(Daily Mail) Housing experts have recently highlighted the top ten most affordable cities in the US to buy a home, with one southern city taking the top spot.
Using information from the U.S. Census Bureau and Altos Research, Homebuyer.com used an algorithm to find the most affordable cities in the country.
The company analyzed mortgage payments, property taxes, transportation expenses and home insurance costs in America’s 800 Census-recognized cities.
Their findings highlighted that the most affordable city to purchase a home is currently Macon, Georgia, where homeownership costs around $1,892 a month.
Other notable mentions include Detroit, Toledo, Syracuse, and Springfield who all help make up the ten most affordable cities.
Using information from the U.S. Census Bureau and Altos Research, Homebuyer.com used an algorithm to find the most affordable cities in the country.
1. Macon, Georgia
With monthly mortgage payments equating to $870, insurance prices at $187 and property taxes of $94, Macon is the most affordable in the country
Known for its nickname ‘The Heart of Georgia,’ Macon is situated some 85 miles southeast of Atlanta.
The city has a rich history, having being founded on the Ocmulgee Old Fields, where Creek Indians lived in the 18th century.
According to the findings, the average monthly cost of homeownership equated to $1,892 with transportation costs making up the most of it with $1,021 per month.
With monthly mortgage payments equating to $870, insurance prices at $187 and property taxes of $94 the city is the most affordable in the country.
Mercer University sits in the heart of the city and is known for giving $20,000 to employees who want to purchase a home in College Hill, an area of the city.
The Macon Telegraph also reported last year that a home in the area only costs buyers roughly 14 percent of their local wage.
2. Detroit, Michigan
The Motor City sits on the Detroit River directly across from Ontario in Canada, and is known for shaping the automobile industry in America
Detroit, Michigan, was ranked as the second most affordable city for home buyers, with an average monthly cost of $1,921.
The Motor City sits on the Detroit River directly across from Ontario in Canada, and is known for shaping the automobile industry in America.
After years of decay, it has begun to experience a resurgence driven by a growing population as well as a thriving arts and cultural scene.
According to the findings, mortgage payments cost around $771 per month, with insurance equating to $185 and property taxes are $126.
The highest economic burden for homeowners would be transportation costs, which totaled $1,921.
In 2023, the city closed out 2023 with 252 homicides, which was their fewest in 57 years, a drop from 309 in 2022.
3. Gary, Indiana
Originally founded by the United States Steel Corporation in 1906 as a company town to serve its steel mills, it grew into a large industrial center
Located on Lake Michigan in northwest Indiana, the city of Gary is a 30-minute drive from downtown Chicago.
Originally founded by the United States Steel Corporation in 1906 as a company town to serve its steel mills, it grew into a large industrial center.
Nicknamed ‘The Magic City’, the city boasts monthly living costs of around $1,931, according to the findings.
Mortgage payments are on average $976, with insurance coming out to $229, $97 for property taxes and transportation costs equating to $956.
In 2019, the city launched the Dollar House Program to bring people to the city following a period of social decline.
CNBC reported that homeowners were selected through a lottery system and had to meet a few key requirements.
4. Flint, Michigan
The city grew into an automobile powerhouse, having been responsible for their Buick and Chevrolet divisions
Situated along the Flint River just 66 miles northwest of Detroit, Flint is the largest city in Genesee County.
The Vehicle City has a rich history and a strong sense of community, having been the home of General Motors which was founded their in 1908.
The city grew into an automobile powerhouse, having been responsible for their Buick and Chevrolet divisions.
Since the 1960s, the city has faced economic downturn after GM downsized the work force.
In recent times, new businesses and developments have started popping up around the city in a hope to revitalize the area.
Mortgage payments currently average out to $738 per month, with insurance coming to $209, $102 for property taxes and around $1,213 for transportation costs according to the findings.
Flint has met water quality standards since 2016. The city was also recently named in the top 150 Best Cities to Live by U. S. News.
5. Toledo, Ohio
