25 cities of the USA where you can buy a house in installments for $1000 per month

For many people buying their own home is the realization of the American dream. But for most Americans, such a goal is impossible, says GOBankingRates.

25 городов США, где можно купить дом в рассрочку за $1000 в месяц

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A recent OnePoll survey carried out for Unison showed that 2 out of 5 millenials (the generation of people born in the late 80’s-early 90-ies) I think that the question of home ownership for them is eliminated.

While the labor market is on the rise, wages remained relatively unchanged. According to the Brookings institution, the average hourly wage in the U.S. for workers aged 25-54 years, adjusted for inflation, since 1979, increased by only 3%.

However, not all so sad. The Wells Fargo survey, published in July 2019, showed that 95% of Millennials-homeowners believe that the joy of owning a home are worth every sacrifice and labor that they have invested to amass it. In addition, a mortgage with a small down payment made purchase of homes more real for young people. 97 mortgage program require a down payment in the amount of 3%, while the minimum lending rate of the Federal housing authority is 3.5% for buyers with a credit rating of at least 580 points.

However, according to the proposals of the portal Zillow, the average price of private house in the United States is $285,000. And this is a big amount for the average American family. Suppose that you are lucky to pay the first payment of 20% of this amount, and you are tied to a fixed mortgage rate of 3.68% for a period of 30 years. In this case, you agree to a monthly payment of $ 1 303.

It is not surprising that at constant wages, high housing prices and costly loan payments many Americans Tsatsa to the prospect of buying their own homes not optimistic. But as you know, the location of the property plays a key role — in the United States there are many cities that are more than liveable and offer affordable options.

Using Zillow data, GOBankingRates analyzed more than 100 cities — the largest housing markets in the country to determine the best location to buy home loan which will get you to do no more than $ 1000 per month. In the process of creating the ranking, analysts have researched the average cost of housing in the city, were taken into account first payment of 20%, the tax on the purchase of real estate and to 3.68% interest rate on a mortgage. Also the study took into account market forecasts and indicators of quality of life in each city.

So if buying your own home is your dream, look to objects in these cities:

  1. Toledo, Oh

The estimated cost of building: $88 250

Monthly loan payment: $470

Forecast annual market growth: 2.9%

The assessment of quality of life: 63

 

  1. Cleveland, Oh

The estimated cost of building: $86 000

Monthly loan payment: $489

Forecast annual market growth: 3.5% (for Ohio)

The assessment of quality of life: 61

 

  1. Fayetteville, NC

The estimated cost of building: $151 000

Monthly loan payment: $696

Forecast annual market growth: 0.5%

The assessment of quality of life: 63

 

  1. Memphis, Tn

The estimated cost of building: $115 000

Monthly loan payment: $563

Forecast annual market growth: 4.4% (for Tennessee)

The assessment of quality of life: 65

 

  1. Saint Louis, Mo

The estimated cost of building: $159 900

Monthly loan payment: $729

Forecast annual market growth: 0.3%

The assessment of quality of life: 58

 

  1. Mobile, Al

Estimated cost of house: $169 000

Monthly loan payment: $698

Forecast annual market growth: 2.8%

The assessment of quality of life: 63

 

  1. Buffalo, New York

The estimated cost of building: $109 900

Monthly loan payment: $645

Forecast annual market growth: 4.4%

The assessment of quality of life: 63

 

  1. Fort Wayne, Indiana

Estimated cost of house: $169 900

Monthly loan payment: $756

Forecast annual market growth: 5.8%

The assessment of quality of life: 76

 

  1. Tulsa, OK

The estimated cost of building: $189 900

Monthly loan payment: $875

Forecast annual market growth: 1.9%

The assessment of quality of life: 69

 

  1. Lubbock, Texas

The estimated cost of building: $189 900

Monthly loan payment: $978

Forecast annual market growth: 2.7%

The assessment of quality of life: 78

 

  1. Oklahoma City, Oklahoma

The estimated cost of building: $191 670

Monthly loan payment: $952

Forecast annual market growth: 3%

The assessment of quality of life: 76

 

  1. Baltimore, MD

The estimated cost of building: $159 970

Monthly loan payment: $814

Forecast annual market growth: 1.7%

The assessment of quality of life: 60

 

  1. Baton Rouge, Louisiana

The estimated cost of building: $228 500

Monthly loan payment: $954

Forecast annual market growth: 0.4%

The assessment of quality of life: 66

 

  1. Wichita, KS

Estimated cost of house: $169 900

Monthly loan payment: $808

Forecast annual market growth: 2.6%

The assessment of quality of life: 62

 

  1. Indianapolis, In

The estimated cost of building: $174 900

Monthly loan payment: $795

Forecast annual market growth: 5.4%

The assessment of quality of life: 70

 

  1. Columbia, South Carolina

Estimated cost of house: $185 000

Monthly loan payment: $801

Forecast annual market growth: 3.4%

The assessment of quality of life: 63

 

  1. Kansas City, Mo

The estimated cost of building: $189 000

Monthly loan payment: $912

Forecast annual market growth: 2.3%

The assessment of quality of life: 64

 

  1. Louisville, Ky

The estimated cost of building: $205 000

Monthly loan payment: $912

Forecast annual market growth: 3.6%

The assessment of quality of life: 67

 

  1. Milwaukee, Wi

The estimated cost of building: $134 900

Monthly loan payment: $786

Forecast annual market growth: 4%

The assessment of quality of life: 58

 

  1. Jacksonville, FL

Estimated cost of house: $215 000

Monthly loan payment: $964

Forecast annual market growth: 5.3%

The assessment of quality of life: 75

 

  1. Winston-Salem, North Carolina

The estimated cost of building: $192 990

Monthly loan payment: $866

Forecast annual market growth: 5.1%

The assessment of quality of life: 65

 

  1. Columbus, Ohio

The estimated cost of building: $184 900

Monthly loan payment: $997

Forecast annual market growth: 5.8%

The assessment of quality of life: 76

 

  1. Tallahassee, FL

The estimated cost of building: $219 900

Monthly loan payment: $989

Forecast annual market growth: 2.7%

The assessment of quality of life: 65

 

  1. Greensboro, North Carolina

The estimated cost of home: $207 000

Monthly loan payment: $948

Forecast annual market growth: 4.4%

The assessment of quality of life: 67

 

  1. Pensacola, FL

The estimated cost of building: $229 900

Monthly loan payment: $996

Forecast annual market growth: 6.3%

The assessment of quality of life: 72

As previously wrote ForumDaily:

  • What to do if you can’t pay the rent or mortgage during the quarantine
  • Quarantine ‘tree of goodness’: why a resident of Iowa was decorated with masks of the tree near the house
  • ‘Many do not survive spring’: how big cities are trying to help the homeless during a pandemic
  • ‘And then the phone fell in the bath’: why is it so hard to work from home during the quarantine

 

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