10 Cities Where Your ‘Dream Home’ Is Affordable, According to Zillow

For millions of Americans, home ownership has been out of reach. It’s simply too expensive and loaded with too many upfront costs — such as a hefty down payment — to be feasible. But some locations are faring much better than others in terms of the cost of housing. In fact, there are major metros where you can get a lovely house that has at least two bedrooms (often more) for under $300,000.

Using data from Zillow, House Beautiful shared 10 cities where your “dream home” is affordable ($300,000 or much less). Let’s check them out and learn a bit more about these areas and what you can get in terms of your dream house.

Also here are five ways to pay less for your dream home.

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Chicago

• Typical home value: $300,500

Chicago may not be a cheap city — according to PayScale , the cost of living here is 20% higher than the national average and the cost of housing is 52% higher. But you might just be able to afford a dream home here.

In the Windy City, the average mortgage payment is $1,730 per month. The city has an average income of $83,000, so this mortgage amounts to a financial burden of 30.4 percent, according to Zillow.

As of August 5, 2024 there is a listing on Zillow for a beautiful five-bedroom and two-bathroom home on Emerald Avenue with an asking price of $294,900. It spans 2,600 square feet.

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Cincinnati

• Typical home value: $267,200

Though Cincinnati is the least affordable city on this list, people looking for their dream home here can still find a good buy. According to Zillow, the average monthly mortgage is $1,538, which is 30.4% of the average annual income of $74,000.

According to PayScale , the cost of living in Cincinnati is 4% lower than the national average and the cost of housing is 19% lower than the national average.

Right now on Zillow, you can find some lovely homes in Cincinnati for the typical home value of $267,200 or less. As of August 5, 2024, there’s a listing for a five-bedroom and two-bathroom home in the Westwood area. It sports an asking price of $259,900.

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Indianapolis

• Typical home value: $265,300

Indianapolis residents, according to Zillow, have an average annual income of $73,000. The average monthly mortgage here is $1,527 — which amounts to 30.4% of their income.

According to PayScale , the cost of living in Indianapolis is 7% lower than the national average and housing is 17% lower.

Among some of the nice places you’ll find for or around the typical home value of $265,300, is a charming five-bedroom and two-bathroom home that spans over 2500 square feet. located on Finley Avenue, with an asking price of $275,000 as of August 5, 2024. For $245,000, you can get a refurbished five-bedroom and three-bathroom house on North Oakland Avenue that is over 2,800 square feet.

Louisville, Kentucky

• Typical home value: $243,500

Zillow found that in Louisville, the median annual income is $70,000. The average mortgage cost is $1,402. So, your mortgage costs will be around 29.2% of your income.

According to PayScale , the cost of living in Louisville is 4% lower than the national average, and the cost of housing is 21% lower.

As of August 5, 2024, there is a listing for a $220,000 five-bedroom and two-bathroom house that spans 1,772 square feet. It is located on a street that is described in the listing as “park-like” and “tranquil.” There’s another listing for a brand new $219,000 house that has five bedroom and two bathrooms and is 2,000 square feet in size.

St. Louis, Missouri

• Typical home value: $237,800

Zillow reported that in St. Louis, the median household income is $72,000 per year. Mortgage payments average around your home $1,369 per month, taking up 27.8% of your earnings.

According to PayScale , the cost of living is 6% lower than the national average and the cost of housing is 27% lower.

As of August 5, 2024, there is a listing on Zillow for a in Louisville (on Chippewa Street) with an asking price of $225,000. It has four bedrooms and two bathrooms and spans 1,674 square feet. There’s also a listing for a house on Kammerer Avenue that has three bedrooms and two bathrooms and a square footage of 1,008 (on the smaller side). The asking price is $205,000.

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Detroit

• Typical home value: $235,500

Most famous for its thriving automobile industry, Detroit is also a great city to find an affordable dream home. According to Zillow, Detroit incomes average out at $70,000 per year and mortgages require just above 28% of that amount — with the average monthly mortgage being $1,355.

The cost of living in Detroit is 4% higher than the national average and the cost of housing is 8% higher, according to PayScale . Though not the cheapest place, gorgeous homes can cost well under $300,000 here. For example, there’s a listing on Zillow for a three-bedroom and two-bathroom house that spans nearly 2,000 square feet and is located in the Rosedale Park Historic District. It’s listed at $239,300.

Rochester, New York

• Typical home value: $228,400

The overall cost of living in Rochester is just 1% lower than the national average, but housing is 5% lower, according to PayScale .

Zillow found that the average annual income in Rochester is $66,000, homeowners can expect an average monthly mortgage payment of $1,315 or a burden of 29.3%.

As of August 5, 2024, Zillow has a listing for a charming six-bedroom and two-bathroom house that spans over 2,600 square feet. It’s listed at $219,900. For $215,000, you can get a three-bedroom and two-bathroom house that spans 1,630 square feet and is located on Marlbank Drive.

Oklahoma City

• Typical home value: $224,200

In Oklahoma City, the cost of living is 16% lower than the national average and the cost of housing is 29% lower, according to PayScale. Zillow reported that when buying a home here you can expect an average mortgage of $1,290 which equates to a 29.4% of the average $64,000 annual income.

As of August 5, 2024 on Zillow there is a listing for a $189,750 house in Oklahoma City that has five bedrooms and two bathrooms and spans 1,670 square feet. There’s also a listing for a $175,000 house that is even bigger: five bedrooms and two bathrooms and spans 3,410 square feet.

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Cleveland

• Typical home value: $211,500

The cost of living in Cleveland, Ohio is 6% lower than the national average and the cost of housing is 17% lower, according to PayScale.  Zillow reported that the average annual income here is $65,000. Monthly mortgages are most commonly in the range of $1,200.

Just across from Large City Park stands a house with three bedrooms and three bathrooms that is listed at $210,000. It spans nearly 2,000 square feet.

Pittsburgh

• Typical home value: $201,600

The cost of living in Pittsburgh is right on par with the national average, according to PayScale , but housing is 7% lower.  Zillow reported that the average mortgage here is $1,160 per month, taking up only 25.4 percent of the average Pittsburgh income.

Most of the “nicer” houses listed on Zillow as of August 5, 2024 are more than $201,600. But there is one listing on Nash Avenue for a $200,000 house that has three bedrooms, two bathrooms and spans 1,600 square feet.

This article originally appeared on GOBankingRates.com : 10 Cities Where Your ‘Dream Home’ Is Affordable, According to Zillow