The RealtyHop real estate company carried out a study to detect which cities are the most affordable in the United States to buy a houseespecially when inflation and the rise in rates have raised their prices.
The analysis found that Philadelphia became the city with the most affordable housing options for new families. The difference, on average, between a 2-bedroom and 3-bedroom home in Philadelphia was just $15,100, meaning a family would only need to spend an additional $88 per month on mortgage payments and taxes.
“Many couples looking to start a family may wonder if they can afford extra space in a historically unaffordable real estate market. While square footage is a premium in many areas, others offer more reasonable pricess,” says the RealtyHop report.
For this report, the realtor set out to find the cities in the United States that were the cheapest for families looking to buy a home. larger house with an extra bedroom.
Specifically, it examined the difference in mortgage cost and property tax between a 2-bedroom and a 3-bedroom single-family home in the 100 largest cities in the United States. The results offer a snapshot of where couples can find relief from high housing costs when looking to expand their family.
The analysis found that:
· Philadelphia offers the most affordable housing flexibility for new families, where the difference in monthly payments was just $88 for a house with an extra bedroom.
· San Francisco was the most expensive city for new families who bought a housewith an extra bedroom costing an average of $525,000, or an additional $2,941 in mortgage/tax payments per month.
· 6 of the 10 most expensive cities to buy a family home They are located in California.
· In 43 out of 100 cities, a family would only need to spend an additional $500 or less per month for a single family home with an extra bedroom.
The 10 most affordable cities to buy a family home:
City: (1) Philadelphia, PA
Difference between 2 and 3 bedrooms: $15,100 dollars
Additional costs: $88 more per month
City: (2) Birmingham, AL
Difference between 2 and 3 bedrooms: $20,000
Additional costs: $110
City: (3) New Orleans, LA
Difference between 2 and 3 bedrooms: $21,000
Additional costs: $121
City: (4) Pittsburgh, PA
Difference between 2 and 3 bedrooms: $20,000
Additional costs: $122
City: (5) Milwaukee, WI
Difference between 2 and 3 bedrooms: $20,400
Additional costs: $141
City: (6) Detroit, MI
Difference between 2 and 3 bedrooms: $24,900
Additional costs: $160
City: (7) Oklahoma City, OK
Difference between 2 and 3 bedrooms: $29,500
Additional costs: $174
City: (8) Baltimore, MD
Difference between 2 and 3 bedrooms: $29,251
Additional costs: $185
City: (9) Buffalo, N.Y.
Difference between 2 and 3 bedrooms: $35,000
Additional costs: $213
City: (10) Grand Rapids, MI
Difference between 2 and 3 bedrooms: $40,000
Additional costs: $244
To see more details of the report, go here.
Keep reading:
· Single-family home rentals continue to rise in the US.
Young people in the US see the lottery as their only chance to own a house, according to a study
· Rise in US Mortgage Rates: How Will It Affect Homebuyers?
