- A recent study by GoBankingRates found the 17 best suburbs where a typical monthly mortgage is less than $1,000.
- The study calculated the average monthly mortgage payment in each suburb by factoring in a 30-year fixed mortgage rate of 3.64%, a 20% down payment, and local county effective property tax rates.
- The chosen suburbs were also measured on factors including safety, cost of living, and quality of local school districts.
- Elsmere, Delaware, in the Wilmington metro area, was the top-ranked, with an average monthly mortgage payment of $570.
- According to RentCafe’s recent apartment market report, using data sourced from Yardi Matrix, the national average rent was $1,471 in September 2019.
- Visit Business Insider’s homepage for more stories.
American suburbs are growing increasingly popular.
In fact, around 175 million Americans live in the country’s suburbs — that’s more than half the country’s total population, which is around 329 million.
Factors like good public schools, low crime rates, and affordable housing costs can make certain suburbs more desirable than others. A recent study by personal finance platform GoBankingRates found the 17 best US suburbs where the average monthly mortgage is less than $1,000.
Read more: The most expensive suburb in every US state
To gather a list of the top 95 US suburbs, GoBankingRates sourced from a previous study that found the best suburbs in every state. These suburbs were measured on factors including median home prices, necessary living expenses that don’t include housing costs, crime rates, and school district scores, which were sourced from the ranking and review site Niche.
For the current study, limiting the list to only those top-ranked suburbs that also have mortgages under $1,000 a month, GoBankingRates calculated the average monthly mortgage payment in each suburb by factoring in a 30-year fixed mortgage rate of 3.64%, a 20% down payment, and local county effective property tax rates.
Keep reading for a list of the 17 best suburbs where the average monthly mortgage is less than $1,000, ranked in order of decreasing mortgage costs.
14. Lexington, South Carolina, has the third-lowest county property tax rate on this list. According to the study, residents enjoy a rate of just 0.541%.
Metro area: Columbia
Monthly mortgage payment: $932
10. Cabot, Arkansas, is around just 30 minutes away by car from Little Rock, the capital of Arkansas.
Metro area: Little Rock
Monthly mortgage payment: $805
5. Millbrook, Alabama, has the lowest county property tax rate of any suburb on this list. According to the study, homeowners in Millbrook pay just 0.298% in taxes on their property.
Metro area: Montgomery
Monthly mortgage payment: $665
1. Elsmere, Delaware, has the lowest average monthly mortgage on this list and is home to around 6,000 people.
Metro area: Wilmington
Monthly mortgage payment: $570