Up & Coming US Towns Where You Could Actually Afford to Buy a House

This post may contain affiliate links. Read our disclosure page for more info.

For any prospective homebuyer, two things are key to consider: affordability and return on investment.

You want to buy a home in a city where monthly housing costs, including mortgage payments, are manageable. You also want to find a community that is growing and desirable so when it’s time to sell your home you can profit off your initial investment.

Unfortunately, finding a city or town that meets both requirements can be tough since many of the trendiest places already have high home prices that reflect their desirability.

But by using the most up-to-date housing data on over 25,000 U.S. cities, LendEDU has compiled a list of the places that are not only booming in popularity but are also still affordable for homebuyers that intend on using a mortgage.

Below, you will find a list of U.S. towns and cities that are projected to grow the most over the next five years; each community is then ranked according to its average monthly home cost, which factors in mortgage payments.

The cities at the top of the list are not only the fastest growing in the entire country but are also still very affordable for homebuyers that plan on taking out a mortgage, which makes them terrific locations to purchase a home, start a family and eventually turn a profit on when it’s time to sell.

Tips for buying a home with a mortgage

Becoming a homeowner with the help of a mortgage is not only a serious life decision, but a serious financial one as well.

For this reason, LendEDU provides a few tips below on buying a home with a mortgage.

Compare your options & do your research

From regular mortgage lenders to online mortgage lenders and VA mortgage lenders, there are a ton of home loan lenders out there today so it’s imperative to compare all of your options in order to feel confident in the mortgage provider you eventually settle on.

Further, you must also do some research on current mortgage interest rates in addition to the mortgage lenders themselves. From 30-year mortgage rates to VA mortgage rates, home loan interest rates can vary quite significantly. Doing your due diligence will go a long way towards getting favorable terms.

Set a budget

Since becoming a homeowner is such a massive financial undertaking, it’s imperative to set a budget so that you target a specific price range that will make your monthly mortgage payments affordable and as stress-free as possible.

One way to set your home buying budget is to utilize LendEDU’s mortgage calculator, which allows you to estimate your monthly home loan payments and total mortgage cost based on things like the mortgage amount, interest rate and loan term.

Ready To Make Your First Budget?

Enter your email and get the free template


Think about refinancing in the future

Once you have taken out a mortgage and have become a homeowner, you should first focus on meeting your monthly mortgage payments to build up your credit and prove that you can afford your home loan.

After some time, it’s never a bad idea to look into a mortgage refinance to see if you can qualify for a lower home loan interest rate or more favorable repayment terms compared to your original mortgage. 

Methodology

All data found in this report comes from GreatData. LendEDU licensed the dataset provided by GreatData, which derives mainly from the U.S. Census Bureau. For data points like “median monthly home cost,” the data comes from the most recent U.S. Census Bureau update, but GreatData also calculates and combines its own projections based on historical trends to provide the most up-to-date data. The “Median Monthly Home Cost” statistic for each city includes the monthly mortgage cost plus utilities.

The “5-year population projection percent increase from current population” figure comes from finding the percent increase from each city’s current population to its projected population in five years. For example, we took a given city’s current population according to the latest estimates and lined it up with it’s five-year population projection according to the latest estimates. We then found the percent increase from the former to the latter to provide the “5-year population projection percent increase from current population.”

For some cities listed in the report, GreatData provided multiple ZIP Codes within the city, with each ZIP Code having its own data. In these instances, we combined all ZIP Code data for that city to provide a single, weighted stat line for each city. For example, to find the weighted median monthly home cost for a city with multiple ZIP Codes, we weighted each ZIP Code’s median monthly home cost by that same ZIP Code’s current population estimate.

How I Make $11,000 Per Year Renting Out My Spare Rooms?

Get access to my FREE guide now.


LendEDU did not have to complete this weighting process for the population numbers for any city with multiple ZIP Codes as those population figures were simply summed together.

To be considered for this ranking, a city had to have a minimum population of 15,000. Further, a city had to then rank in the top 1,000 for its five-year population projection percent increase from its current population.

Once each eligible city had a single statistic line for all pertinent statistics, LendEDU ranked each city from lowest to highest according to its respective median monthly home cost.

See more of LendEDU’s research here

The fastest growing cities that are still affordable for homebuyers

To be considered for this ranking, a city had to have a minimum population of 15,000. Further, a city had to then rank in the top 1,000 for its five-year population projection percent increase from its current population.

The data found below derives from a dataset from GreatData that was licensed by LendEDU. GreatData compiles the most up-to-date data and estimates from the U.S. Census Bureau, in addition to calculating its own projections based on historical trends, to provide accurate and current household data for over 25,000 U.S. cities.

The “median monthly home cost” statistic for each city includes the monthly mortgage cost plus utilities.

Athens, Alabama

  • 5-year population projection percent increase from the current population: 22.97%
  • Median monthly home cost: $1,086

Kenai, Alaska

  • 5-year population projection percent increase from the current population: 11.98%
  • Median monthly home cost: $1,469

San Luis, Arizona

  • 5-year population projection percent increase from the current population: 22.31%
  • Median monthly home cost: $924

Jonesboro, Arkansas

  • 5-year population projection percent increase from the current population: 13.89%
  • Median monthly home cost: $1,090

Lamont, California

  • 5-year population projection percent increase from the current population: 16.31%
  • Median monthly home cost: $992

Evans, Colorado

  • 5-year population projection percent increase from the current population: 11.68%
  • Median monthly home cost:  $1,301

Seaford, Delaware

  • 5-year population projection percent increase from the current population: 18.30%
  • Median monthly home cost: $1,279

Avon Park, Florida

  • 5-year population projection percent increase from the current population: 20.78%
  • Median monthly home cost: $917

Forest Park, Georgia

  • 5-year population projection percent increase from the current population: 11.33%
  • Median monthly home cost: $919

Pahoa, Hawaii

  • 5-year population projection percent increase from the current population: 10.39%
  • Median monthly home cost: $1,262

Caldwell, Idaho

  • 5-year population projection percent increase from the current population: 21.77%
  • Median monthly home cost: $1,061

Morris, Illinois

  • 5-year population projection percent increase from the current population: 13.37%
  • Median monthly home cost: $1,587

Kokomo, Indiana

  • 5-year population projection percent increase from the current population: 26.62%
  • Median monthly home cost: $956

Marion, Iowa

  • 5-year population projection percent increase from the current population: 14.86%
  • Median monthly home cost: $1,383

Derby, Kansas

  • 5-year population projection percent increase from the current population: 10.44%
  • Median monthly home cost: $1,402

Campbellsville, Kentucky

  • 5-year population projection percent increase from the current population: 24.78%
  • Median monthly home cost: $931

Carencro, Louisiana

  • 5-year population projection percent increase from the current population: 29.12%
  • Median monthly home cost:  $1,120

Westbrook, Maine

  • 5-year population projection percent increase from the current population: 9.54%
  • Median monthly home cost: $1,483

Salisbury, Maryland

  • 5-year population projection percent increase from the current population: 10.03%
  • Median monthly home cost: $1,358

Seekonk, Massachusetts

  • 5-year population projection percent increase from the current population: 12.88%
  • Median monthly home cost: $1,879

Big Rapids, Michigan

  • 5-year population projection percent increase from the current population: 19.76%
  • Median monthly home cost: $1,080

Willmar, Minnesota

  • 5-year population projection percent increase from the current population: 12.39%
  • Median monthly home cost: $1,200

New Albany, Mississippi

  • 5-year population projection percent increase from the current population: 13.34%
  • Median monthly home cost: $967

Marshfield, Missouri

  • 5-year population projection percent increase from the current population: 13.01%
  • Median monthly home cost: $989

Kalispell, Montana

  • 5-year population projection percent increase from the current population: 24.03%
  • Median monthly home cost: $1,369

Lincoln, Nebraska

  • 5-year population projection percent increase from the current population: 9.40%
  • Median monthly home cost: $1,352

Sun Valley, Nevada

  • 5-year population projection percent increase from the current population: 11.86%
  • Median monthly home cost: $1,196

Londonderry, New Hampshire

  • 5-year population projection percent increase from the current population: 11.44%
  • Median monthly home cost: $2,153

Glassboro, New Jersey

  • 5-year population projection percent increase from the current population: 10.39%
  • Median monthly home cost: $1,978

Carlsbad, New Mexico

  • 5-year population projection percent increase from the current population: 11.29%
  • Median monthly home cost: $1,142

Amsterdam, New York

  • 5-year population projection percent increase from the current population: 13.43%
  • Median monthly home cost: $1,267

Franklin, North Carolina

  • 5-year population projection percent increase from the current population: 10.05%
  • Median monthly home cost: $989

Fairfield, Ohio

  • 5-year population projection percent increase from the current population: 11.25%
  • Median monthly home cost: $1,224

Wagoner, Oklahoma

  • 5-year population projection percent increase from the current population: 14.85%
  • Median monthly home cost: $1,021

Prineville, Oregon

  • 5-year population projection percent increase from the current population: 17.88%
  • Median monthly home cost: $1,204

Ephrata, Pennsylvania

  • 5-year population projection percent increase from the current population: 10.55%
  • Median monthly home cost: $1,400

Gaston, South Carolina

  • 5-year population projection percent increase from the current population: 10.87%
  • Median monthly home cost: $927

Lafayette, Tennessee

  • 5-year population projection percent increase from the current population: 19.66%
  • Median monthly home cost: $936

Roma, Texas

  • 5-year population projection percent increase from the current population: 15.51%
  • Median monthly home cost: $878

Hurricane, Utah

  • 5-year population projection percent increase from the current population: 35.50%
  • Median monthly home cost:  $1,225

Essex Junction, Vermont

  • 5-year population projection percent increase from the current population: 19.67%
  • Median monthly home cost:  $1,881

Bedford, Virginia

  • 5-year population projection percent increase from the current population: 12.92%
  • Median monthly home cost:  $1,150

Moses Lake, Washington

  • 5-year population projection percent increase from the current population: 19.55%
  • Median monthly home cost: $1,351

Washington, Washington D.C.

  • 5-year population projection percent increase from the current population: 11.80%
  • Median monthly home cost: $2,406

Charles Town, West Virginia

  • 5-year population projection percent increase from the current population: 18.00%
  • Median monthly home cost: $1,782

Sheboygan, Wisconsin

  • 5-year population projection percent increase from the current population: 11.97%
  • Median monthly home cost: $1,112

This article originally appeared on LendEDU.com and was syndicated by MediaFeed.org.

Mediafeed
Website | + posts

MediaFeed is an independent digital media platform run by experienced journalists and content strategists. We produce, publish and distribute content in a variety of verticals, including travel, money, lifestyle, food, health, small business, auto, entertainment and tech. MediaFeed articles regularly appear on MSN.com and throughout its contributor network.