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The 17 best US suburbs where you can mortgage a home for under $1,000 a month — hundreds less than the national average rent

In some of the best US suburbs, the average monthly mortgage is less than $1,000. dszc/Getty Images 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…

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The 17 best US suburbs where you can mortgage a home for under $1,000 a month — hundreds less than the national average rent

Suburbs

In some of the best US suburbs, the average monthly mortgage is less than $1,000.
dszc/Getty Images


  • 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.

For comparison purposes, the national average rent (per RentCafe’s recent apartment market report, using data sourced from Yardi Matrix) reached $1,471 in September.

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.

16. La Vergne, Tennessee, was voted the No. 1 best place to raise a family in Rutherford County by the ranking and review site Niche.

La Vergne, Tennessee




Mark E. Johnson/Wikimedia Commons



Metro area: Nashville

Monthly mortgage payment: $951

Population: 34,905

Source: Niche

15. Altamonte Springs, Florida, is around 40 minutes away by car from Walt Disney World, according to Google Maps.

Altamonte Springs, Florida


Shutterstock


Metro area: Orlando

Monthly mortgage payment: $940

Population: 43,084

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%.

Lexington, SC




Nicholemacgregor/Wikimedia Commons



Metro area: Columbia

Monthly mortgage payment: $932

Population: 20,653

13. Mayfield Heights, Ohio, was given an A-plus on Niche for its public school district.

Mayfield_City_Hall_ _panoramio




mil199/Wikimedia Commons



Metro area: Cleveland

Monthly mortgage payment: $917

Population: 18,841

Source: Niche

10. Cabot, Arkansas, is around just 30 minutes away by car from Little Rock, the capital of Arkansas.

Cabot




Brandonrush/Wikimedia Commons



Metro area: Little Rock

Monthly mortgage payment: $805

Population: 25,732

9. Claremore, Oklahoma, ranked No. 3 on Niche’s list of the best places to live in Rogers County.

Claremore, Oklahoma


Bob Weston/Getty Images


Metro area: Tulsa

Monthly mortgage payment: $799

Population: 18,777

Source: Niche

6. El Reno, Oklahoma, was ranked No. 2 on Niche’s list of the most diverse suburbs in Oklahoma.

El Reno, Oklahoma




Shutterstock



Metro area: Oklahoma City

Monthly mortgage payment: $672

Population: 18,378

Source: Niche

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.

Millbrook, Alabama




shutterstock



Metro area: Montgomery

Monthly mortgage payment: $665

Population: 14,994

4. New Haven, Indiana, was ranked No. 15 on Niche’s list of suburbs with the lowest cost of living in Indiana.

New Haven, Indiana




Nheyob/Wikimedia Commons



Metro area: Fort Wayne

Monthly mortgage payment: $662

Population: 15,895

Source: Niche

3. Pearl, Mississippi was ranked No. 7 on Niche’s list of the best suburbs to raise a family in Mississippi.

Pearl, Mississippi


Felix Mizioznikov/Shutterstock


Metro area: Jackson

Monthly mortgage payment: $658

Population: 26,468

Source: Niche

1. Elsmere, Delaware, has the lowest average monthly mortgage on this list and is home to around 6,000 people.

Elsmere, Delaware




Dough4872/Wikimedia Commons



Metro area: Wilmington

Monthly mortgage payment: $570

Population: 6,097

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Barry Diller’s IAC is spinning off its dating sites business Match, which will leave media properties as a bigger part of the remaining company.

Those include College Humor and Dotdash, a collection of 11 service-oriented sites like Verywell, The Balance, and Lifewire.

At a December 4 presentation to investors, Dotdash CEO Neil Vogel laid out the business case for his company, which has been on an acquisition spree lately, buying niche sites including Brides and Liquor.com.

Dotdash said it’s one of the fastest growing publishers online, with healthy profit margins, and is giving established brands a run for their money in certain categories like health, finance, and home.

It’s laid the groundwork to expand into the lucrative beauty advertising category and take on Condé Nast and Hearst, with the acquisitions of Byrdie, Brides, and MyDomaine.

The bulk of its revenue comes from advertising, but commerce is a growing part of the mix, accounting for about one fourth of revenue.

Scroll down to see how Dotdash is positioning itself to advertisers and investors:

While other digital publishers consolidate, Dotdash says it’s growing rapidly, profitably.

Dotdash1


IAC


Dotdash’s sweet spot is news and information people need.

Dotdash


IAC


Its brands span categories that are advertiser-friendly: health, finance, beauty, and lifestyle.

Dotdash4


IAC


Dotdash focuses on service and information that people search for on Google.

Dotdash44


IAC


This graph shows how Dotdash says it’s challenging established brands in categories like health, finance, and food.

Dotdash


IAC


Dotdash’s content strategy relies on 125 editorial staffers and more than 1,500 freelancers who update articles as often as weekly.

Dotdash


IAC


Dotdash sites have a stripped-down look with minimal ads.

Dotdash


IAC


Dotdash’s sites have grown their audience dramatically since it relaunched or acquired them.

Dotdash


IAC


Dotdash says advertising is growing at an annual CAGR of 19%.

Dotdash


IAC


Dotdash is diversifying its revenue mix, with commerce becoming about one fourth of revenue.

Dotdash


IAC


Dotdash calls itself an attractive platform for advertisers with the ability to add new revenue streams.

Dotdash


IAC


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Here are the 23 companies that have hired most of Chicago Booth’s class of 2019
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23. Walmart Stores Inc.

FILE PHOTO: Walmart's logo is seen outside one of the stores in Chicago, Illinois, U.S., November 20, 2018. REUTERS/Kamil Krzaczynski/File Photo


Reuters


Number of Hires: 4

Percent of Hires: 0.8%

22. The Vanguard Group, Inc.

Vanguard building




Glassdoor



Number of Hires: 4

Percent of Hires: 0.8%

21. Accenture

Visitors look at devices at Accenture stand at the Mobile World Congress in Barcelona, February 26, 2013.    REUTERS/Albert Gea/File Photo


Reuters


Number of Hires: 4

Percent of Hires: 0.8%

20. Moelis & Company LLC

Moelis and Company


Google Earth


Number of Hires: 4

Percent of Hires: 0.8%

19. Ernst & Young LLP

Ernst & Young




Glassdoor



Number of Hires: 4

Percent of Hires: 0.8%

18. The Kraft Heinz Company

kraft heinz


Jason Kempin/Getty Images


Number of Hires: 4

Percent of Hires: 0.8%

17. William Blair

William Blair and Company


Google Earth


Number of Hires: 4

Percent of Hires: 0.8%

15. Evercore Partners Inc.

Evercore Partners


Google Earth


Number of Hires: 6

Percent of Hires: 1.2%

14. A.T. Kearney, Inc.

AT Kearney




ATKearney



Number of Hires: 6

Percent of Hires: 1.2%

13. Bank of America Merrill Lynch

merrill lynch office


Daniel Barry / Stringer / Getty Images


Number of Hires: 6

Percent of Hires: 1.2%

12. Morgan Stanley

Morgan Stanley


Spencer Platt/Getty Images


Number of Hires: 6

Percent of Hires: 1.2%

11. Microsoft Corporation

FILE PHOTO: The Microsoft sign is shown on top of the Microsoft Theatre in Los Angeles, California, U.S. October 19,2018.  REUTERS/Mike Blake/File Photo


Reuters


Number of Hires: 6

Percent of Hires: 1.2%

10. Citigroup, Inc.

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren


Reuters


Number of Hires: 7

Percent of Hires: 1.4%

8. Credit Suisse

Credit Suisse


REUTERS/Stefano Rellandini/File Photo


Number of Hires: 8

Percent of Hires: 1.7%

7. PwC Strategy&

PwC


Reuters/Danish Siddiqui


Number of Hires: 9

Percent of Hires: 1.9%

6. JPMorgan Chase & Co.

JPMorgan Chase


Justin Sullivan/Getty Images


Number of Hires: 11

Percent of Hires: 2.3%

5. Google LLC

google office


Scott Brownrigg


Number of Hires: 14

Percent of Hires: 2.9%

2. The Boston Consulting Group

BCG Hudson Yards 6903


Sarah Jacobs


Number of Hires: 35

Percent of Hires: 7.2%

1. McKinsey & Company, Inc.

McKinsey & Company logo


Thompson Reuters


Number of Hires: 48

Percent of Hires: 9.9%

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