5 Ohio towns among top 20 Most Affordable Cities to Buy a House, report says

The American dream of buying a house is seemingly more unattainable than ever, due to rising housing costs, surging mortgage rates and an overall lack of available housing inventory in the United States.

For those seeking to buy a home, some of the most affordable cities to do so are located right here in Ohio. In fact, five of the top 20 most affordable U.S. cities to buy a house are located in the Buckeye State, according to a report from homebuyer.com.

Toledo, Ohio, is the fifth-most affordable city to buy a house in the U.S., according to homebuyer.com’s report. The northwest Ohio city boasts an overall affordability score of 99.82%, featuring an average monthly cost of homeownership of $1,955, including a $923 average monthly mortgage payment.

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Canton, Ohio, located about an hour south of Cleveland, isn’t far behind Toledo as it ranks No. 7 on homebuyer.com’s list. The average monthly homeowner costs in Canton are $2,160, including an average monthly mortgage payment of $1,063, according to homebuyer.com.

Lorain, Ohio, came in just outside of the top 10 at No. 11 overall, while Youngstown ranked 16th and Cleveland ranked 18th.

Further down the house affordability rankings was Akron at No. 30, Dayton at No. 32, Elyria at No. 38, and Parma at No. 46.

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Homebuyer.com conducted its report by measuring cities across the U.S. in four categories: average monthly mortgage payment; average monthly insurance costs; monthly average property taxes and monthly average transportation costs. The report applied a conventional 30-year fixed rate mortgage, including a 6% mortgage rate and 3% down payment into housing costs. The report also calculated property taxes by multiplying local city tax rates with the city’s median home listing price, as well as homeowner insurance and transportation costs.

Overall, the top 20 most affordable cities to buy a house, according to homebuyer.com, are:

1. Macon, GA

2. Detroit, MI

3. Gary, IN

4. Flint, MI

5. Toledo, OH

6. Syracuse, NY

7. Canton, OH

8. Springfield, IL

9. Lansing, MI

10. Pontiac, MI

11. Lorain, OH

12. Muncie, IN

13. Albany, GA

14. Jackson, MS

15. St. Joseph, MO

16. Youngstown, OH

17. St. Louis, MO

18. Cleveland, OH

19. Rochester, NY

20. Columbus, GA

Homebuyer.com’s full report on the Most Affordable U.S. Cities to Buy a House can be found online.