Insurance Navy is often asked where homeowners insurance policy rates are at the lowest. Their answer is “much like cars; it depends on how much the home the owner is insuring is worth.” Because of that, how much a house is purchased for can determine the homeowners insurance policy rates. So, that begged the question, “Where are homes and houses the most affordable?” Insurance Navy has narrowed the search down to ten cities for the most affordable homes:
Youngstown, Ohio - Insurance Navy has found that several of the most affordable homes in the country are in Ohio. Youngstown is a nice, humble city in Northeastern Ohio with younger residents in their 20s and 30s. This was especially the case after the pandemic when the housing market shifted. Homes in Youngstown have a median price listing of around $115,000 with affordable property taxes of $1,695.
Toledo, Ohio - Another Ohio city that Insurance Navy has found affordable is Toledo. This isn’t a humble city as it’s Ohio’s fourth-largest. This is another popular real estate area for the younger generation, and it is also a college town with the University of Toledo and Bowling Green State. Homes in Toledo have a median price listing of around $128,400 with property taxes of $2,354.
Akron, Ohio - The city that Lebron James put on the map is also one of the most affordable places to purchase a home in. Akron is also notable for being especially affordable for Black households. Homes in Akron have a median price listing of around $147,450 with property taxes of $2,586.
Cleveland, Ohio - One of the largest cities in Ohio is surprisingly one of the most affordable places to purchase a home. There has been a spike in property investors in recent years that has led so many homeowners to move in. Homes in Cleveland have a median price listing of around $169,450 with property taxes of $3,219.
Scranton, Pennsylvania - Outside of Ohio, Insurance Navy has found that Scranton has great real estate for homeowners, especially for family households. There are reports of homeowners putting less of their income towards maintaining their homes here as well. Homes in Scranton have an affordable median price listing of $182,400 and property taxes of $2,613.
Syracuse, New York - One of the most affordable places to purchase a home close to New York City is Syracuse. Several people from the city move here for more affordable housing, often those with expanding families. Homes in Syracuse have an affordable median price listing of $184,900 with property taxes of $4,087.
Pittsburgh, Pennsylvania - Another major US city where homes are affordable is Pittsburgh despite its residential decline. Several homeowners from the Southern states move here for affordable housing and bigger city life. Homes in Pittsburgh have an affordable median price listing of $197,000 with property taxes of $3,034.
Dayton, Ohio - The final Ohio city on this list is Dayton, which has some of the most affordable homes in the state. There are some instances of homes selling for as cheap as $150,000. Homes in Dayton have an affordable median listing price of $197,450 with property taxes of $2,579.
Buffalo, New York - Buffalo continues to be a powerhouse in New York’s housing market with out-of-state homeowners and New Yorkers moving in. Buffalo is notable for their $5,000 grant program for new homeowners as well. Homes in Buffalo have an affordable median listing price of $199,450 with property taxes of $3,891.
Detroit, Michigan - The largest city Insurance Navy has found to have affordable homes comes as a surprise as Detroit. The city faces no housing shortage and is able to meet the diverse demands of every family buying a home. Homes in Detroit have an affordable median listing price of $200,000 with property taxes of $2,464.
When looking at the prices of these homes in these cities, they are all definitely below the national average home cost of $350,000. At the same time, a homeowners insurance policy costs an average of $1,784 annually. The cost of a cheap homeowners insurance policy is dependent on how much dwelling and property insurance coverage the homeowner purchases. A good rule of thumb when buying homeowners insurance is to be covered to at least 80% of the home’s value. That way the homeowner will have the security of enough homeowners insurance coverage and protection to be covered in case of property damage, theft, and other liability.
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About Insurance Navy
Insurance Navy is a provider of non-standard auto insurance, selling products in over 30 storefronts, a call center, and online (insurancenavy.com) in Illinois, Indiana, Wisconsin, Texas, and California. In addition to auto insurance, the company sells other financial products and services, including homeowners insurance, renters insurance, and roadside assistance.
Insurance Navy provides non-standard car insurance to drivers for liability coverage that meets their state’s minimum limits. Insurance Navy specializes in providing SR22 insurance, which is a certificate of financial responsibility for high-risk drivers. They also offer homeowners insurance, renters insurance, and roadside assistance to complement their auto insurance offerings.
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For more information about Insurance Navy Brokers, contact the company here:
Insurance Navy Brokers
Agnes Zabawa
3125006903
info@insurancenavy.com
105 W Adams St Suite 3600, Chicago, IL 60603
