Detroit ranks near the bottom of many lists, but a new study found the Motor City is the 2nd-Most Affordable Big City in America.
The study from SmartAsset said Detroit comes behind Fort Wayne, Ind. for the most affordable housing market in the country.
To determine the most affordable cities, SmartAsset looked at closing costs, real estate taxes, insurance, mortgage rates and more.
"Specifically, we found the total cost over five years of these four expenses—closing costs, taxes, insurance and mortgage payments—for the average home in every city in the U.S. with a population greater than 200,000," they wrote. "We then took that five-year cost as a proportion of median household income in each city to determine affordability."
Here's how Detroit stacks up:
- Average closing costs: $2,380
- Annual property tax: $1,491
- Annual homeowner's insurance: $311
- Average annual mortgage payment: $1,891
- Median income: $26,249
- Affordability index: 44.09
The other cities in the top 10 are:
- Fort Wayne, Ind.
- Detroit, Mich.
- Buffalo, N.Y.
- Montgomery, Ala.
- Pittsburgh, Pa.
- Toledo, Ohio
- Gilbert, Ariz.
- Corpus Christi, Texas
- Birmingham, Ala.
- North Las Vegas, Nev.
