Spending more than $1000 on rent a month? Buyers can mortgage a home for less than that a month on average in these 17 affordable suburbs across the country and reap the benefits of suburban living, according to a recent study by personal finance platform GoBankingRates.
To gather a list of the top 95 US suburbs, GoBankingRates sourced from a previous study that found the best suburbs in every state. These suburbs were measured on factors including median home prices, necessary living expenses that don't include housing costs, crime rates, and school district scores, which were sourced from the ranking and review site Niche.
For the current study, limiting the list to only those top-ranked suburbs that also have mortgages under $1,000 a month, GoBankingRates calculated the average monthly mortgage payment in each suburb by factoring in a 30-year fixed mortgage rate of 3.64%, a 20% down payment, and local county effective property tax rates.
Keep reading for a list of the 17 best suburbs where the average monthly mortgage is less than $1,000, ranked in order of decreasing mortgage costs.
1. Elsmere, Delaware, has the lowest average monthly mortgage on this list and is home to around 6,000 people.
- Metro area: Wilmington
- Monthly mortgage payment: $570
- Population: 6,097
Want to see the rest of the rankings? Read More
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