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The 20 least expensive metro areas in the U.S.
Metro Phoenix dropped to No. 17 on national mortgage firm HSH.com’s second quarter ranking of the most affordable areas. Here are the 20 least-expensive metro areas in the U.S. and how much it costs to live there.
No. 17: Phoenix. 30-Year Fixed Mortgage Rate: 4.11%; % Change from 4Q16: -0.18%; Median Home Price; $247,300; % Change from 4Q16: 3.95%; Monthly Payment (PITI): $1,135.27; Salary Needed: $48,654.62.
David Kadlubowski/The Republic
The 20 least expensive metro areas in the U.S.
No. 1: Pittsburgh. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 4Q16: -0.18%. Median Home Price: $145,000. % Change from 4Q16: 20.83%. Monthly Payment (PITI): $824.35. Salary Needed: $35,329.29.
Gene J. Puskar/AP
The 20 least expensive metro areas in the U.S.
No. 2: Cleveland. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $144,800. % Change from 1Q17: +14.83%. Monthly Payment (PITI): $852.91. Salary Needed: $36,553.26.
John Kuntz/The Plain Dealer
The 20 least expensive metro areas in the U.S.
No. 3: Indianapolis. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $176,200. % Change from 1Q17: +10.68%. Monthly Payment (PITI): $873.35. Salary Needed: $37,429.34.
Mike Fender/Indianapolis Star
The 20 least expensive metro areas in the U.S.
No. 4: Oklahoma City. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $160,200. % Change from 1Q17: +10.64%. Monthly Payment (PITI): $883.26. Salary Needed: $37,854.04.
Ron Lane/Getty Images/iStockphoto
The 20 least expensive metro areas in the U.S.
No. 5: Memphis. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $171,500. % Change from 1Q17: +14.26%. Monthly Payment (PITI): $885.83. Salary Needed: $37,964.05.
Memphis Convention & Visitors Bureau
The 20 least expensive metro areas in the U.S.
No. 6: Louisville. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $176,700. % Change from 1Q17: +12.05%. Monthly Payment (PITI): $897.27. Salary Needed: $38,454.63.
James Moses/H&B
The 20 least expensive metro areas in the U.S.
No. 7: Cincinnati. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $168,600. % Change from 1Q17: +15.96%. Monthly Payment (PITI): $932.10. Salary Needed: $39,947.32.
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The 20 least expensive metro areas in the U.S.
No. 8: Buffalo. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $140,000. % Change from 1Q17: +11.2%. Monthly Payment (PITI): $933.92. Salary Needed: $40,024.95.
Jacek Sopotnicki/Getty Images/iStockphoto
The 20 least expensive metro areas in the U.S.
No. 9: St. Louis. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $174,000. % Change from 1Q17: +12.33%. Monthly Payment (PITI): $951.00. Salary Needed: $40,757.29.
JByard/Getty Images/iStockphoto
The 20 least expensive metro areas in the U.S.
No. 10: Birmingham, Alabama. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $206,100. % Change from 1Q17: +12.62%. Monthly Payment (PITI): $973.40. Salary Needed: $41,717.33.
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The 20 least expensive metro areas in the U.S.
No. 11: Detroit. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $179,529. % Change from 1Q17: +23.81%. Monthly Payment (PITI): $982.57. Salary Needed: $42,110.08.
Romain Blanquart/Detroit Free Press
The 20 least expensive metro areas in the U.S.
No. 12: Atlanta. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $204,900. % Change from 1Q17: +12.09%. Monthly Payment (PITI): $1,024.18. Salary Needed: $43,893.29.
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The 20 least expensive metro areas in the U.S.
No. 13: New Orleans. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17 Median: -0.18%. Home Price: $202,000. % Change from 1Q17: +8.37%. Monthly Payment (PITI): $1,030.29. Salary Needed: $44,155.13.
Eva Willis
The 20 least expensive metro areas in the U.S.
No. 14: Kansas City. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $201,700. % Change from 1Q17: +12.68%. Monthly Payment (PITI): $1,056.96. Salary Needed: $45,298.23.
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The 20 least expensive metro areas in the U.S.
No. 15: Columbus, Ohio. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $197,700. % Change from 1Q17: +15.82%. Monthly Payment (PITI): $1,064.73. Salary Needed: $45,631.19.
TraceRouda/Getty Images/iStockphoto
The 20 least expensive metro areas in the U.S.
No. 16: Charlotte, North Carolina. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $234,300. % Change from 1Q17: +11.78%. Monthly Payment (PITI): $1,122.63. Salary Needed: $48,112.64.
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The 20 least expensive metro areas in the U.S.
No. 18: Tampa. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $220,200. % Change from 1Q17. +6.12%. Monthly Payment (PITI): $1,146.22. Salary Needed: $49,123.91.
Luke Franke/Naples Daily News
The 20 least expensive metro areas in the U.S.
No. 19: Las Vegas. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $252,500. % Change from 1Q17: +5.08%. Monthly Payment (PITI): $1,160.57. Salary Needed: $49,738.56.
Valerie Macon/AFP/Getty Images
The 20 least expensive metro areas in the U.S.
No. 20: Nashville. 30-Year Fixed Mortgage Rate: 4.11%. % Change from 1Q17: -0.18%. Median Home Price: $248,500. % Change from 1Q17: +7.02%. Monthly Payment (PITI): $1,172.59. Salary Needed: $50,253.66.
Kayla Schoen/The Tennessean
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The 20 least expensive metro areas in the U.S.
Metro Phoenix dropped to No. 17 on national mortgage firm HSH.com’s second quarter ranking of the most affordable areas. Here are the 20 least-expensive metro areas in the U.S. and how much it costs to live there.
No. 17: Phoenix. 30-Year Fixed Mortgage Rate: 4.11%; % Change from 4Q16: -0.18%; Median Home Price; $247,300; % Change from 4Q16: 3.95%; Monthly Payment (PITI): $1,135.27; Salary Needed: $48,654.62.
One of world’s largest real estate investors just went on an apartment-buying spree in metro Phoenix, purchasing six apartment complexes for almost $311 million.
New York-based Blackstone Group closed on the apartments spanning from Surprise to Chandler on Monday, according to public real estate records.
This big acquisition comes after Blackstone spent $120 million to buy nine Valley mobile-home parks, mostly in Mesa and Apache Junction, during June and July. And in July it bought a Glendale apartment complex for $64.5 million.
In April, Blackstone paid $403 million for the iconic Arizona Biltmore resort in Phoenix.
RELATED: Iconic Arizona Biltmore resort in Phoenix sold for $403 million
Blackstone, which snatched up millions of dollars worth of Valley foreclosure homes during the crash and owns part of rental firm Invitation Homes, declined to comment on its recent purchases.
The publicly-traded Blackstone now has a deep stake in metro Phoenix’s rental market, which is much less affordable than it was five years ago.
Growth forecasts for the Valley are likely a factor in the investor’s recent purchases.
Arizona’s population is expected to grow by 1 million residents and nearly 543,000 jobs by 2026, based on a 10-year estimate from the state Office of Economic Opportunity.
RELATED: Arizona expected to gain 500,000-plus jobs, 1 million residents by 2026
The apartment complexes Blackstone purchased include: Stadium Village in Surprise, Finisterra in Tempe, Sierra Foothills in Phoenix, Lumiere in Chandler, Sierra Canyon in Glendale and Waterford at Peoria, according to public records.
New York-based DRA Advisors sold the apartments.
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