Not even the rising housing crisis, inflation and high cost of living have deterred potential home-buyers. Many people still aspire to be homeowners, as rent and its expenditures can be seen as a higher risk. The average cost of owning a home runs in six figures, and that might look daunting to low- and middle-income earners — depending on family situations, as no two cases are exactly the same.
However, if you’re determined to own a home, there’s a way, even if you have less than $1,000 to spare every month. In this GOBankingrates study, you can find 50 cities where your home ownership dreams can come true. Livability percentages and the average cost of the mortgage have also been provided to aid you. Check them out.
50. Carbondale, Illinois
- Population Total: 22,039
- Livability: 70
- Average Home Value in April: $124,240
- 10% Down Payment: $12,424
- Loan Amount: $111,816
- Average Mortgage Cost: $751
49. Burlington, Iowa
- Population Total: 23,976
- Livability: 70
- Average Home Value in April: $116,641
- 10% Down Payment: $11,664
- Loan Amount: $104,976
- Average Mortgage Cost: $705
48. Terre Haute, Indiana
- Population Total: 58,599
- Livability: 70
- Average Home Value in April: $147,300
- 10% Down Payment: $14,730
- Loan Amount: $132,570
- Average Mortgage Cost: $890
47. Gary, Indiana
- Population Total: 69,136
- Livability: 70
- Average Home Value in April: $78,811
- 10% Down Payment: $7,881
- Loan Amount: $70,930
- Average Mortgage Cost: $476
46. Clinton, Iowa
- Population Total: 24,524
- Livability: 71
- Average Home Value in April: $120,811
- 10% Down Payment: $12,081
- Loan Amount: $108,730
- Average Mortgage Cost: $730
45. Barberton, Ohio
- Population Total: 25,167
- Livability: 71
- Average Home Value in April: $141,847
- 10% Down Payment: $14,185
- Loan Amount: $127,662
- Average Mortgage Cost: $857
44. Parkersburg, West Virginia
- Population Total: 29,685
- Livability: 71
- Average Home Value in April: $138,480
- 10% Down Payment: $13,848
- Loan Amount: $124,632
- Average Mortgage Cost: $837
43. Rock Island, Illinois
- Population Total: 37,264
- Livability: 71
- Average Home Value in April: $121,042
- 10% Down Payment: $12,104
- Loan Amount: $108,938
- Average Mortgage Cost: $731
42. Cleveland
- Population Total: 370,365
- Livability: 71
- Average Home Value in April: $107,571
- 10% Down Payment: $10,757
- Loan Amount: $96,814
- Average Mortgage Cost: $650
Dolton, Illinois
- Population Total: 21,283
- Livability: 72
- Average Home Value in April: $145,834
- 10% Down Payment: $14,583
- Loan Amount: $131,250
- Average Mortgage Cost: $881
40. Maple Heights, Ohio
- Population Total: 23,473
- Livability: 72
- Average Home Value in April: $118,272
- 10% Down Payment: $11,827
- Loan Amount: $106,445
- Average Mortgage Cost: $715
39. Freeport, Illinois
- Population Total: 23,884
- Livability: 72
- Average Home Value in April: $107,243
- 10% Down Payment: $10,724
- Loan Amount: $96,518
- Average Mortgage Cost: $648
38. Chicago Heights, Illinois
- Population Total: 27,366
- Livability: 72
- Average Home Value in April: $165,055
- 10% Down Payment: $16,506
- Loan Amount: $148,550
- Average Mortgage Cost: $997
37. Warren, Ohio
- Population Total: 39,204
- Livability: 72
- Average Home Value in April: $105,607
- 10% Down Payment: $10,561
- Loan Amount: $95,047
- Average Mortgage Cost: $638
36. Euclid, Ohio
- Population Total: 49,279
- Livability: 72
- Average Home Value in April: $138,338
- 10% Down Payment: $13,834
- Loan Amount: $124,504
- Average Mortgage Cost: $836
35. Emporia, Kansas
- Population Total: 24,118
- Livability: 73
- Average Home Value in April: $158,114
- 10% Down Payment: $15,811
- Loan Amount: $142,302
- Average Mortgage Cost: $955
34. Fort Dodge, Iowa
- Population Total: 24,850
- Livability: 73
- Average Home Value in April: $128,455
- 10% Down Payment: $12,846
- Loan Amount: $115,610
- Average Mortgage Cost: $776
33. Austintown, Ohio
- Population Total: 30,397
- Livability: 73
- Average Home Value in April: $159,883
- 10% Down Payment: $15,983
- Loan Amount: $143,849
- Average Mortgage Cost: $966
32. Eastpointe, Michigan
- Population Total: 34,087
- Livability: 73
- Average Home Value in April: $149,310
- 10% Down Payment: $14,931
- Loan Amount: $134,379
- Average Mortgage Cost: $902
31. Moline, Illinois
- Population Total: 42,452
- Livability: 73
- Average Home Value in April: $141,860
- 10% Down Payment: $14,186
- Loan Amount: $127,674
- Average Mortgage Cost: $857
30. Roswell, New Mexico
- Population Total: 48,035
- Livability: 73
- Average Home Value in April: $150,719
- 10% Down Payment: $15,072
- Loan Amount: $135,647
- Average Mortgage Cost: $911
29. Detroit
- Population Total: 636,787
- Livability: 73
- Average Home Value in April: $72,292
- 10% Down Payment: $7,229
- Loan Amount: $65,063
- Average Mortgage Cost: $437
28. New Iberia, Louisiana
- Population Total: 28,363
- Livability: 74
- Average Home Value in April: $146,118
- 10% Down Payment: $14,612
- Loan Amount: $131,506
- Average Mortgage Cost: $883
27. Pekin, Illinois
- Population Total: 32,075
- Livability: 74
- Average Home Value in April: $125,126
- 10% Down Payment: $12,513
- Loan Amount: $112,614
- Average Mortgage Cost: $756
26. Mansfield, Ohio
- Population Total: 47,630
- Livability: 74
- Average Home Value in April: $132,024
- 10% Down Payment: $13,202
- Loan Amount: $118,821
- Average Mortgage Cost: $798
25. Flint, Michigan
- Population Total: 81,863
- Livability: 74
- Average Home Value in April: $58,555
- 10% Down Payment: $5,855
- Loan Amount: $52,699
- Average Mortgage Cost: $354
24. Peoria, Illinois
- Population Total: 113,054
- Livability: 74
- Average Home Value in April: $121,845
- 10% Down Payment: $12,185
- Loan Amount: $109,661
- Average Mortgage Cost: $736
23. Marshalltown, Iowa
- Population Total: 27,511
- Livability: 75
- Average Home Value in April: $153,308
- 10% Down Payment: $15,331
- Loan Amount: $137,978
- Average Mortgage Cost: $926
22. North Little Rock, Arkansas
- Population Total: 64,454
- Livability: 75
- Average Home Value in April: $157,202
- 10% Down Payment: $15,720
- Loan Amount: $141,482
- Average Mortgage Cost: $950
21. Alliance, Ohio
- Population Total: 21,603
- Livability: 76
- Average Home Value in April: $149,900
- 10% Down Payment: $14,990
- Loan Amount: $134,910
- Average Mortgage Cost: $906
20. Belleville, Illinois
- Population Total: 42,155
- Livability: 76
- Average Home Value in April: $140,985
- 10% Down Payment: $14,099
- Loan Amount: $126,887
- Average Mortgage Cost: $852
19. Altoona, Pennsylvania
- Population Total: 43,821
- Livability: 76
- Average Home Value in April: $140,835
- 10% Down Payment: $14,084
- Loan Amount: $126,752
- Average Mortgage Cost: $851
18. Wilkes-Barre, Pennsylvania
- Population Total: 44,123
- Livability: 76
- Average Home Value in April: $149,196
- 10% Down Payment: $14,920
- Loan Amount: $134,276
- Average Mortgage Cost: $901
17. Binghamton, New York
- Population Total: 47,617
- Livability: 76
- Average Home Value in April: $164,950
- 10% Down Payment: $16,495
- Loan Amount: $148,455
- Average Mortgage Cost: $997
16. Ottumwa, Iowa
- Population Total: 25,359
- Livability: 77
- Average Home Value in April: $114,897
- 10% Down Payment: $11,490
- Loan Amount: $103,407
- Average Mortgage Cost: $694
15. Danville, Virginia
- Population Total: 42,507
- Livability: 77
- Average Home Value in April: $144,954
- 10% Down Payment: $14,495
- Loan Amount: $130,459
- Average Mortgage Cost: $876
14. Newcastle, Pennsylvania
- Population Total: 21,863
- Livability: 78
- Average Home Value in April: $134,797
- 10% Down Payment: $13,480
- Loan Amount: $121,317
- Average Mortgage Cost: $814
13. Michigan City, Indiana
- Population Total: 31,983
- Livability: 78
- Average Home Value in April: $164,504
- 10% Down Payment: $16,450
- Loan Amount: $148,053
- Average Mortgage Cost: $994
12. Lansing, Michigan
- Population Total: 112,986
- Livability: 78
- Average Home Value in April: $150,252
- 10% Down Payment: $15,025
- Loan Amount: $135,226
- Average Mortgage Cost: $908
11. Springfield, Illinois
- Population Total: 114,214
- Livability: 79
- Average Home Value in April: $156,898
- 10% Down Payment: $15,690
- Loan Amount: $141,209
- Average Mortgage Cost: $948
10. Mason City, Iowa
- Population Total: 27,271
- Livability: 80
- Average Home Value in April: $146,662
- 10% Down Payment: $14,666
- Loan Amount: $131,996
- Average Mortgage Cost: $886
9. Huntington, West Virginia
- Population Total: 46,637
- Livability: 80
- Average Home Value in April: $122,577
- 10% Down Payment: $12,258
- Loan Amount: $110,320
- Average Mortgage Cost: $741
8. Youngstown, Ohio
- Population Total: 60,048
- Livability: 80
- Average Home Value in April: $57,505
- 10% Down Payment: $5,751
- Loan Amount: $51,755
- Average Mortgage Cost: $347
7. Waterloo, Iowa
- Population Total: 67,256
- Livability: 80
- Average Home Value in April: $146,294
- 10% Down Payment: $14,629
- Loan Amount: $131,664
- Average Mortgage Cost: $884
6. Akron, Ohio
- Population Total: 190,273
- Livability: 80
- Average Home Value in April: $128,479
- 10% Down Payment: $12,948
- Loan Amount: $116,531
- Average Mortgage Cost: $782
5. Richmond, Indiana
- Population Total: 35,642
- Livability: 81
- Average Home Value in April: $140,214
- 10% Down Payment: $14,021
- Loan Amount: $126,192
- Average Mortgage Cost: $847
4. Lincoln Park, Michigan
- Population Total: 39,807
- Livability: 81
- Average Home Value in April: $145,877
- 10% Down Payment: $14,588
- Loan Amount: $131,289
- Average Mortgage Cost: $881
3. Muncie, Indiana
- Population Total: 65,167
- Livability: 81
- Average Home Value in April: $137,404
- 10% Down Payment: $13,740
- Loan Amount: $123,664
- Average Mortgage Cost: $830
2. Charleston, West Virginia
- Population Total: 48,415
- Livability: 83
- Average Home Value in April: $151,736
- 10% Down Payment: $15,174
- Loan Amount: $136,562
- Average Mortgage Cost: $917
1. Sandusky, Ohio
- Population Total: 24,964
- Livability: 87
- Average Home Value in April: $129,334
- 10% Down Payment: $12,933
- Loan Amount: $116,401
- Average Mortgage Cost: $781
Chris Jennings contributed to the reporting for this article.
Methodology: For this study, GOBankingRates analyzed different cities across the United States to find the cities where you can afford to own a home for less than $1,000 a month. Using the Zillow Home Value Index for single family homes, the average home value from April 2024 can be sourced for every city. By assuming a 10% down payment and using the national 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated for each city. The cities with an average mortgage cost under $1,000 were kept for this study. The top 250 cities by population, as sourced from the U.S. Census American Community Survey, were kept for this study. For each city, the livability index was sourced from AreaVibes. All cities with a livability index of 70 or below were removed for this study, as they represent places with a lower quality of life and do not qualify as a best location. The top 50 most populated cities remaining were kept and sorted by the livability index, showing the best cities where you can own a home for less than $1,000 a month. All data was collected on and is up to date as of May 15, 2024.
Photo Disclaimer: Please note photos are for representational purposes only. As a result, some of the photos might not reflect the locations listed in this article.