Home affordability is more than the price a buyer agrees to pay a seller. In a new study, SmartAsset factored in closing costs, real estate taxes, homeowner’s insurance, and mortgage rates for every county and city in the U.S. with a population of more than 5,000.
SmartAsset pinpointed the most affordable cities and counties in its analysis by considering the total housing costs on an average house that accounted for the smallest proportion of the median income.
The following 10 places ranked tops on SmartAsset’s list for affordability (listed below with average annual mortgage payment):
- Kermit, Texas: $2,014
- Federal Heights, Colo.: $1,613
- Pecos, Texas: $2,104
- Zephyrhills South, Fla.: $1,775
- Shamokin, Pa.: $1,631
- Blackwell, Okla.: $2,425
- Cusseta-Chattahoochee County, Ga.: $3,064
- Hartford City, Ind.: $2,746
- Fussels Corner, Fla.: $2,319
- Lovington, N.M.: $4,160
Source: “Most Affordable Places in America,” SmartAsset (2017)
