As the U.S. housing market contends with an affordability crisis, buyers are heading to 10 metros with affordable homes, job opportunities, and a robust business scene.
Potential homebuyers in the top cities need only earn $60,000 or less annually with a 10 or 20 percent down payment. The lowest median home price in the study was $158,200 in El Paso, Texas, while the highest was $262,100 in Dallas. The salary required for a 10 percent down payment in America's City is $59,988, or $53,322 for a 20 percent down payment, CNBC reports.
We compared MagnifyMoney's list of America's biggest "boomtowns" to the National Association of Realtors' Metropolitan Median Area Prices and Affordability and Housing Affordability index from the third quarter of 2018. The index assumes a 4.7 percent mortgage rate for all areas and a monthly principal and interest payment limited to 25 percent of a resident's income. Note that this does not include homeowner's insurance and property taxes, which vary from market to market.
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