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Affordable Suburbs for Homeownership: Top 17 Picks Across America

Affordable Suburbs for Homeownership in the U.S.

Finding the perfect home within your budget can be a daunting task. With so many factors to consider, it can be overwhelming to narrow down the right location that suits your lifestyle and financial needs.

In this article, we’ll take a look at the top affordable suburbs in the US, explore the factors that affect home affordability, and examine the benefits of homeownership.

Factors Affecting Home Affordability

Before we dive into the top affordable suburbs, it’s essential to understand the factors that affect home affordability. Buying a home involves more than just the monthly mortgage payment.

Several other expenses come along with homeownership, such as down payment, property taxes, home insurance, and maintenance costs. Rent vs.

Mortgage Payment: One of the most significant expenses that people usually consider when looking for a home is rent or monthly mortgage payment. When renting, you pay to live in someone else’s property, which is usually lower than paying off a mortgage payment.

If you’re looking to purchase a home, keep in mind that your mortgage payment should not exceed 28% of your gross income. Down Payment: The down payment is a one-time payment you make upfront to secure your mortgage loan.

Typically, lenders ask for a 20% down payment on the total purchase amount. If you’re not able to pay for the down payment, you may need to get a mortgage that requires a smaller down payment, which will ultimately increase the overall cost of the home.

Equity: Equity is the difference between the home’s current value and the remaining mortgage balance. As you continue to pay off your mortgage, you build equity, which can be used as collateral for future loans, to finance home improvements, or as a down payment on a new home.

Top 17 Affordable Suburbs

Now that we know what affects home affordability let’s take a look at the top affordable suburbs based on monthly mortgage payment, safety, cost of living, and quality of schools. 1) Oswego, Illinois: This delightful suburb is located in the Chicago metropolitan area and is the perfect place to live if you’re looking for a safe and affordable community.

The median monthly mortgage payment is $1356. 2) Papillion, Nebraska: This suburb is located in the Omaha-Council Bluffs metropolitan area and boasts of its low property crime rate and excellent schools.

The median monthly mortgage payment is $1435. 3) Buford, Georgia: This vibrant suburb is located in the Atlanta metropolitan area and offers its residents a low cost of living, excellent schools, and easy access to outdoor activities.

The median monthly mortgage payment is $1445. 4) Alpharetta, Georgia: Enjoy a safe and active lifestyle in Alpharetta, Georgia.

This suburb is well known for its beautiful parks and top-rated schools. The median monthly mortgage payment is $1511.

5) Lawrence, Kansas: Nestled in the heart of Kansas, this suburb offers affordable living, excellent schools, and a thriving community. The median monthly mortgage payment is $1527.

6) Westfield, Indiana: This suburb is located just outside of Indianapolis and offers its residents a small-town charm with big city amenities. The median monthly mortgage payment is $1584.

7) Cedar Park, Texas: Located in the Austin metropolitan area, this suburb has a low crime rate, excellent schools, and plenty of outdoor activities. The median monthly mortgage payment is $1608.

8) Blue Springs, Missouri: Enjoy affordable living in this charming suburb, which is located just outside of Kansas City. The median monthly mortgage payment is $1630.

9) Lake Oswego, Oregon: This picturesque suburb is located just outside of Portland and offers scenic views, excellent schools, and outdoor activities that include boating and hiking. The median monthly mortgage payment is $1703.

10) Dublin, Ohio: Located just outside of Columbus, Ohio, this suburb offers affordable living, excellent schools, and access to multiple parks and golf courses. The median monthly mortgage payment is $1744.

11) Overland Park, Kansas: This suburb located in the Kansas City metropolitan area offers its residents low property crime rates, excellent schools, and an active community. The median monthly mortgage payment is $1761.

12) Carmel, Indiana: This sophisticated suburb is known for its top-rated schools, beautiful parks, and an active downtown area. The median monthly mortgage payment is $1779.

13) South Jordan, Utah: This suburb located in the Salt Lake City metropolitan area offers its residents a low cost of living, excellent schools, and outdoor activities that include skiing and hiking. The median monthly mortgage payment is $1873.

14) Sammamish, Washington: This idyllic suburb is located just outside of Seattle and offers beautiful views of Lake Sammamish, excellent schools, and a close-knit community. The median monthly mortgage payment is $2140.

15) Newton, Massachusetts: Located just outside of Boston, this suburb offers its residents access to some of the best schools in the state and easy access to the city’s cultural attractions. The median monthly mortgage payment is $2244.

16) Palo Alto, California: Located in the heart of Silicon Valley, this suburb offers its residents a high quality of life, excellent schools, and a thriving downtown area. The median monthly mortgage payment is $3161.

17) Bethesda, Maryland: This upscale suburb offers access to some of the highest-rated schools in the country, a thriving downtown area, and plenty of green spaces. The median monthly mortgage payment is $3401.

Benefits of Owning a Home

Owning a home has many benefits that go beyond financial stability. Here are some of the benefits of owning a home:

Financial Stability: Homeownership helps you build equity that can be used to finance future expenses like college tuition or home improvements.

Saving Money: Instead of renting, where you’re subject to rent increases and limited control over the property, homeownership gives you the ability to make changes to your home and ultimately save money in the long run. Family Well-being: Owning a home gives your family a sense of pride, privacy, and security that can’t be matched by renting.

Conclusion

Owning a home is a big responsibility and requires a lot of research and planning. However, with the right knowledge and resources, finding an affordable suburb that suits your lifestyle and financial needs is achievable.

Remember to factor in all the expenses that come along with homeownership and choose a home that’s in a safe area with access to excellent schools and outdoor activities. La Vergne, Tennessee

Located in Rutherford County, Tennessee, La Vergne is a vibrant suburb that offers its residents beautiful nature reserves, proximity to Nashville, and affordable housing.

In this expansion, we will explore the outdoor activities available in La Vergne, the housing market, and why it is a great place to call home.

Proximity to Nashville and Outdoor Activities

One of the best things about La Vergne is its proximity to Nashville, the Music City. You can quickly drive to downtown Nashville in under thirty minutes, making it an ideal location for those who want to enjoy the city’s vibrant music scene, cultural attractions, and world-renowned restaurants.

If you’re an outdoor enthusiast, La Vergne offers plenty of opportunities for recreation. Percy Priest Lake, located just a few minutes from La Vergne, spans over 14,000 acres and offers beautiful views, fishing, and boating activities.

You can rent a boat, or if you have your own, you can launch it from one of the many ramps and spend the day exploring the lake. The lake is also an excellent spot for bass and crappie fishing, and you’ll find plenty of other water sports to enjoy, such as jet-skiing, tubing, and paddleboarding.

Affordable Housing Market

La Vergne belongs to one of the state’s fastest-growing counties, Rutherford County, which is experiencing significant growth in the housing market. The city’s median home list price is relatively low compared to the rest of the state, making it a popular destination for first-time homebuyers and young professionals.

The real estate market in La Vergne is thriving, and there are various properties available to suit your budget and preferences. You’ll find apartments, townhomes, and single-family homes, ranging in size from 900 square feet to over 3,000 square feet.

Some neighborhoods to consider if you’re looking for a new home include Lake Forest Estates, Stonebrook, and Cottages of Lake Forest. Altamonte Springs, Florida

Located in Seminole County, Florida, Altamonte Springs is a charming and bustling suburb that is ideal for anyone looking for excellent recreational facilities, affordable housing, and easy access to Orlando.

In this expansion, we will explore the senior-friendly recreational options, the housing market, and what makes Altamonte Springs a great place to live.

Senior-Friendly Recreation Options

If you’re looking for senior-friendly recreation options, look no further than Altamonte Springs. The city’s Westmonte Recreation Center offers various fitness and wellness programs geared towards seniors, including yoga, tai-chi, and chair aerobics.

You can also join one of the senior community programs, such as bridge, bingo, or the senior center’s book club. The center also offers health screenings and events throughout the year, such as senior expos, health fairs, and educational seminars.

If you’re looking to get outdoors, the city’s many nature reserves provide scenic views and hiking trails that are perfect for older adults. The Cranes Roost Park, located in the heart of Altamonte Springs, offers a beautiful boardwalk, a variety of restaurants, and is home to many annual festivals, including the Independence Day Celebration and the Jazz Jams.

Affordable Housing Market

One of the attractive aspects of Altamonte Springs is the affordable housing market. The median home list price is lower than the state average, making it a popular destination for first-time homebuyers and retirees.

You’ll find a mix of apartments, townhomes, and single-family homes that range in size from 700 square feet to over 3,000 square feet. Some neighborhoods to consider if you’re looking for a new home include San Sebastian Heights, Country Creek, and Spring Oaks.

Real Estate Market

The real estate market in Altamonte Springs is robust, with properties appreciating at a steady rate. The city offers a mix of residential and commercial properties, making it an ideal location for entrepreneurs who want to start a business.

If you’re looking to invest in rental properties, the city’s proximity to Orlando and its world-famous theme parks make it a popular destination for tourists, making rental properties in high demand.

Summary

Both La Vergne, Tennessee, and Altamonte Springs, Florida, offer a wealth of opportunities for anyone looking to start a new chapter in their lives. From beautiful scenery to affordable housing markets, and top-rated recreation centers, both cities offer plenty to see and do.

If you’re looking for a place to call home, consider La Vergne, Tennessee, or Altamonte Springs, Florida. Lexington, South Carolina:

Lexington, South Carolina, offers a blend of small-town charm and modern amenities, making it an attractive destination for those seeking a slower pace of living while still having access to big-city amenities.

In this expansion, we will explore the property tax rate, cost of living, and quality of schools in Lexington, South Carolina. Property Tax Rate and Cost of Living:

Property taxes are a significant expense for homeowners, and it’s crucial to factor in these costs when determining the affordability of a home.

Lexington’s property tax rate is around 0.73%, which is lower than the national average. This low property tax rate, combined with the city’s low cost of living, makes Lexington an affordable place to call home.

When considering the cost of living in Lexington, it’s important to note that the nonhousing necessities cost is also lower than the national average. These nonhousing necessities include groceries, transportation, healthcare, and other expenses that are essential to day-to-day living.

Quality of Schools:

The quality of schools is a crucial factor to consider when moving to a new town or city, especially for those with children. Lexington has one of the best school districts in South Carolina, with a top-rated school district grade.

The Lexington County School District One is responsible for educating over 24,000 students, with a student-to-teacher ratio of 14 to 1. The district offers various programs, including STEM, music, arts, and athletics, all of which help to enhance the overall educational experience.

Besides, Lexington has several award-winning schools like Lexington Elementary School and River Bluff High School, which provide students with quality education. Mayfield Heights, Ohio:

Mayfield Heights is a small city located in Cuyahoga County, Ohio, with a population of approximately 18,000 residents.

In this expansion, we will explore the safety and cost of living and the quality of schools in Mayfield Heights, Ohio. Safety and Cost of Living:

Mayfield Heights is a safe city, and the violent crime and property crime rates are below the national average.

This low rate of crime makes it a great place to call home, especially if you’re a family with children or a retiree looking for a peaceful environment. In addition to safety, considering the cost of living is crucial when planning a move.

Mayfield Heights has a cost of living index that is lower than the Ohio state average, making it an affordable city to live in. The nonhousing necessities cost is also lower than the national average, which means that residents can enjoy a high standard of living without breaking the bank.

Quality of Schools:

Mayfield Heights is served by the Mayfield City School District, which encompasses several public schools that provide quality education to students. The district has a high school graduation rate of over 95%, which is higher than the national average.

The Mayfield High School is one of the top-rated schools in Ohio, offering rigorous programs that prepare students for higher education. Furthermore, the district offers a variety of extracurricular activities, including athletics, music, and arts, that complement the educational experience.

The district’s teachers are also well-trained and dedicated to improving students’ education quality, making Mayfield Heights an excellent place for families with children.

Summary:

Mayfield Heights, Ohio, and Lexington, South Carolina, offer a high standard of living that comes with affordable housing, a low crime rate, and excellent education quality. residents of both cities can enjoy a slower pace of living while still having access to modern amenities that make life comfortable and enjoyable.

If you’re looking for a new place to call home, consider Mayfield Heights, Ohio, and Lexington, South Carolina. Fairfield, Ohio:

Fairfield is a small city located in Butler County, Ohio, known for its affordable cost of living, excellent schools, and community events.

In this expansion, we will explore the cost of living, affordability, and the quality of schools in Fairfield, Ohio. Cost of Living and Affordability:

Fairfield is an affordable city to live in, with a nonhousing necessities cost that is lower than the national average.

The total cost of living in Fairfield is also cost-effective, with lower overall expenses than Ohio’s state average. Besides, for those looking to buy a home, Fairfield’s real estate market is affordable, with affordable mortgages and a median home list price that is lower than the national average.

Quality of Schools:

Fairfield City Schools is responsible for educating students in Fairfield, and the district has an excellent reputation for providing quality education. The district has a top-rated school district grade, with a student-to-teacher ratio of 17 to 1.

Fairfield City Schools offers various programs that include STEM, music, arts, and sports, ensuring that students receive a well-rounded education to prepare them for the future. The district’s teachers are well-trained and dedicated to student success, and the district’s graduation rate is over 90%, with a low dropout rate.

The district also provides students with tools to excel academically, including enrichment programs and college pathways. With excellent education quality, Fairfield is an ideal place to raise a family and enjoy a high standard of living.

Maryland Heights, Missouri:

Maryland Heights, a suburb of St. Louis, Missouri, is known for its affordable housing market and quality schools. In this expansion, we will explore the quality of schools

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