8 ON YOUR SIDE: Montgomery Tops National Survey on Affordable Homebuying
A new survey shows that Montgomery is the most affordable city in the nation for home buyers.
WalletHub has ranked 300 cities nationwide for overall home-buying affordability. The list is based on ten factors — not just home prices. They include home maintenance costs, homeowners insurance and cost of living.
WalletHub says that while prices are coming down in some cities after the pandemic, interest rates have nearly tripled, going from an average of 2.65% in January 2021 to 6.39% last month.
That’s what makes this list so meaningful to people hoping to afford a home.
Here are the top five most affordable cities for homebuyers, according to WalletHub:
- Flint, Michigan
- Toledo, Ohio
- Detroit, Michigan
- Akron, Ohio
In Alabama, Birmingham comes in at #33, Huntsville at 75 and Mobile at 85.