Top 10 States With the Lowest Mortgage Payments—Including One Where They’re Below $2K a Month
Imagine paying less for your mortgage than you would for your car payment.
Sounds too good to be true, right? Well, for many homeowners across the country, it’s becoming a reality.
If you’re considering buying a home or refinancing, knowing where you can get the most affordable mortgage payments is crucial.
Some states offer incredibly low monthly payments that can make a huge difference in your budget.
In this post, we’re diving into the top 10 states with the lowest mortgage payments one of which has monthly payments that are actually below $2K! Curious? Let’s take a look.
Keep reading to discover which states are making homeownership more affordable than ever, and see if moving to one of these states might be your ticket to saving big on your mortgage!
The Cost of Homeownership Across the U.S.
When it comes to buying a home, one of the most important factors to consider is the mortgage payment.
After all, that’s the monthly cost that could make or break your budget. As you know, home prices can vary drastically from one state to another, which means mortgage payments can vary as well.
If you’re looking for a home with an affordable mortgage, you’re not alone.
Many people are realizing that relocating to states with lower living costs can significantly reduce their monthly payments.
But, what if I told you there are states where homeowners are paying far less than the national average for their mortgages?
Let’s explore the top 10 states with the lowest mortgage payments, and you might just find that moving to a new state could save you thousands of dollars.
1. West Virginia
Topping the list is West Virginia, where homeowners pay an average monthly mortgage of just $1,120.
Known for its stunning mountains and rural charm, West Virginia offers not only affordable homes but also a low cost of living in general.
Whether you’re looking for a cabin in the woods or a quaint house in a small town, West Virginia offers a lot of bang for your buck.
2. Mississippi
Mississippi comes in at a close second, with an average mortgage payment of $1,132.
The Magnolia State is known for its Southern hospitality, affordable homes, and great food.
While the state offers a slower pace of life, it’s also a haven for budget-conscious homebuyers.
3. Arkansas
Next up is Arkansas, where homeowners enjoy an average monthly mortgage payment of $1,176. Known for its lush landscapes and charming small towns, Arkansas offers some of the lowest home prices in the country, making it a perfect option for anyone looking to stretch their dollar while owning a home.
4. Alabama
With an average mortgage payment of $1,179, Alabama offers affordable living with the bonus of a warm climate and Southern charm.
Whether you’re eyeing a beach home on the Gulf Coast or a home in the suburbs, Alabama provides great options at very reasonable prices.
5. Indiana
Moving up north, Indiana offers homeowners an average mortgage payment of $1,198.
While the state is known for its farming, arts, and sports, it also has one of the most affordable housing markets in the Midwest.
With great schools and plenty of parks, Indiana offers a well-rounded and affordable place to call home.
6. Ohio
If you’re looking for a state with a strong economy and affordable housing, Ohio may be the place for you.
Homeowners here pay an average mortgage of $1,234 per month.
Ohio’s thriving cities, like Columbus and Cleveland, offer a great mix of urban amenities and affordable housing options.
7. Missouri
Missouri’s average mortgage payment is $1,247, making it another top contender for affordable homeownership.
Whether you prefer a bustling city like St. Louis or the quiet countryside, Missouri provides a variety of housing options at prices that are hard to beat.
8. Kentucky
Kentucky homeowners pay an average of $1,267 in mortgage payments each month.
Famous for its bourbon, horses, and beautiful landscapes, Kentucky is a state that combines low housing costs with an abundance of outdoor activities, making it a fantastic choice for many.
9. Oklahoma
Oklahoma ranks near the bottom of the list with an average mortgage payment of $1,300.
Known for its wide-open spaces, affordable homes, and vibrant culture, Oklahoma offers a low cost of living along with a diverse housing market.
From country homes to modern city living, Oklahoma has it all at an affordable price.
10. Tennessee
Finally, Tennessee rounds out the top 10 with an average mortgage payment of $1,309. With no state income tax and a burgeoning music scene, Tennessee is not only affordable but also an exciting place to live.
From the bustling streets of Nashville to the picturesque Smoky Mountains, Tennessee has something for everyone.
Why These States Have Low Mortgage Payments
You might be wondering: Why are mortgage payments so low in these states?
Well, several factors contribute to these affordable prices. Here’s a quick breakdown:
- Lower Home Prices: These states tend to have lower home prices overall. Whether it’s rural areas or small towns, the cost of buying a home is more affordable compared to larger cities.
- Lower Taxes: Many of these states also have lower property taxes, which can reduce the overall cost of homeownership.
- Lower Demand: In some of these states, there’s simply less demand for housing, which can drive down prices. Smaller cities and rural areas often don’t see the same kind of housing booms as larger metropolitan areas, so prices stay lower.
What Does This Mean for You?
If you’re in the market for a new home and want to keep your mortgage payments as low as possible, consider looking into homes in these states.
Relocating can be a big decision, but with the right research, it can lead to significant savings.
Not only will you get a lower mortgage payment, but you may also enjoy a lower cost of living, which means more disposable income for other things whether it’s saving for the future, traveling, or just enjoying life.
Conclusion
As you can see, there are plenty of states where homeowners can enjoy affordable mortgage payments.
From West Virginia to Tennessee, these states offer budget-friendly options for those looking to own a home without breaking the bank.
Whether you’re a first-time homebuyer or looking to relocate for a fresh start, these states are great options for making homeownership a reality without the hefty price tag.
If you’re interested in learning more about these states or getting started with your home search, it’s time to start exploring.
With the right knowledge, you can find the perfect home at an affordable price. So, which state will you be calling home?