Housing Market 2024: 50 Most Affordable ZIP Codes in America To Buy Your First Home
For many Americans, homeownership still feels like a distant dream. Between student loan payments and the rising cost of many items — least of all groceries — you may think you simply can’t afford it. But making the dream of homeownership a reality can still be possible — if you’re willing to be a little flexible in where you live.
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There are still some ZIP codes across America where buying a first home is more affordable. From the famed steps of the Philadelphia Museum of Art, where Rocky Balboa had his great run, to the peach trees of Georgia, some places offer cultural richness as well as greater opportunities to buy a first home.
19134
City and State: Philadelphia, Pennsylvania
Average Home Value: $100,235
Average Monthly Mortgage: $589.32
Average Annual Mortgage: $7,071.78
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19143
City and State: Philadelphia, Pennsylvania
Average Home Value: $120,117
Average Monthly Mortgage: $706.21
Average Annual Mortgage: $8,474.51
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60628
City and State: Chicago, Illinois
Average Home Value: $127,848
Average Monthly Mortgage: $751.66
Average Annual Mortgage: $9,019.88
30906
City and State: Augusta, Georgia
Average Home Value: $134,954
Average Monthly Mortgage: $793.44
Average Annual Mortgage: $9,521.28
31907
City and State: Columbus, Georgia
Average Home Value: $145,474
Average Monthly Mortgage: $855.29
Average Annual Mortgage: $10,263.48
60617
City and State: Chicago, Illinois
Average Home Value: $151,593
Average Monthly Mortgage: $891.27
Average Annual Mortgage: $10,695.19
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19124
City and State: Philadelphia, Pennsylvania
Average Home Value: $151,594
Average Monthly Mortgage: $891.27
Average Annual Mortgage: $10,696.23
19120
City and State: Philadelphia, Pennsylvania
Average Home Value: $152,061
Average Monthly Mortgage: $894.02
Average Annual Mortgage: $10,728.21
60619
City and State: Chicago, Illinois
Average Home Value: $153,582
Average Monthly Mortgage: $902.96
Average Annual Mortgage: $10,835.49
60620
City and State: Chicago, Illinois
Average Home Value: $153,787
Average Monthly Mortgage: $904.16
Average Annual Mortgage: $10,849.93
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44035
City and State: Elyria, Ohio
Average Home Value: $156,216
Average Monthly Mortgage: $918.44
Average Annual Mortgage: $11,021.31
78521
City and State: Brownsville, Texas
Average Home Value: $159,051
Average Monthly Mortgage: $935.11
Average Annual Mortgage: $11,221.31
78577
City and State: Pharr, Texas
Average Home Value: $159,913
Average Monthly Mortgage: $940.18
Average Annual Mortgage: $11,282.16
48180
City and State: Taylor, Michigan
Average Home Value: $161,449
Average Monthly Mortgage: $949.21
Average Annual Mortgage: $11,390.54
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79924
City and State: El Paso, Texas
Average Home Value: $176,303
Average Monthly Mortgage: $1,036.54
Average Annual Mortgage: $12,438.53
78520
City and State: Brownsville, Texas
Average Home Value: $177,257
Average Monthly Mortgage: $1,042.15
Average Annual Mortgage: $12,505.79
60623
City and State: Chicago, Illinois
Average Home Value: $183,815
Average Monthly Mortgage: $1,080.71
Average Annual Mortgage: $12,968.49
78572
City and State: Mission, Texas
Average Home Value: $186,178
Average Monthly Mortgage: $1,094.60
Average Annual Mortgage: $13,135.20
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60085
City and State: Waukegan, Illinois
Average Home Value: $189,241
Average Monthly Mortgage: $1,112.61
Average Annual Mortgage: $13,351.33
78501
City and State: McAllen, Texas
Average Home Value: $192,183
Average Monthly Mortgage: $1,129.91
Average Annual Mortgage: $13,558.87
75217
City and State: Dallas, Texas
Average Home Value: $202,936
Average Monthly Mortgage: $1,193.13
Average Annual Mortgage: $14,317.54
79936
City and State: El Paso, Texas
Average Home Value: $207,930
Average Monthly Mortgage: $1,222.49
Average Annual Mortgage: $14,669.83
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21222
City and State: Dundalk, Maryland
Average Home Value: $209,378
Average Monthly Mortgage: $1,231
Average Annual Mortgage: $14,771.98
27406
City and State: Greensboro, North Carolina
Average Home Value: $210,502
Average Monthly Mortgage: $1,237.61
Average Annual Mortgage: $14,851.27
73160
City and State: Moore, Oklahoma
Average Home Value: $211,383
Average Monthly Mortgage: $1,242.79
Average Annual Mortgage: $14,913.48
77072
City and State: Houston, Texas
Average Home Value: $217,747
Average Monthly Mortgage: $1,280.20
Average Annual Mortgage: $15,362.44
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60609
City and State: Chicago, Illinois
Average Home Value: $219,760
Average Monthly Mortgage: $1,292.04
Average Annual Mortgage: $15,504.45
42101
City and State: Bowling Green, Kentucky
Average Home Value: $219,922
Average Monthly Mortgage: $1,292.99
Average Annual Mortgage: $15,515.91
43055
City and State: Newark, Ohio
Average Home Value: $220,980
Average Monthly Mortgage: $1,299.21
Average Annual Mortgage: $15,590.55
60651
City and State: Chicago, Illinois
Average Home Value: $228,884
Average Monthly Mortgage: $1,345.68
Average Annual Mortgage: $16,148.20
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60629
Zipcode: 60629
City and State: Chicago, Illinois
Average Home Value: $232,364
Average Monthly Mortgage: $1,366.15
Average Annual Mortgage: $16,393.74
75211
City and State: Dallas, Texas
Average Home Value: $232,435
Average Monthly Mortgage: $1,366.56
Average Annual Mortgage: $16,398.74
43130
City and State: Lancaster, Ohio
Average Home Value: $236,208
Average Monthly Mortgage: $1,388.74
Average Annual Mortgage: $16,664.89
60804
City and State: Cicero, Illinois
Average Home Value: $236,648
Average Monthly Mortgage: $1,391.33
Average Annual Mortgage: $16,695.96
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70726
City and State: Denham Springs, Louisiana
Average Home Value: $238,007
Average Monthly Mortgage: $1,399.32
Average Annual Mortgage: $16,791.83
60073
City and State: Round Lake, Illinois
Average Home Value: $240,306
Average Monthly Mortgage: $1,412.84
Average Annual Mortgage: $16,954.03
60632
City and State: Chicago, Illinois
Average Home Value: $247,637
Average Monthly Mortgage: $1,455.94
Average Annual Mortgage: $17,471.27
77373
City and State: Spring, Texas
Average Home Value: $248, 799
Average Monthly Mortgage: $1,462.77
Average Annual Mortgage: $17,553.21
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77521
City and State: Baytown, Texas
Average Home Value: $249,753
Average Monthly Mortgage: $1,463.38
Average Annual Mortgage: $17,620.50
74012
City and State: Broken Arrow, Oklahoma
Average Home Value: $252,672
Average Monthly Mortgage: $1,485.54
Average Annual Mortgage: $17,826.48
78504
City and State: McAllen, Texas
Average Home Value: $255,632
Average Monthly Mortgage: $1,502.94
Average Annual Mortgage: $18,035.30
85364
City and State: Yuma, Arizona
Average Home Value: $256,610
Average Monthly Mortgage: $1,508.69
Average Annual Mortgage: $18,104.32
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40475
City and State: Richmond, Kentucky
Average Home Value: $256,842
Average Monthly Mortgage: $1,510.06
Average Annual Mortgage: $18,120.68
73099
City and State: Yukon, Oklahoma
Average Home Value: $258,787
Average Monthly Mortgage: $1,521.49
Average Annual Mortgage: $18,257.87
19720
City and State: Historic New Castle, Delaware
Average Home Value: $259,775
Average Monthly Mortgage: $1,527.30
Average Annual Mortgage: $18,327.58
78245
City and State: San Antonio, Texas
Average Home Value: $265,457
Average Monthly Mortgage: $1,560.70
Average Annual Mortgage: $18,728.45
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44060
City and State: Mentor, Ohio
Average Home Value: $266,602
Average Monthly Mortgage: $1,567.44
Average Annual Mortgage: $18,809.23
30058
City and State: Lithonia, Georgia
Average Home Value: $266,786
Average Monthly Mortgage: $1,568.52
Average Annual Mortgage: $18,882.27
21740
City and State: Hagerstown, Maryland
Average Home Value: $267,888
Average Monthly Mortgage: $1,575
Average Annual Mortgage: $18,900
32244
City and State: Jacksonville, Florida
Average Home Value: $268,422
Average Monthly Mortgage: $1,578.14
Average Annual Mortgage: $18,937.69
Methodology: For this study, GOBankingRates analyzed the top 500 zip codes in terms of population as sourced from the US Census American Community Survey. For each of the top 500 most populated zip codes, the average single family home value was found from the Zillow Home Value Index. The average mortgage can be calculated by assuming a 10% down payment and using the national 30 year fixed rate mortgage as sourced from the Federal Reserve Economic Data. The total population, total households, population aged 20 to 39, and median household income was all sourced from the US Census American Community Survey. All data was collected on and is up to date as of April 18, 2024.
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This article originally appeared on GOBankingRates.com: Housing Market 2024: 50 Most Affordable ZIP Codes in America To Buy Your First Home
