North Carolina Has One of the Most Affordable Cities to Buy a House
Owning a home is part of the American Dream. But, home costs have been high in the US for years now. So, you probably want to get the best bang for your buck when it comes to buying a home. Of course. I definitely have a dream of buying a home someday. So, I always like to keep up on which areas have the best rates. Well, North Carolina has the most affordable cities to buy a house in America.
The new study is from HomeBuyer.com. So, what makes a home affordable? They explain that it has to do with the home’s cost, mortgage, sales price, down payment amount, and current mortgage rates. Then, the next biggest factor for an affordable home, which I think some people overlook sometimes, is property taxes. “Property taxes vary by county and municipality, ranging from an annual cost of 1 percent of a home’s value to five percent,” HomeBuyer.com states. Also, “the third-largest component of home affordability is the cost of transportation, which includes commuting to work, the availability of public transit, and taxes on gas and electricity for people who live there.” Finally, the cost of homeowners insurance and other insurance is also a factor.
As for methodology, “The Homebuyer.com research group built an algorithm that digests public and private homeowner data and calculates the relative cost of homeownership throughout the United States. We used the algorithm to find the most affordable cities for U.S. home buyers from the 800 largest Census-recognized cities.”
So, let’s get to it. Which North Carolina town is one of most affordable cities to buy a house in America? Rocky Mount is No. 32 on the list. Other North Carolina cities included higher on the list are Burlington at No. 53 and Kannapolis at No. 54. The No. 1 most affordable city to buy a house in America in Macon, Georgia. So, if you want a deal, pack your bags. Find the full list of cities here.