While this desert city may be best known for “Breaking Bad”, hot air balloon rides, and Dia De Los Muertos celebrations, it’s also a great place to own a home. Experience mountain views to the east, volcano views to the west, and sunny skies above. This house-rich city is also a great spot for nature lovers as 28% of Albuquerque is dedicated to parks and green space.
- Median household income: $51,218
- Median home price: $167,000
- Home ownership rate: 60%
Located just southeast of Phoenix, this suburb has low crime rates and the highest household median income in the region. Once known as “Hay Shipping Capital of the World,” Gilbert has earned a reputation for being a great place to live in the Western U.S.
- Median household income: $92,350
- Median home price: $360,935
- Home ownership rate: 73%
Alaska’s largest city is the perfect place to call home for nature lovers looking to avoid being house poor. Residents enjoy cold winters, mild summers, and plenty of wildlife thanks to the area’s nearby mountains and glaciers.
- Median household income: $343,207
- Median home price: $83,280
- Home ownership rate: 61%
If you are looking to buy a house, remember: in addition to your monthly mortgage payments, there are other hidden costs that come with owning a home. Homeowners insurance, utilities, and unforeseen costs also eat into your monthly housing spend and can contribute to the feelings of “house rich, cash poor.”
Thinking carefully about the city in which you purchase a home is one great way to prevent becoming house poor. Budgeting, putting down a larger down payment, and saving more before you buy can help make your monthly payments more manageable.