These housing markets only require a 10% down payment.

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Demand at home continues due to low stocks and record lows mortgage rates.

According to the latest quarterly report from the National Association of Realtors, all but one of 183 markets showed an increase in average selling prices.

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The report also showed that 94% of companies experienced double-digit price increases, up from 89% in the first quarter of 2021.

Since last year, the average selling price of single-family homes has risen by nearly 23 percent, with double-digit year-on-year price increases across all regions.

“The rise in house prices and the accompanying accumulation of housing wealth has been impressive over the past year, but is unlikely to be repeated in 2022,” said Lawrence Yun, chief economist at NAR. “There are indications of an increase in supply entering the market and some decrease in demand,” he continued.

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Also, with house prices rising monthly mortgage payments have also increased.

Monthly mortgage payment on an existing private home financed with a 30-year fixed-rate loan with a 20% repayment rose to $ 1,215, up $ 196 from a year ago.

Despite the fact that the effective 30-year fixed rate on mortgages fell to 3.05% from 3.29% a year ago, monthly mortgage payments among all home buyers continued to rise. As a share of the average family income, the monthly payment rose to 16.5 percent in the second quarter of 2021. A year ago, it was 14 percent.

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“Home affordability is declining for first-time buyers,” Yun said. “Unfortunately, the benefits of historically low interest rates are offset by too rapid a rise in house prices, which requires a higher income in order to become a homeowner.”

For first-time homebuyers, the mortgage payment on a 10 percent down payment loan has risen to 25 percent of income. More than 25 percent of a family’s income will make mortgages inaccessible.

In 2021, a report showed 14 city boroughs where a family required over $ 100,000 to make a 10 percent down payment on a mortgage, including New York, Jersey City, Boston and San Francisco.

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Regardless, there are several metro areas where you need $ 25,000 or less to buy a home, and more specifically, where a family can afford to finance a home with a 10 percent down payment.

Here are the 4 most affordable housing markets:

Areas of the Youngstown-Warren Boardman Rust Belt, Ohio

You need $ 24,401 to afford a home in the area. According to Zillow, the median home price here is $ 127,274, with a population of about 536,081 and an estimated median salary of $ 28,064. The two largest employers in the metro area include General Motors and the United States Postal Service.

Ticker Safety Last Change Change%
GM GENERAL MOTORS CO. 53.65 -0.97 -1.78%

Peoria, Illinois

To afford a home in this city, you will need $ 24,013. The median home price is around $ 100,085, according to Zillow, with an average household income of around $ 34,013 and an estimated population of 109,936. Caterpillar is one of the largest employers in Peoria.

Ticker Safety Last Change Change%
CAT CATERPILLAR, INC. 218.57 -1.67 -0.76%

Cumberland, Maryland

You could afford a home in this city for about $ 23,773. According to Zillow, the median home price in Cumberland is $ 103,449. The city has a population of 19,650 and an average wage of $ 23,343. Started off as a railroad town production, coal mining and outdoor recreation have become the driving force of the city saving

Decatur, Illinois

To afford a home in Decatur, you need $ 21,481. The city has a population of about 69,553 and an average wage of $ 26,878. According to Zillow, the median home price is $ 84,428. Known as a major soybean processor in the 1900s, Archer-Daniels-Midland is now the city’s largest employer.

Ticker Safety Last Change Change%
ADM ARCHER-DANIELS-MIDLAND CO. 62.40 +0.58 + 0.94%

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“The supply of housing will be critical to curbing the rise in house prices and raising rents,” Yun said. “Any constraints to creating more housing, such as extending the moratorium on evictions, will only exacerbate the current shortage,” he explained.

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