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GOBankingRates
10 Cities Where Your ‘Dream Home’ Is Affordable, According to Zillow
By Nicole Spector,
2024-08-06
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.
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.
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.
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.
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.
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.
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