Looking For An Affordable Home, Study Suggests Blackwell, Oklahoma
BLACKWELL, Oklahoma - If you want an affordable home a new study by a financial tech company suggests Blackwell, Oklahoma.
SmartAsset ranked the 10 most affordable places to buy a home across the U.S. and the Kay County in north central Oklahoma came in at #4. Five Texas towns, led by #1 Mesquite, #2 Kermit and #3 Pecos are among the 10 least expensive.
By contrast, the most expensive places to buy a home are cities in the Northeast, on the West Coast and in Florida.
To find the most affordable places to buy a home, SmartAsset says it examined closing costs, real estate taxes, homeowners insurance and mortgage rates over five years for the average home in every county in the U.S. and city with a population greater than 5,000. That cost was then taken as a proportion of median household income in each county and city to come up with an affordability index.
- Average Closing Costs $1,658
- Annual Property Tax $340
- Annual Homeowner's Insurance $351
- Average Annual Mortgage Payment $2,244
- Median Income $35,515
- Affordability Index 66.98