Where to Buy a Home for Less Than $800/month

For homeowners, the troubled market has been a nightmare. But for those looking to buy a house, it has created some amazing opportunities. In the week ending September 2, thirty-year fixed mortgage rates fell to an average of 4.32%, the lowest level in nearly 40 years. Patrick Newport, a U.S. economist for IHS Global Insight stated, "right now, housing is about as affordable as it has been since at least the 1970s."

So, where in the U.S. can you buy a house for less than $800 a month? Well, U.S. News examined housing costs on a monthly payment basis. They started with the National Association of Realtors' median home-price data for 159 metropolitan statistical areas as of the second quarter of 2010. After subtracting a 20% down payment from a market's median price, they plugged the remaining figure into a mortgage calculator using a 4.32% interest rate on a 30-year fixed loan. And this is what they came up with........

`Austin, Texas- The median home price in the Austin area stood at nearly $197,000 in the second quarter of this year, a slight increase from a year earlier. After a 20% down payment- totaling $39,400- monthly payments for mortgage principal and interest on a median-priced home in Austin come to $782.

`Sarasota, Florida- The median home price in the Sarasota area was $185,000 in the second quarter of this year. After a down payment of 20%- totaling $37,000- monthly payments for mortgage principal and interest on a median-priced Sarasota area home come to $734.

`Albuquerque, N.M.- The median home price in Albuquerque was $178,000 in the second quarter, down about 2% from a year earlier. After a down payment of 20%- totaling $35,600- monthly payments for mortgage principal and interest on a median-priced home is roughly $706.

`Minneapolis- St.Paul- The median home price was $176,000 in the second quarter of 2010, a decline of roughly 4% from the same period on 2009. After a down payment of 20%- totaling $35,200- monthly payments are $698.

`Columbus, Ohio- The median home price was nearly $150,000 in the second quarter of this year, a 10% increase from the same period a year earlier. After a 20% down payment- totaling $30,000- monthly payments come to $595.

`Phoenix, Arizona- The median home price was nearly $145,000 in the second quarter of this year. After a down payment of 20%- totaling $29,000- monthly payments total about $575.

`Columbia, S.C.- The median home price was $142,000 in the second quarter of this year, up about 3% from the same period in 2009. Buyers who make a 20% down payment- totaling $28,400- will have monthly payments of about $564.

`Boise, Idaho- The median home price was $140,000 in the second quarter of this year, a decline of roughly 13% from a year earlier. After a 20% down payment- totaling $28,000- monthly payments come to about $556.

`Pittsburgh, P.A.- The median home price was $127,000 in the second quarter of this year, a modest increase from the same period in 2009. Buyers who make a 20% down payment- totaling $25,400- will have a monthly payment of about $504.

`Atlanta, Georgia- The median home price was nearly $123,000 in the second quarter of this year, up slightly from the same period a year earlier. After a 20% down payment- totaling $24,600- monthly payments come to $488.

So, after looking at all of these amazing places with affordable housing, why wouldn't you consider buying? Visit MSN Real Estate to view the entire article and Consumers Relocation to learn more about relocation to your new home!