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.
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