While housing affordability continues to be a concern across the country, there are some metropolitan areas where homes are a relative bargain
. Pittsburgh, for example, is the nation's most affordable metro area to buy a home, according to a recent analysis by mortgage data providerUsing the latest quarterly home-price information from the National Association of Realtors, HSH.com crunched the numbers to find the 10 metro areas where a home costs about $1,000 a month. It incorporated local property tax and homeowner's insurance costs to calculate the income needed to qualify for a median-priced home.
“Fixed-rate mortgage rates have dropped 0.6 percentage points since November 2018 and today are lower than they were a year ago," said Frank Nothaft, chief economist for CoreLogic, a real estate data provider."With interest rates at this level, we expect a solid home-buying season this spring.” Before you start mortgage shopping, keep in mind that you don’t have to put 20% down. But with a smaller down payment, many lenders require private mortgage insurance on conventional loans, which would increase the required salary recommendation. Everyone’s situation is different, which is why it’s important to talk to multiple lenders who can help you understand your options and the trade-offs.
Here are 10 metropolitan areas where you can own a home for about $1,000 a month with a 20% down payment and a 30-year fixed-rate mortgage at 4.9%.In the Pittsburgh area, you would need to earn at least $37,659 to afford the median-priced home at $141,625, making it the most affordable metro area in the country. The monthly mortgage payment would be $878.73. If you put 10% down, the required salary increases to $42,611.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Revealed: The 10 Best And 10 Worst Places For Women To WorkA survey lists the best and worst countries to work abroad. You won't believe the U.S. results.
Read more »
Here's how much a beer will cost you in 10 of the world's most expensive citiesThe Economist Intelligence Unit recently released its annual Cost of Living Report. Here's how much a beer costs in 10 of the most expensive cities.
Read more »
The 10 best cities for first-time home buyersThe best markets for first-time home buyers to buy a home: 3. Oklahoma City 2. Raleigh Can you guess No. 1?
Read more »
11 creative ways people have made $1 millionGetting rich is a long-term game, for the most part — but there are some less conventional ways to make millions relatively quickly.
Read more »
$1 billion Sequoia-backed data startup Health Catalyst has picked lead banks for its IPOHealth Catalyst, a Utah-based healthcare data startup, has taken early steps toward an initial public offering.
Read more »
Flooding Hits Nebraska and Iowa’s Agriculture IndustriesNebraska’s agricultural sector could be facing nearly a billion dollars in damage and losses after a blizzard and record flooding across the Midwest, according to early estimates from state and industry officials.
Read more »
India's L&T to spend up to $1 billion in hostile Mindtree takeover-reportIndian conglomerate Larsen & Toubro (L&T) will spend up to 70 billion rupees ($1...
Read more »
New Relic Sets Its Sights On $1 Billion In RevenueStrong demand for New Relic's APM platform puts the company on track to meet its major revenue milestone.
Read more »
Glossier started as a beauty blog and is now valued at $1 billionGlossier is now a unicorn. The New York-based beauty brand is valued at $1.2 billion following its latest funding round, a source says
Read more »