If you’re frustrated by the thought of paying a mortgage for 30 long years, consider buying in a city where homes are affordable enough, and incomes are high enough, to give homeowners a shot at paying off their homes early.
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The personal finance site SmartAsset ranked 40 of the largest metro areas in the United States according to where it’s easiest to pay off a home. The cities were ranked based on the principal and interest payments for conventional mortgages issued in 2023, relative to the median incomes of the buyers who purchased homes that year.
Here’s a look at five of the top cities where mortgages are the easiest to pay off, along with current median home prices from Redfin to help you determine affordability based on your own financial situation.
Pittsburgh, Pennsylvania
- Housing payments as a percent of gross pay: 16.4%
- Monthly principal and interest payment: $1,377
- Median annual income of new homeowners: $101,000
- Median property value of homes purchased with conventional loans: $265,000
- Current median home price: $273,500
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Houston-The Woodlands-Sugar Land, Texas
- Housing payments as a percent of gross pay: 17.1%
- Monthly principal and interest payment: $1,894
- Median annual income of new homeowners: $133,000
- Median property value of homes purchased with conventional loans: $365,000
- Current median home price (Houston): $331,900
Detroit-Warren-Dearborn, Michigan
- Housing payments as a percent of gross pay: 17.5%
- Monthly principal and interest payment: $1,228
- Median annual income of new homeowners: $84,000
- Median property value of homes purchased with conventional loans: $225,000
- Current median home price (Dearborn): $252,000
Cleveland-Elyria, Ohio
- Housing payments as a percent of gross pay: 17.6%
- Monthly principal and interest payment: $1,408
- Median annual income of new homeowners: $96,000
- Median property value of homes purchased with conventional loans: $265,000
- Current median home price (Elyria): $165,000
San Antonio-New Braunfels, Texas
- Housing payments as a percent of gross pay: 17.7%
- Monthly principal and interest payment: $1,723
- Median annual income of new homeowners: $117,000
- Median property value of homes purchased with conventional loans: $345,000
- Current median home price (New Braunfels): $340,000
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This article originally appeared on GOBankingRates.com: 5 Cities Where Mortgages Are the Easiest To Pay Off
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