Fayetteville, known for its military presence and location along the I-95 corridor, offers a balance of affordability and convenience. The city’s average rent for a three-bedroom home is $1,513, while the median home value is $218,367. After a 20% down payment, homeowners face a mortgage payment of about $1,100. With a cost-of-living 20% lower than the national average and growing job opportunities, Fayetteville is a superb place for families to establish roots.
5. Laredo, Texas
For those seeking the benefits of Texas living without the high costs of cities like Austin or Dallas, Laredo presents a fascinating alternative. The city offers an average rent of $1,376 for a three-bedroom home, while the median home value is $210,620. After a 20% down payment, the average mortgage payment is $1,061. Laredo’s rich cultural heritage, proximity to the Rio Grande, and access to nature make it an attractive choice for buyers looking to settle down or retire.
These cities show that despite the challenges in the housing market, affordable homeownership is still achievable. Potential buyers should consider the long-term benefits and financial advantages of owning a home in these cities.
Do you know other cities where it’s cheaper to buy a home than rent? Let us know in the comments below.
Source: mpamag.com