25 US cities where you can buy a house by installments for $ 1000 per month

For many people, buying their own home is an American dream come true. But for most Americans, this goal is impossible, writes GOBankingRates.

Photo: Shutterstock

A recent OnePoll survey conducted for Unison showed that 2 out of 5 millennials (representatives of a generation of people born in the late 1980s and early 1990s) think that the issue of home ownership is completely eliminated for them.

While the labor market is on the rise, wages remain relatively unchanged. According to the Brookings Institution, the average hourly wage in the United States for workers aged 25–54, adjusted for inflation, has increased by only 1979% since 3.

On the subject: How is buying a house in the United States: the experience of a Russian-speaking immigrant

However, not everything is so sad. A Wells Fargo poll, published in July 2019, showed that 95% of millennial homeowners believe that the joys of owning a home are worth the sacrifice and labor they put in to save. In addition, a small down payment mortgage made buying a home more real for young people. Mortgage program 97 requires a down payment of 3%, while the minimum loan rate of the Federal Housing Administration is 3,5% for buyers with a credit rating of at least 580 points.

However, according to the offers of the portal Zillow, the average price for a private home in the US is $ 285. And that’s a big sum for an average American family. Suppose you are lucky to pay a down payment of 000% of this amount, and you are tied to a fixed mortgage rate of 20% for a period of 3,68 years. In this case, you agree to a monthly payment of $ 30.

It is not surprising that with a constant salary, high housing prices and expensive loan payments, many Americans are not optimistic about the prospect of buying their own housing. But, as you know, the location of real estate plays a key role - and in the US there are many cities that are more than enjoyable and offer affordable options.

On the subject: 6 major US cities with the most affordable rental housing

Using Zillow data, GOBankingRates analyzed more than 100 cities - the country's largest housing markets, to determine the best places to buy a home on credit, which will cost you no more than $ 1000 per month. In the process of creating the rating, analysts examined the average cost of housing in the city, taking into account the first installment of 20%, the tax on the purchase of real estate and 3,68% of the interest rate on a mortgage loan. The study also took into account the market forecast and indicators of quality of life in each city.

So if buying your own home is your cherished dream, take a look at the objects in these cities:

1. Toledo Ohio

Estimated home value: $ 88

Monthly loan payment: $ 470

Forecast of annual market growth: 2,9%

Life quality rating: 63

2. Cleveland Ohio

Estimated home value: $ 86

Monthly loan payment: $ 489

Annual Market Growth Forecast: 3,5% (Ohio State)

Life quality rating: 61

3. Fayetteville, North Carolina

Estimated home value: $ 151

Monthly loan payment: $ 696

Forecast of annual market growth: 0,5%

Life quality rating: 63

4. Memphis, Tennessee

Estimated home value: $ 115

Monthly loan payment: $ 563

Annual Market Growth Forecast: 4,4% (for Tennessee)

Life quality rating: 65

5. St. Louis, MO

Estimated home value: $ 159

Monthly loan payment: $ 729

Forecast of annual market growth: 0,3%

Life quality rating: 58

6. Mobil, Alabama

Estimated home value: $ 169

Monthly loan payment: $ 698

Forecast of annual market growth: 2,8%

Life quality rating: 63

7. Buffalo, New York

Estimated home value: $ 109

Monthly loan payment: $ 645

Forecast of annual market growth: 4,4%

Life quality rating: 63

8. Fort Wayne, Indiana

Estimated home value: $ 169

Monthly loan payment: $ 756

Forecast of annual market growth: 5,8%

Life quality rating: 76

9. Tulsa, Oklahoma

Estimated home value: $ 189

Monthly loan payment: $ 875

Forecast of annual market growth: 1,9%

Life quality rating: 69

10. Lubbock, TX

Estimated home value: $ 189

Monthly loan payment: $ 978

Forecast of annual market growth: 2,7%

Life quality rating: 78

11. Oklahoma City, Oklahoma

Estimated home value: $ 191

Monthly loan payment: $ 952

Forecast of annual market growth: 3%

Life quality rating: 76

12. Baltimore, MD

Estimated home value: $ 159

Monthly loan payment: $ 814

Forecast of annual market growth: 1,7%

Life quality rating: 60

13. Baton Rouge, Louisiana

Estimated home value: $ 228

Monthly loan payment: $ 954

Forecast of annual market growth: 0,4%

Life quality rating: 66

14. Wichita, Kansas

Estimated home value: $ 169

Monthly loan payment: $ 808

Forecast of annual market growth: 2,6%

Life quality rating: 62

15. Indianapolis Indiana

Estimated home value: $ 174

Monthly loan payment: $ 795

Forecast of annual market growth: 5,4%

Life quality rating: 70

16. Columbia, South Carolina

Estimated home value: $ 185

Monthly loan payment: $ 801

Forecast of annual market growth: 3,4%

Life quality rating: 63

17. Kansas City, MO

Estimated home value: $ 189

Monthly loan payment: $ 912

Forecast of annual market growth: 2,3%

Life quality rating: 64

18. Louisville, KY

Estimated home value: $ 205

Monthly loan payment: $ 912

Forecast of annual market growth: 3,6%

Life quality rating: 67

19. Milwaukee, WI

Estimated home value: $ 134

Monthly loan payment: $ 786

Forecast of annual market growth: 4%

Life quality rating: 58

20. Jacksonville florida

Estimated home value: $ 215

Monthly loan payment: $ 964

Forecast of annual market growth: 5,3%

Life quality rating: 75

21. Winston-Salem, North Carolina

Estimated home value: $ 192

Monthly loan payment: $ 866

Forecast of annual market growth: 5,1%

Life quality rating: 65

22. Columbus, Ohio

Estimated home value: $ 184

Monthly loan payment: $ 997

Forecast of annual market growth: 5,8%

Life quality rating: 76

23. Tallahassee Florida

Estimated home value: $ 219

Monthly loan payment: $ 989

Forecast of annual market growth: 2,7%

Life quality rating: 65

24. Greensboro, North Carolina

Estimated home value: $ 207

Monthly loan payment: $ 948

Forecast of annual market growth: 4,4%

Life quality rating: 67

25. Pensacola Florida

Estimated home value: $ 229

Monthly loan payment: $ 996

Forecast of annual market growth: 6,3%

Life quality rating: 72

As ForumDaily wrote earlier:

• What to doif you have nothing to pay for rent or mortgage during quarantine
• Quarantine 'tree of goodness': why a resident of Iowa decorated a Christmas tree near the house with masks
• 'Many will not survive the spring': how big cities trying to help the homeless during a pandemic
• 'And then the phone fell into the bath': why so hard to work from home during quarantine

Read also on ForumDaily:

Worth a visit: America’s 25 most impressive mountain towns

10 cities in the USA where you can rent a home for $ 600 per month or less

Which city to choose for moving to the USA: opinion of a Russian-speaking immigrant

55 facts about New York that will turn your idea about him

Do you want more important and interesting news about life in the USA and immigration to America? — support us donate! Also subscribe to our page Facebook. Select the “Priority in display” option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram  and Instagram- there is a lot of interesting things there. And join thousands of readers ForumDaily New York — there you will find a lot of interesting and positive information about life in the metropolis.