The cost of living has gone up sharply in the United States, and just because a place is “affordable” doesn’t mean it’s affordable to everyone. There are still many towns that offer home values well below average housing prices across the country. If you’re looking for somewhere new to call home with low costs, one of these cities may be your perfect match!

Affordability and return on investment are two important factors to consider for every potential homeowner.

You wish to purchase a house in a city with affordable monthly housing expenses, including mortgage payments. You should also look for a neighborhood that is expanding and desired so that you can recoup your original investment when it comes time to sell your property.

Unfortunately, finding a city or town that satisfies both of these criteria may be difficult, since many of the most desirable locations already have high housing prices to reflect their popularity.

However, LendEDU has developed a list of locales that are not only increasing in popularity but are also still inexpensive for homebuyers who plan to use a mortgage, utilizing the most up-to-date housing data on over 25,000 U.S. cities.

Below is a list of the towns and localities in the United States that are expected to increase the most in the next five years; each locality is then rated based on its average monthly housing cost, which takes into account mortgage payments.

The cities at the top of the list are not only the fastest expanding in the nation, but they are also still highly inexpensive for homebuyers who want to take out a mortgage, making them excellent places to buy a house, raise a family, and ultimately sell for a profit.

DepositPhotos.com is the source of this image.

Buying a house with a mortgage: some pointers

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Obtaining a mortgage to become a homeowner is not only a major life choice, but also a major financial one.

As a result, LendEDU has put together a few pointers on how to purchase a house with a mortgage.

Compare your options & do your research

There are a lot of home loan lenders out there today, from traditional mortgage lenders to internet mortgage lenders to VA mortgage lenders, so it’s critical to examine all of your alternatives before deciding on a mortgage provider.

In addition to the mortgage lenders themselves, you should conduct some research on current mortgage interest rates. Home loan interest rates may vary greatly, ranging from 30-year mortgage rates to VA mortgage rates. Doing your homework can go a long way in securing acceptable conditions.

Make a financial plan.

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

Using LendEDU’s mortgage calculator to estimate your monthly home loan payments and total mortgage cost based on items like the mortgage amount, interest rate, and loan length is one approach to determine your house purchase budget.

Consider refinancing your home in the future.

Once you’ve obtained a mortgage and become a homeowner, your primary attention should be on making your monthly mortgage payments in order to establish credit and demonstrate that you can afford your house loan.

It’s never a bad idea to check into a mortgage refinancing after some time to see whether you qualify for a lower home loan interest rate or more advantageous repayment conditions than your initial mortgage. 

DepositPhotos.com is the source of this image.

Methodology

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GreatData provided all of the data used in this study. The dataset offered by GreatData, which is mostly derived from the United States Census Bureau, was licensed by LendEDU. GreatData uses the most current U.S. Census Bureau update for data points like “median monthly housing cost,” but it also calculates and mixes its own estimates based on past patterns to deliver the most up-to-date statistics. The monthly mortgage cost plus utilities are included in the “Median Monthly Home Cost” statistic for each city.

The “5-year population projection percent increase from current population” number is calculated by multiplying the current population of each city by the predicted population in five years. For example, we compared a city’s present population to its five-year population prediction based on the most recent projections. The “5-year population projection percent increase from present population” was then calculated using the percent increase from the former to the latter.

GreatData offered numerous ZIP Codes inside some of the cities featured in the report, each with its unique set of data. We pooled all ZIP Code data for that city in these cases to create a single, weighted stat line for each city. To get the weighted median monthly house cost for a city with several ZIP Codes, we multiplied each ZIP Code’s median monthly home cost by the current population estimate for that same ZIP Code.

For any city with numerous ZIP Codes, LendEDU did not need to execute this weighing step since the population estimates were simply added together.

A city needs to have a minimum population of 15,000 to be included for this ranking. A city’s five-year population projected percent gain from its existing population has to also be in the top 1,000.

LendEDU evaluated each eligible city from lowest to highest based on its respective median monthly housing cost after each city had a single statistic line for all applicable facts.

More research from LendEDU may be found here.

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Depositphotos is the source of this image.

The cities with the strongest growth rates that are still affordable for first-time buyers

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A city needs to have a minimum population of 15,000 to be included for this ranking. A city’s five-year population projected percent gain from its existing population has to also be in the top 1,000.

The information below comes from a GreatData dataset that was licensed by LendEDU. GreatData uses the most up-to-date data and estimations from the United States Census Bureau, as well as its own forecasts based on past patterns, to give accurate and current household data for over 25,000 communities in the United States.

The monthly mortgage cost plus utilities are included in the “median monthly house cost” figure for each city.

DepositPhotos.com is the source of this image.

Alabama’s Athens

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  • % growth in population over 5 years from present population: 22.97 percent
  • The average monthly cost of a house is $1,086.

Carol M. Highsmith / Wikimedia Commons / Carol M. Highsmith / Wikimedia Commons / Carol M. Highsmith / Wikimedia Common

Kenai is a town in Alaska.

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  • % growth in population during the next five years compared to the existing population: 11.98%
  • The average monthly cost of a property is $1,469

ManOnTheGo / istockphoto contributed to this image.

San Luis is a town in Arizona.

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  • % growth in population over 5 years from present population: 22.31 percent
  • The average monthly cost of a property is $924.

BCFC / istockphoto / BCFC / istockphoto / BCFC / istockphoto / BCFC

Jonesboro is a town in Arkansas.

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  • % growth in population during the next five years compared to the existing population: 13.89%
  • The average monthly cost of a house is $1,090.

BOB WESTON / istockphoto / BOB WESTON / istockphoto / BOB WESTON / istockphoto

Lamont is a town in California.

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  • % growth in population during the next five years compared to the existing population: 16.31%
  • The average monthly cost of a property is $992.

Image credit: Wikimedia Commons/English Wikipedia/GeorgeLouis.

Evans is a town in Colorado.

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  • % growth in population during the next five years compared to the existing population: 11.68%
  • The average monthly cost of a house is $1,301.

Image credit: Wikimedia Commons/Jeffrey Beall

Seaford, Delaware is a town in Delaware.

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  • % growth in population during the next five years compared to the existing population: 18.30%
  • The average monthly cost of a property is $1,279

Image credit: Wikimedia Commons/English Wikipedia/Levelhead.

Avon Park is a town in the state of Florida.

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  • % growth in population during the next five years compared to the existing population: 20.78 percent
  • The average monthly cost of a property is $917.

Wikimedia Commons user Ebyabe contributed this image.

Forest Park is a town in Georgia.

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  • % growth in population over 5 years from present population: 11.33 percent
  • The average monthly cost of a property is $919.

Thomson200 / Wikimedia Commons / Thomson200 / Wikimedia Commons / Thomson200 / Wikimedia Commons /

Hawaii’s Pahoa

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  • % growth in population during the next five years compared to the existing population: 10.39 percent
  • $1,262 is the average monthly cost of a house.

wwing / istockphoto / wwing / istockphoto / wwing / istockphoto /

Idaho’s capital city is Caldwell.

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  • % growth in population over 5 years from present population: 21.77 percent
  • The average monthly cost of a house is $1,061.

Tamanoeconomico / Wikimedia Commons / Tamanoeconomico

Morris is a town in the state of Illinois.

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  • % growth in population over 5 years from present population: 13.37 percent
  • The average monthly cost of a house is $1,587.

Wikimedia Commons user Rockclaw1030 contributed this image.

Kokomo is a city in Indiana.

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  • % growth in population over 5 years from present population: 26.62 percent
  • The average monthly cost of a property is $956.

Cameronloyd03 / Wikimedia Commons / Cameronloyd03 / Wikimedia Commons / Cameronloyd03 / Wikimedia

Marion is a town in the state of Iowa.

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  • % growth in population during the next five years compared to the existing population: 14.86%
  • $1,383 is the average monthly cost of a house.

Ian Poellet/Wikimedia Commons/Ian Poellet/Wikimedia Commons/Ian Poellet/Wikimedia Commons/Ian

Derby is a town in Kansas.

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  • % growth in population over 5 years from present population: 10.44 percent
  • $1,402 is the average monthly cost of a dwelling.

RSM400 / Wikimedia Commons is the source of this image.

Campbellsville is a city in Kentucky.

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  • % growth in population during the next five years compared to the existing population: 24.78 percent
  • The average monthly cost of a property is $931.

W.marsh / Wikimedia Commons / I, W.marsh

Louisiana’s Carencro

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  • % growth in population over 5 years from present population: 29.12 percent
  • The average monthly cost of a house is $1,120.

Image credit: English Wikipedia Via Wikimedia Commons / Falkonry.

Westbrook is a town in the state of Maine.

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  • % growth in population over 5 years from present population: 9.54 percent
  • The average monthly cost of a house is $1,483.

Kenneth C. Zirkel / Wikimedia Commons / Kenneth C. Zirkel / Wikimedia Commons / Kenneth C. Zirkel / Wiki

Maryland’s Salisbury

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  • % growth in population over 5 years from present population: 10.03 percent
  • The average monthly cost of a house is $1,358.

Famartin / Wikimedia Commons / Famartin / Wikimedia Commons / Famartin / Wikimedia Commons

Seekonk is a town in Massachusetts.

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  • % growth in population during the next five years compared to the existing population: 12.88%
  • The average monthly cost of a property is $1,879

Image credit: Wikimedia Commons/John Phelan.

Michigan’s Big Rapids

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  • % growth in population during the next five years from the present population: 19.76%
  • The average monthly cost of a house is $1,080.

Doug Coldwell / Wikimedia Commons / Doug Coldwell / Wikimedia Commons / Doug Coldwell / Wikimedia Commons

Willmar is a town in Minnesota.

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  • % growth in population over 5 years from present population: 12.39 percent
  • The average monthly cost of a house is $1,200.

Image credit: Wikimedia Commons/Bokak Ha’Eri

New Albany, Mississippi is a city in Mississippi.

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  • % growth in population over 5 years from present population: 13.34 percent
  • The average monthly cost of a property is $967.

Timberwolf62 / Wikimedia Commons / Timberwolf62 / Wikimedia Commons / Timberwolf62 / Wikimedia Commons

Marshfield is a town in Missouri.

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  • % growth in population over 5 years from present population: 13.01 percent
  • The average monthly cost of a property is $989.

Dual Freq / Wikimedia Commons is the source of this image.

Kalispell is a town in Montana.

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  • % growth in population over 5 years from present population: 24.03 percent
  • The average monthly cost of a property is $1,369

Image credit: Wikimedia Commons/Jeff the Quiet.

Nebraska’s capital is Lincoln.

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  • % growth in population during the next five years compared to the existing population: 9.40%
  • $1,352 is the average monthly cost of a house.

ChrisBoswell/istockphoto contributed to this image.

Nevada’s Sun Valley

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  • % growth in population during the next five years compared to the existing population: 11.86%
  • The average monthly cost of a house is $1,196.

Ken Lund from Reno, Nevada, United States / Wikimedia Commons

Londonderry is a town in the state of New Hampshire.

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  • % growth in population over 5 years from present population: 11.44 percent
  • The average monthly cost of a house is $2,153.

Image credit: Wikimedia Commons/John Phelan.

Glassboro is a town in New Jersey.

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  • % growth in population during the next five years compared to the existing population: 10.39 percent
  • The average monthly cost of a house is $1,978.

Image credit: Wikimedia Commons/Scott Brody.

Carlsbad, New Mexico is a city in the state of New Mexico.

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  • % growth in population over 5 years from present population: 11.29 percent
  • The average monthly cost of a house is $1,142.

Image credit: Wikimedia Commons/Roman Eugeniusz.

New York, Amsterdam

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  • % growth in population over 5 years from present population: 13.43 percent
  • The average monthly cost of a house is $1,267.

Jimmy Emerson from Dalton, Georgia / Wikimedia Commons

North Carolina’s Franklin

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  • % growth in population over 5 years from present population: 10.05 percent
  • The average monthly cost of a property is $989.

Warren LeMay from Cincinnati, Ohio, USA / Wikimedia Commons

Fairfield is a town in the state of Ohio.

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  • % growth in population over 5 years from present population: 11.25 percent
  • The average monthly cost of a house is $1,224.

Erik Drost / Wikimedia Commons / Wikimedia Commons / Wikimedia Commons / Wikimedia Commons / Wiki

Wagoner is a town in Oklahoma.

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  • % growth in population over 5 years from present population: 14.85 percent
  • $1,021 is the average monthly cost of a house.

CPacker at en.wikipedia / Wikimedia Commons is the source of this image.

Prineville is a town in Oregon.

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  • % growth in population during the next five years compared to the existing population: 17.88%
  • The average monthly cost of a house is $1,204.

Kris Arnold of New York, New York, USA / Wikimedia Commons

Ephrata is a town in Pennsylvania.

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  • % growth in population over 5 years from present population: 10.55 percent
  • The average monthly cost of a house is $1,400.

Image credit: Wikimedia Commons/Andrew Bossi

Gaston is a town in South Carolina.

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  • % growth in population over 5 years from present population: 10.87 percent
  • The average monthly cost of a property is $927.

Abductive / Wikimedia Commons is the source of this image.

Lafayette is a city in the state of Tennessee.

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  • % growth in population during the next five years compared to the existing population: 19.66%
  • The average monthly cost of a house is $936.

Brian Stansberry/Wikimedia Commons/Brian Stansberry/Wikimedia Commons/Brian Stansberry/Wikimedia Commons/Brian

Roma is a town in Texas.

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  • % growth in population over 5 years from present population: 15.51 percent
  • The average monthly cost of a property is $878.

Image credit: Wikimedia Commons/ALAN SCHMIERER.

Utah’s Hurricane

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  • % growth in population over 5 years from present population: 35.50 percent
  • The average monthly cost of a house is $1,225.

Image credit: Wikimedia Commons/John Bonzo.

Essex Junction is a town in Vermont.

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  • % growth in population during the next five years compared to the existing population: 19.67%
  • $1,881 is the average monthly cost of a house.

Mfwills / Wikimedia Commons / Mfwills / Wikimedia Commons / Mfwills / Wikimedia Commons

Bedford is a town in Virginia.

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  • % growth in population during the next five years compared to the existing population: 12.92%
  • The average monthly cost of a house is $1,150.

Taber Andrew Bain of Richmond, Virginia, USA / Wikimedia Commons

Moses Lake is located in the state of Washington.

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  • % growth in population over 5 years from present population: 19.55 percent
  • $1,351 is the average monthly cost of a house.

ECTran71 / Wikimedia Commons / ECTran71 / ECTran71 / ECTran71 / ECTran71 /

Washington, D.C., Washington, D.C., Washington, D.C.,

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  • % growth in population during the next five years compared to the existing population: 11.80%
  • $2,406 is the average monthly cost of a house.

dkfielding contributed this image.

West Virginia’s Charles Town

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  • % growth in population during the next five years compared to the existing population: 18.00%
  • $1,782 is the average monthly cost of a dwelling.

Famartin / Wikimedia Commons / Famartin / Wikimedia Commons / Famartin / Wikimedia Commons

Sheboygan is a town in Wisconsin.

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  • % growth in population during the next five years compared to the existing population: 11.97%
  • $1,112 is the average monthly cost of a dwelling.

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