You'll Need at Least $50K To Buy a Home in These 17 Affordable Housing Markets
Buying a home in an affordable housing market might cost more than you think. Your salary may comfortably cover the mortgage, but you still need a down payment.
If your down payment is less than 20% of the purchase price, you’ll likely be required to purchase private mortgage insurance (PMI). Both a lower down payment and PMI will increase your overall monthly payment, which can impact the price of the home you’re able to afford.
Check Out: 18 States Where the Average House Still Costs Less Than $300K
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As of May 31, 2026, the average U.S. home value is $370,320, according to Zillow. Keep reading to learn how much you’ll need to save up to purchase a home in 17 U.S. markets with average home values under $300,000.
1. Kansas City, Missouri
2026 typical home value: $255,647
20% down payment: $51,129
Monthly mortgage with 20% down payment: $1,667 (zip: 64105)
6% down payment: $15,339
Monthly mortgage with 6% down payment + PMI: $2,061 + $300 PMI = $2,361
2. Cincinnati
2026 typical home value: $254,493
20% down payment: $50,899
Monthly mortgage with 20% down payment: $1,662 (zip: 45202)
Savings needed for 6% down payment: $15,270
Monthly mortgage with 6% down payment + PMI: $2,038 + $299 PMI = $2,337
3. Fort Pierce, Florida
2026 typical home value: $278,709
20% down payment: $55,742
Monthly mortgage with 20% down payment: $1,784 (zip: 34954)
Savings needed for 6% down payment: $15,339
Monthly mortgage with 6% down payment + PMI: $2,195 + $329 PMI = $2,524
4. Conway, South Carolina
2026 typical home value: $289,627
20% down payment: $51,129
Monthly mortgage with 20% down payment: $1,839 (zip: 29526)
Savings needed for 6% down payment: $16,723
Monthly mortgage with 6% down payment + PMI: $2,267 + $329 PMI = $2,596
5. Reading, Pennsylvania
2026 typical home value: $267,001
20% down payment: $53,400
Monthly mortgage with 20% down payment: $1,725 (zip: 19601)
Savings needed for 6% down payment: $16,020
Monthly mortgage with 6% down payment + PMI: $2,119 + $314 PMI = $2,433
6. Louisville, Kentucky
2026 typical home value: $266,708
20% down payment: $53,342
Monthly mortgage with 20% down payment: $1,723 (zip: 40202)
6% down payment: $16,002
Monthly mortgage with 6% down payment + PMI: $2,117 + $313 PMI = $2,430
7. Winston-Salem, North Carolina
2026 typical home value: $266,364
20% down payment: $53,273
Monthly mortgage with 20% down payment: $1,721 (zip: 27101)
6% down payment: $15,982
Monthly mortgage with 6% down payment + PMI: $2,115 + $313 PMI = $2,432
8. San Antonio
2026 typical home value: $251,065
20% down payment: $50,213
Monthly mortgage with 20% down payment: $1,644 (zip: 78205)
6% down payment: $15,064
Monthly mortgage with 6% down payment + PMI: $2,015 + $295 PMI = $2,310
9. Roanoke, Virginia
2026 typical home value: $282,167
20% down payment: $56,433
Monthly mortgage with 20% down payment: $1,801 (zip: 24011)
6% down payment: $16,930
Monthly mortgage with 6% down payment + PMI: $2,218 + $332 PMI = $2,550
10. Morgantown, West Virginia
2026 typical home value: $285,397
20% down payment: $57,079
Monthly mortgage with 20% down payment: $1,817 (zip: 26501)
6% down payment: $17,124
Monthly mortgage with 6% down payment + PMI: $2,239 + $335 PMI = $2,574
11. Carlsbad, New Mexico
2026 typical home value: $257,887
20% down payment: $51,577
Monthly mortgage with 20% down payment: $1,679 (zip: 88220)
6% down payment: $15,473
Monthly mortgage with 6% down payment + PMI: $2,076 + $303 PMI = $2,379
12. Greensboro, North Carolina
2026 typical home value: $266,805
20% down payment: $53,361
Monthly mortgage with 20% down payment: $1,724 (zip: 27401)
6% down payment: $16,008
Monthly mortgage with 6% down payment + PMI: $2,118 + $313 PMI = $2,431
13. Lincoln, Nebraska
2026 typical home value: $295,461
20% down payment: $59,092
Monthly mortgage with 20% down payment: $1,868 (zip: 68508)
6% down payment: $17,728
Monthly mortgage with 6% down payment + PMI: $2,305 + $347 PMI = $2,652
14. Green Bay, Wisconsin
2026 typical home value: $287,627
20% down payment: $57,525
Monthly mortgage with 20% down payment: $1,829 (zip: 54301)
6% down payment: $17,258
Monthly mortgage with 6% down payment + PMI: $2,272 + $338 PMI = $2,610
15. Huntsville, Alabama
2026 typical home value: $291,155
20% down payment: $58,231
Monthly mortgage with 20% down payment: $1,846 (zip: 35801)
6% down payment: $17,469
Monthly mortgage with 6% down payment + PMI: $2,277 + $342 PMI = $2,619
16. Jacksonville, Florida
2026 typical home value: $287,325
20% down payment: $57,465
Monthly mortgage with 20% down payment: $1,827 (zip: 32202)
6% down payment: $17,240
Monthly mortgage with 6% down payment + PMI: $2,269 + $338 PMI = $2,607
17. Grand Forks, North Dakota
2026 typical home value: $297,691
20% down payment: $59,538
Monthly mortgage with 20% down payment: $1,879 (zip: 58201)
6% down payment: $17,861
Monthly mortgage with 6% down payment + PMI: $2,319 + $350 PMI = $2,669
Editor's note: All home value data was sourced by Zillow, as of May 31, 2026. The interest rate used was 6.47%, based on the average 30-year-fixed rate mortgage, as of June 18, 2026, according to Freddie Mac. The PMI rate used was 1.5%, based on the Experian PMI Calculator.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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