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The 17 best US suburbs where you can mortgage a home for under $1,000 a month - hundreds less than the national average rent
The 17 best US suburbs where you can mortgage a home for under $1,000 a month - hundreds less than the national average rent
Libertina BrandtOct 23, 2019, 23:53 IST
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A recent study by GoBankingRates found the 17 best suburbs where a typical monthly mortgage is less than $1,000.
The study 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.
The chosen suburbs were also measured on factors including safety, cost of living, and quality of local school districts.
Elsmere, Delaware, in the Wilmington metro area, was the top-ranked, with an average monthly mortgage payment of $570.
Factors like good public schools, low crime rates, and affordable housing costs can make certain suburbs more desirable than others. A recent study by personal finance platform GoBankingRates found the 17 best US suburbs where the average monthly mortgage is less than $1,000.
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.
14. Lexington, South Carolina, has the third-lowest county property tax rate on this list. According to the study, residents enjoy a rate of just 0.541%.
5. Millbrook, Alabama, has the lowest county property tax rate of any suburb on this list. According to the study, homeowners in Millbrook pay just 0.298% in taxes on their property.
