Syracuse Named in top 10 most affordable places to live in U.S. List
Looking for affordable housing? According to a new study, Syracuse ranks as one of the cheapest places to live in the United States.
Real estate website Trulia published its list of most affordable places to live in the U.S. based on housing, commuting and utilities costs, the Huffington Post reports. Syracuse ranks at No. 9 on the list of top 10 cities.
Real estate website Trulia published its list of most affordable places to live in the U.S. based on housing, commuting and utilities costs, the Huffington Postreports. Syracuse ranks at No. 9 on the list of top 10 cities.
Trulia explains that mortgage payments, property taxes and insurance aren’t the only factors considered when measuring housing affordability. For example, some households living in cities with cold winters and hot summers might have larger utility bills (looking at you, Syracuse). Additionally, those living in low-density cities might have to spend more time and gas for transportation.
The results were determined by the monthly mortgage payment on a median-priced home, the median amount residents pay for utilities in each city and how much residents spend on commuting.
Trulia says 33.1 percent of a middle-class income will be spent on housing, utilities and commuting in Syracuse. Here’s the complete top 10 list:
To get these numbers, Trulia assumed a 30-year fixed-rate loan at 4 percent interest rate, and included both property taxes. The median-priced home for each city was based on all the for-sale listings on Trulia in August 2015.
According to Trulia’s calculations, the Midwest is the most affordable place to live — especially in Ohio. Middle-class homebuyers in Akron, Dayton, Cleveland and Toledo can manage paying less than 20 percent of their monthly income on mortgage payments on a median priced home, the report says.
On the other hand, California reigns as the toughest housing market for middle-class homebuyers. Seven of the 10 least affordable housing markets are located in the golden state, Trulia adds.