In the market for a new place to call home sweet home? You might want to look towards our state’s capitol. According to WalletHub, Montgomery is 2023’s #1 most affordable city for home buyers in the country. Read on for details.
Save on housing
While home prices have started to cool down since skyrocketing during the COVID-19 pandemic, interest rates are rapidly climbing to take its place, according to WalletHub. These factors have people wondering where the best spot is to buy a new home.
To help determine where the most affordable home buying spots in the country are, WalletHub compared 300 U.S. cities across ten key metrics, ranging from home/maintenance costs to tax and vacancy rates.
Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for home affordability.
As it turns out, WalletHub’s #1 overall pick for affordable home buying in 2023 is Montgomery. Out of 100 points, it scored 71.37 overall.
According to Zillow, the average home price in Montgomery currently sits at $134,046.
Crunching the numbers
Along with Montgomery, two other Alabama cities broke the top 50 overall.
Tuscaloosa, home to the Crimson Tide, ranked 46 on the list with a 63.89 score. Coming in a little higher in the 33 spot is Birmingham, with a 65.54 affordability score.
In the key metrics breakdown, Tuscaloosa ranked second overall for highest vacancy rate in the country.
Explore the full interactive map of most affordable cities across the US:
Ready to explore all that Montgomery has to offer? Check out the latest:
- Southern Living features Montgomery, Alabama in “best things to do” story
- Montgomery launches new micro-transit transportation system
- Montgomery Whitewater on target to open this summer
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