HomeRun Homes Rent to Own Homes Blog

My photo

HomeRun Homes is a centralized marketplace which helps people Find or Sell a Rent to Own Home, both Nationwide and Globally to the thriving Rent to Own Market. http://www.lease2buy.com
Showing posts with label Columbia. Show all posts
Showing posts with label Columbia. Show all posts

September 27, 2010

Homes For Under $800/Month? Bargains Are Everywhere !

Hi Everyone,
   Hope you had a nice weekend, and if you're a football fan, I hope your team won (as long as it wasn't against my team !).

   I cannot believe that I read this, but I came across a list of some of the top cities in the country, in which you can purchase a median-priced home (assuming a 20% down-payment) for under $800. Once again, I really cannot believe it!

   Luke Mullins of U.S.News, wrote an article titled, "Where to Buy a Home for Less Than $800 a Month", and I read the article on Yahoo Real Estate. The lowest priced city on the list was Atlanta, which assumes a $123,000 median-priced home, with, "a 20 percent down payment--or $24,600--monthly payments for mortgage principal and interest", or $488 per month. Is that amazing? The only issue would be the 20% down-payment for a lot of folks, nowadays. It would be interesting to re-work the numbers with a 10% down payment, but this would probably alter other factors in the calculations and type(s) of applicable mortgages.

   The next cities listed after Atlanta are Pittsburgh, Boise, Columbia (South Carolina), and Phoenix, all of which clock in at under $600/month, using the same calculation methods. Rounding out the Top 10 are Austin, Sarasota, Albuquerque, Minneapolis/St. Paul, and Columbus (Ohio).

   I would be interested in seeing what some of the Eastern Seaboard cities (New York, Boston, Philadelphia, and Washington) would come in with for an average monthly payment. In addition, I would also be curious about the major cities in California. These locations would more than likely be above the others (substantially) due to the higher property prices, but however, it would be interesting to see it and compare it to what the figures were perhaps 2-3 years ago.

   If anyone of our financial/technical readers can re-work these numbers, please feel free to post them as a comment to this post.

Have a Great Week, and Happy Rent-to-Owning !!