42
Home to former U.S. President Ronald Reagan, Dixon is both historical and charming. Plus, it’s affordable with an overall livability score of 81.
9. Wheeling, West Virginia
Average monthly rent: $841.44
Average monthly mortgage: $773.05
Average home value: $133,524.01
While on the quieter side, Wheeling is another interesting town to check out if you’re looking to get away from the big city and want to cut back on expenses. The town’s livability score is 71.
8. Hutchinson, Kansas
Average monthly rent: $690.74
Average monthly mortgage: $770.88
Average home value: $133,149.31
Home to the Kansas State Fair, Hutchinson has just shy of 40,000 residents, making it a decent-sized town with plenty of recreation, shopping, restaurants and other amenities. Its livability score is 70.
7. Nitro, West Virginia
Average monthly rent: $600
Average monthly mortgage: $723.10
Average home value: $124,896.95
Sometimes called the Living Memorial to World War I, Nitro is located somewhere between Charleston and Huntington. This puts it at a convenient location for those who want to still visit bigger cities on the weekends, but who prefer a quieter lifestyle. Its livability score is 75.
6. Steubenville, Ohio
Average monthly rent: $697.78
Average monthly mortgage: $700.85
Average home value: $121,053.78
Located about 40 miles from Pittsburgh, Steubenville is the best of both worlds for those seeking a small town near a big city. The town’s livability score is 70.
5. Altoona, Pennsylvania
Average monthly rent: $908.41
Average monthly mortgage: $696.86
Average home value: $120,364.64
Altoona is located in the middle of Pennsylvania and has a livability score of 71. This verdant town is especially known for Horseshoe Curve, a manmade site where you can spend your leisure time relaxing and watching the trains.
4. Marshall, Texas
Average monthly rent: $708.33
Average monthly mortgage: $663.04
Average home value: $114,523,19
Historically one of Texas’ most significant cities, Marshall is a small town that’s home to around 22,000 people. Located in the northeastern part of the state, this town is close to Shreveport, Louisiana, a mid-sized city with plenty to do. Marshall’s livability score is 70.
3. Rantoul, Illinois
Average monthly rent: $806.50
Average monthly mortgage: $650.96
Average home value: $112,435.70
Quiet and outdoorsy, Rantoul’s livability score is 70. The town offers a diverse mix of activities and an affordable cost of living.
2. Freeport, Illinois
Average monthly rent: $742.05
Average monthly mortgage: $574.69
Average home value: $99,262.44
With a livability score of 73, Freeport ranks near the top of the list of places where you can spend well under $1,000 a month on your mortgage — or even rent — payment. Freeport offers family-friendly activities and a small-town charm.
1. Pitcairn, Pennsylvania
Average monthly rent: $625
Average monthly mortgage: $498.06
Average home value: $86,026.54
And finally, with a livability score of 70, there’s Pitcairn. This town is inexpensive and has decent schools. It’s also located near the slightly larger town of Monroeville, which offers more amenities and opportunities.
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Methodology: To find out which cities in the U.S. where you can afford a home for under $1,000 a month, GOBankingRates used the Zillow Home Value Index to find the 2023 average home value. For each city, the livability score was recorded and scores under 70 were filtered out. Using 10% as a downpayment and 30-year mortgage, GOBankingRates used the National 30-year mortgage rate, sourced Federal Reserve Economic Data, to calculate the monthly mortgage amount. For each city the 2023 average rental cost was also recorded, sourced from Zillow Observed Rental Index. The data was sorted to show the cheapest to most expensive for homeowners in terms of mortgage costs. All data was collected and is up-to-date as-of June 23, 2023.
This article originally appeared on GOBankingRates.com: Who’s Paying Less Than $1,000 a Month for Their Homes? Check Out These 30 Cities
