Now that rent costs an average of $1,700 per month in the U.S., according to Zillow’s estimate, you may as well look into owning a house. In certain cities, your monthly mortgage payment might be half of the median rent price in the U.S. — or even less — which means homeownership could be well within reach.
A study found 17 great suburbs where your mortgage will typically cost less than $1,000 per month. This study ranks the suburbs from the highest monthly mortgage payment to the lowest, and also takes several other important factors into account:
- Cost of living
- Quality of schools
If you can save up enough for a down payment, it’s worth shopping around for a cheaper mortgage so that you can build equity in a home instead of spending your money on astronomical rents. Limiting your housing budget to $1,000 per month or less may help your family and finances thrive in these top suburbs.