Illinois (Freeport News Network) — A new report has been released ranking the most affordable places in America by the company SmartAsset. SmartAsset created an affordability index to locate the most affordable housing markets in the country.
The company took the total cost over five years of the following four expenses for the average home in every county in the U.S., and every city with a population greater than 5,000.
- Closing costs
- Mortgage payments
They then took that five-year cost as a proportion of median household income in each county and city to determine affordability.
The most affordable place to live in Illinois according to their report is West Frankfort, Illinois.
Average closing costs in West Frankfort, Illinois were $2,589, the average property taxes were $845, the average annual mortgage payment was $2,606 and the median income of West Frankfort, Illinois was $33,784.
Litchfield, Illinois came in 2nd while Hoopeston, Illinois came in 3rd.
Stephenson County also ranked on the list.
In the nation among other counties, Stephenson County ranked 1,764 in the nation. Winnebago ranked 2,258 while Jo Daviess ranked 1,877.
Other cities in Illinois that made the top ten list are:
|Rank||City||Avg. Closing Costs||Annual Property Tax||Annual Homeowner’s Insurance||Avg. Annual Mortgage Payment||Median Income||Affordability Index|
When it comes to the best city to live in the country, Pecos, TX ranked 3rd, Federal Heights, CO ranked 2nd and the #1 ranked city in the nation was Kermit, TX.
If you’d like to see the full report you can do so by clicking here.