These fast-growing US towns also boast affordable real estate

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For any prospective homebuyer, two things are key to consider: affordability and return on investment.

You want to buy a home in a city where monthly housing costs, including mortgage payments, are manageable. You also want to find a community that is growing and desirable so when it’s time to sell your home you can profit off your initial investment.

Unfortunately, finding a city or town that meets both requirements can be tough since many of the trendiest places already have high home prices that reflect their desirability.

But by using the most up-to-date housing data on over 25,000 U.S. cities, LendEDU has compiled a list of the places that are not only booming in popularity but are also still affordable for homebuyers that intend on using a mortgage.

Below, you will find a list of U.S. towns and cities that are projected to grow the most over the next five years; each community is then ranked according to its average monthly home cost, which factors in mortgage payments.

The cities at the top of the list are not only the fastest growing in the entire country but are also still very affordable for homebuyers that plan on taking out a mortgage, which makes them terrific locations to purchase a home, start a family and eventually turn a profit on when it’s time to sell.

Image Credit: DepositPhotos.com.

Tips for buying a home with a mortgage

These fast-growing US towns also boast affordable real estate

Becoming a homeowner with the help of a mortgage is not only a serious life decision, but a serious financial one as well.

For this reason, LendEDU provides a few tips below on buying a home with a mortgage.

Compare your options & do your research

From regular mortgage lenders to online mortgage lenders and VA mortgage lenders, there are a ton of home loan lenders out there today so it’s imperative to compare all of your options in order to feel confident in the mortgage provider you eventually settle on.

Further, you must also do some research on current mortgage interest rates in addition to the mortgage lenders themselves. From 30-year mortgage rates to VA mortgage rates, home loan interest rates can vary quite significantly. Doing your due diligence will go a long way towards getting favorable terms.

Set a budget

Since becoming a homeowner is such a massive financial undertaking, it’s imperative to set a budget so that you target a specific price range that will make your monthly mortgage payments affordable and as stress-free as possible.

One way to set your home buying budget is to utilize LendEDU’s mortgage calculator, which allows you to estimate your monthly home loan payments and total mortgage cost based on things like the mortgage amount, interest rate and loan term.

Think about refinancing in the future

Once you have taken out a mortgage and have become a homeowner, you should first focus on meeting your monthly mortgage payments to build up your credit and prove that you can afford your home loan.

After some time, it’s never a bad idea to look into a mortgage refinance to see if you can qualify for a lower home loan interest rate or more favorable repayment terms compared to your original mortgage.

Image Credit: DepositPhotos.com.

Methodology

These fast-growing US towns also boast affordable real estate

All data found in this report comes from GreatData. LendEDU licensed the dataset provided by GreatData, which derives mainly from the U.S. Census Bureau. For data points like “median monthly home cost,” the data comes from the most recent U.S. Census Bureau update, but GreatData also calculates and combines its own projections based on historical trends to provide the most up-to-date data. The “Median Monthly Home Cost” statistic for each city includes the monthly mortgage cost plus utilities.

The “5-year population projection percent increase from current population” figure comes from finding the percent increase from each city’s current population to its projected population in five years. For example, we took a given city’s current population according to the latest estimates and lined it up with it’s five-year population projection according to the latest estimates. We then found the percent increase from the former to the latter to provide the “5-year population projection percent increase from current population.”

For some cities listed in the report, GreatData provided multiple ZIP Codes within the city, with each ZIP Code having its own data. In these instances, we combined all ZIP Code data for that city to provide a single, weighted stat line for each city. For example, to find the weighted median monthly home cost for a city with multiple ZIP Codes, we weighted each ZIP Code’s median monthly home cost by that same ZIP Code’s current population estimate.

LendEDU did not have to complete this weighting process for the population numbers for any city with multiple ZIP Codes as those population figures were simply summed together.

To be considered for this ranking, a city had to have a minimum population of 15,000. Further, a city had to then rank in the top 1,000 for its five-year population projection percent increase from its current population.

Once each eligible city had a single statistic line for all pertinent statistics, LendEDU ranked each city from lowest to highest according to its respective median monthly home cost.

See more of LendEDU’s research here

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Image Credit: Depositphotos.

The fastest growing cities that are still affordable for homebuyers

These fast-growing US towns also boast affordable real estate

To be considered for this ranking, a city had to have a minimum population of 15,000. Further, a city had to then rank in the top 1,000 for its five-year population projection percent increase from its current population.

The data found below derives from a dataset from GreatData that was licensed by LendEDU. GreatData compiles the most up-to-date data and estimates from the U.S. Census Bureau, in addition to calculating its own projections based on historical trends, to provide accurate and current household data for over 25,000 U.S. cities.

The “median monthly home cost” statistic for each city includes the monthly mortgage cost plus utilities.

Image Credit: DepositPhotos.com.

Athens, Alabama

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 22.97%
  • Median monthly home cost: $1,086

Image Credit: Carol M. Highsmith / WikiMedia Commons.

Kenai, Alaska

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 11.98%
  • Median monthly home cost: $1,469

Image Credit: ManOnTheGo / iStock.

San Luis, Arizona

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 22.31%
  • Median monthly home cost: $924

Image Credit: BCFC / iStock.

Jonesboro, Arkansas

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 13.89%
  • Median monthly home cost: $1,090

Image Credit: BOB WESTON / iStock.

Lamont, California

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 16.31%
  • Median monthly home cost: $992

Image Credit: GeorgeLouis at English Wikipedia / WikiMedia Commons.

Evans, Colorado

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 11.68%
  • Median monthly home cost:  $1,301

Image Credit: Jeffrey Beall / WikiMedia Commons.

Seaford, Delaware

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 18.30%
  • Median monthly home cost: $1,279

Image Credit: Levelhead at English Wikipedia / WikiMedia Commons.

Avon Park, Florida

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 20.78%
  • Median monthly home cost: $917

Image Credit: Ebyabe / WikiMedia Commons.

Forest Park, Georgia

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 11.33%
  • Median monthly home cost: $919

Image Credit: Thomson200 / WikiMedia Commons.

Pahoa, Hawaii

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 10.39%
  • Median monthly home cost: $1,262

Image Credit: wwing / iStock.

Caldwell, Idaho

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 21.77%
  • Median monthly home cost: $1,061

Image Credit: Tamanoeconomico / WikiMedia Commons.

Morris, Illinois

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 13.37%
  • Median monthly home cost: $1,587

Image Credit: Rockclaw1030 / WikiMedia Commons.

Kokomo, Indiana

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 26.62%
  • Median monthly home cost: $956

Image Credit: Cameronloyd03 / WikiMedia Commons.

Marion, Iowa

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 14.86%
  • Median monthly home cost: $1,383

Image Credit: Ian Poellet / WikiMedia Commons.

Derby, Kansas

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 10.44%
  • Median monthly home cost: $1,402

Image Credit: RSM400 / WikiMedia Commons.

Campbellsville, Kentucky

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 24.78%
  • Median monthly home cost: $931

Image Credit: I, W.marsh / WikiMedia Commons.

Carencro, Louisiana

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 29.12%
  • Median monthly home cost:  $1,120

Image Credit: Falkonry at English Wikipedia / WikiMedia Commons.

Westbrook, Maine

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 9.54%
  • Median monthly home cost: $1,483

Image Credit: Kenneth C. Zirkel / WikiMedia Commons.

Salisbury, Maryland

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 10.03%
  • Median monthly home cost: $1,358

Image Credit: Famartin / WikiMedia Commons.

Seekonk, Massachusetts

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 12.88%
  • Median monthly home cost: $1,879

Image Credit: John Phelan / WikiMedia Commons.

Big Rapids, Michigan

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 19.76%
  • Median monthly home cost: $1,080

Image Credit: Doug Coldwell / WikiMedia Commons.

Willmar, Minnesota

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 12.39%
  • Median monthly home cost: $1,200

Image Credit: Bobak Ha’Eri / WikiMedia Commons.

New Albany, Mississippi

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 13.34%
  • Median monthly home cost: $967

Image Credit: Timberwolf62 / WikiMedia Commons.

Marshfield, Missouri

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 13.01%
  • Median monthly home cost: $989

Image Credit: Dual Freq / WikiMedia Commons.

Kalispell, Montana

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 24.03%
  • Median monthly home cost: $1,369

Image Credit: Jeff the quiet / Wikimedia Commons.

Lincoln, Nebraska

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 9.40%
  • Median monthly home cost: $1,352

Image Credit: ChrisBoswell/iStock.

Sun Valley, Nevada

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 11.86%
  • Median monthly home cost: $1,196

Image Credit: Ken Lund from Reno, Nevada, USA / WikiMedia Commons.

Londonderry, New Hampshire

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 11.44%
  • Median monthly home cost: $2,153

Image Credit: John Phelan / WikiMedia Commons.

Glassboro, New Jersey

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 10.39%
  • Median monthly home cost: $1,978

Image Credit: Scott Brody / WikiMedia Commons.

Carlsbad, New Mexico

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 11.29%
  • Median monthly home cost: $1,142

Image Credit: Roman Eugeniusz / WikiMedia Commons.

Amsterdam, New York

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 13.43%
  • Median monthly home cost: $1,267

Image Credit: Jimmy Emerson from Dalton GA / WikiMedia Commons.

Franklin, North Carolina

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 10.05%
  • Median monthly home cost: $989

Image Credit: Warren LeMay from Cincinnati, OH, United States / WikiMedia Commons.

Fairfield, Ohio

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 11.25%
  • Median monthly home cost: $1,224

Image Credit: Erik Drost / WikiMedia Commons.

Wagoner, Oklahoma

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 14.85%
  • Median monthly home cost: $1,021

Image Credit: CPacker at en.wikipedia / WikiMedia Commons.

Prineville, Oregon

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 17.88%
  • Median monthly home cost: $1,204

Image Credit: Kris Arnold from New York, USA / WikiMedia Commons.

Ephrata, Pennsylvania

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 10.55%
  • Median monthly home cost: $1,400

Image Credit: Andrew Bossi / WikiMedia Commons.

Gaston, South Carolina

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 10.87%
  • Median monthly home cost: $927

Image Credit: Abductive / WikiMedia Commons.

Lafayette, Tennessee

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 19.66%
  • Median monthly home cost: $936

Image Credit: Brian Stansberry / WikiMedia Commons.

Roma, Texas

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 15.51%
  • Median monthly home cost: $878

Image Credit: ALAN SCHMIERER / WikiMedia Commons.

Hurricane, Utah

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 35.50%
  • Median monthly home cost:  $1,225

Image Credit: John Bonzo / WikiMedia Commons.

Essex Junction, Vermont

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 19.67%
  • Median monthly home cost:  $1,881

Image Credit: Mfwills / WikiMedia Commons.

Bedford, Virginia

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 12.92%
  • Median monthly home cost:  $1,150

Image Credit: Taber Andrew Bain from Richmond, VA, USA / WikiMedia Commons.

Moses Lake, Washington

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 19.55%
  • Median monthly home cost: $1,351

Image Credit: ECTran71 / WikiMedia Commons.

Washington, Washington D.C.

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 11.80%
  • Median monthly home cost: $2,406

Image Credit: dkfielding.

Charles Town, West Virginia

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 18.00%
  • Median monthly home cost: $1,782

Image Credit: Famartin / WikiMedia Commons.

Sheboygan, Wisconsin

These fast-growing US towns also boast affordable real estate

  • 5-year population projection percent increase from the current population: 11.97%
  • Median monthly home cost: $1,112

This article originally appeared on LendEDU.com and was syndicated by MediaFeed.org.

Image Credit: self / WikiMedia Commons.

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