Report: These 4 Illinois cities are among the most affordable in the US for home buyers
Several Illinois cities — including Rockford, Peoria and Springfield — landed on a list of most affordable cities for home buyers.
The new report from WalletHub compared 300 U.S. cities across ten key metrics.
More:Illinois lands 4 cities on list of best places to live in the U.S.
WalletHub graded the cities on housing affordability, maintenance affordability, average cost of homeowner's insurance, cost of living, cost per square foot, real estate tax rate, rent-to-price ratio, median home price appreciation, quarterly active listings per capita and vacancy rate.
The report then calculated a score for each city based on the findings with a higher score indicating the city was more affordable to buy a home in.
Here's where Illinois cities landed on the list with their scores:
- #9. Springfield - 69.12
- #21. Peoria - 67.38
- #30. Rockford - 66.1
- #46. Joliet - 63.89
- #70. Aurora - 62.26
- #81. Waukegan - 61.51
- #87. Elgin - 61
- #111. Naperville - 59.71
- #126. Chicago - 58.61
Springfield and Peoria were ranked 1-2, respectively, when looking at the housing affordability metric, according to WalletHub's findings.
The strong showing for Illinois comes as mortgage rates continue remain high.
The average 30-year fixed mortgage rate for May 2023 is at 6.39 percent, a far cry from the 2.65 percent home buyers saw in January 2021.
WalletHub's report listed Montgomery, Alabama as the most affordable city while Santa Barbara, California was ranked number 300.