The 17 best US suburbs where you can mortgage a home for under $1,000 a month - hundreds less than the national average rent

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The 17 best US suburbs where you can mortgage a home for under $1,000 a month - hundreds less than the national average rent

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In some of the best US suburbs, the average monthly mortgage is less than $1,000.

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  • A recent study by GoBankingRates found the 17 best suburbs where a typical monthly mortgage is less than $1,000.
  • The study calculated the average monthly mortgage payment in each suburb by factoring in a 30-year fixed mortgage rate of 3.64%, a 20% down payment, and local county effective property tax rates.
  • The chosen suburbs were also measured on factors including safety, cost of living, and quality of local school districts.
  • Elsmere, Delaware, in the Wilmington metro area, was the top-ranked, with an average monthly mortgage payment of $570.
  • According to RentCafe's recent apartment market report, using data sourced from Yardi Matrix, the national average rent was $1,471 in September 2019.
  • Visit Business Insider's homepage for more stories.

American suburbs are growing increasingly popular.

In fact, around 175 million Americans live in the country's suburbs - that's more than half the country's total population, which is around 329 million.

Factors like good public schools, low crime rates, and affordable housing costs can make certain suburbs more desirable than others. A recent study by personal finance platform GoBankingRates found the 17 best US suburbs where the average monthly mortgage is less than $1,000.

For comparison purposes, the national average rent (per RentCafe's recent apartment market report, using data sourced from Yardi Matrix) reached $1,471 in September.

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Read more: The most expensive suburb in every US state

To gather a list of the top 95 US suburbs, GoBankingRates sourced from a previous study that found the best suburbs in every state. These suburbs were measured on factors including median home prices, necessary living expenses that don't include housing costs, crime rates, and school district scores, which were sourced from the ranking and review site Niche.

For the current study, limiting the list to only those top-ranked suburbs that also have mortgages under $1,000 a month, GoBankingRates calculated the average monthly mortgage payment in each suburb by factoring in a 30-year fixed mortgage rate of 3.64%, a 20% down payment, and local county effective property tax rates.

Keep reading for a list of the 17 best suburbs where the average monthly mortgage is less than $1,000, ranked in order of decreasing mortgage costs.

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17. Plum, Pennsylvania, sits about 19 miles east of Pittsburgh.

17. Plum, Pennsylvania, sits about 19 miles east of Pittsburgh.

Metro area: Pittsburgh

Monthly mortgage payment: $997

Population: 27,390

16. La Vergne, Tennessee, was voted the No. 1 best place to raise a family in Rutherford County by the ranking and review site Niche.

16. La Vergne, Tennessee, was voted the No. 1 best place to raise a family in Rutherford County by the ranking and review site Niche.

Metro area: Nashville

Monthly mortgage payment: $951

Population: 34,905

Source: Niche

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15. Altamonte Springs, Florida, is around 40 minutes away by car from Walt Disney World, according to Google Maps.

15. Altamonte Springs, Florida, is around 40 minutes away by car from Walt Disney World, according to Google Maps.

Metro area: Orlando

Monthly mortgage payment: $940

Population: 43,084

14. Lexington, South Carolina, has the third-lowest county property tax rate on this list. According to the study, residents enjoy a rate of just 0.541%.

14. Lexington, South Carolina, has the third-lowest county property tax rate on this list. According to the study, residents enjoy a rate of just 0.541%.

Metro area: Columbia

Monthly mortgage payment: $932

Population: 20,653

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13. Mayfield Heights, Ohio, was given an A-plus on Niche for its public school district.

13. Mayfield Heights, Ohio, was given an A-plus on Niche for its public school district.

Metro area: Cleveland

Monthly mortgage payment: $917

Population: 18,841

Source: Niche

12. Fairfield, Ohio, has a median household income of $62,198, according to Niche.

12. Fairfield, Ohio, has a median household income of $62,198, according to Niche.

Metro area: Cincinnati

Monthly mortgage payment: $876

Population: 42,589

Source: Niche

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11. Maryland Heights, Missouri, boasts a median home value of $155,700 which is $29,000 less than the national value of $184,700, according to Niche.

11. Maryland Heights, Missouri, boasts a median home value of $155,700 which is $29,000 less than the national value of $184,700, according to Niche.

Metro area: St. Louis

Monthly mortgage payment: $840

Population: 27,246

Source: Niche

10. Cabot, Arkansas, is around just 30 minutes away by car from Little Rock, the capital of Arkansas.

10. Cabot, Arkansas, is around just 30 minutes away by car from Little Rock, the capital of Arkansas.

Metro area: Little Rock

Monthly mortgage payment: $805

Population: 25,732

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9. Claremore, Oklahoma, ranked No. 3 on Niche's list of the best places to live in Rogers County.

9. Claremore, Oklahoma, ranked No. 3 on Niche's list of the best places to live in Rogers County.

Metro area: Tulsa

Monthly mortgage payment: $799

Population: 18,777

Source: Niche

8. Socorro, Texas, has a median home value of $88,700, which is nearly $100,000 less than the national value of $184,700, according to Niche.

8. Socorro, Texas, has a median home value of $88,700, which is nearly $100,000 less than the national value of $184,700, according to Niche.

Metro area: El Paso

Monthly mortgage payment: $792

Population: 33,587

Source: Niche

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7. Lebanon, Indiana, has a household income of $47,234 and a median home value of $113,800, according to Niche.

7. Lebanon, Indiana, has a household income of $47,234 and a median home value of $113,800, according to Niche.

Metro area: Indianapolis

Monthly mortgage payment: $791

Population: 15,710

Source: Niche

6. El Reno, Oklahoma, was ranked No. 2 on Niche's list of the most diverse suburbs in Oklahoma.

6. El Reno, Oklahoma, was ranked No. 2 on Niche's list of the most diverse suburbs in Oklahoma.

Metro area: Oklahoma City

Monthly mortgage payment: $672

Population: 18,378

Source: Niche

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5. Millbrook, Alabama, has the lowest county property tax rate of any suburb on this list. According to the study, homeowners in Millbrook pay just 0.298% in taxes on their property.

5. Millbrook, Alabama, has the lowest county property tax rate of any suburb on this list. According to the study, homeowners in Millbrook pay just 0.298% in taxes on their property.

Metro area: Montgomery

Monthly mortgage payment: $665

Population: 14,994

4. New Haven, Indiana, was ranked No. 15 on Niche's list of suburbs with the lowest cost of living in Indiana.

4. New Haven, Indiana, was ranked No. 15 on Niche's list of suburbs with the lowest cost of living in Indiana.

Metro area: Fort Wayne

Monthly mortgage payment: $662

Population: 15,895

Source: Niche

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3. Pearl, Mississippi was ranked No. 7 on Niche's list of the best suburbs to raise a family in Mississippi.

3. Pearl, Mississippi was ranked No. 7 on Niche's list of the best suburbs to raise a family in Mississippi.

Metro area: Jackson

Monthly mortgage payment: $658

Population: 26,468

Source: Niche

2. Baker, Louisiana, has a median household income of $44,509 and a median home value of $126,000, per Niche.

2. Baker, Louisiana, has a median household income of $44,509 and a median home value of $126,000, per Niche.

Metro area: Baton Rouge

Monthly mortgage payment: $647

Population: 13,694

Source: Niche

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1. Elsmere, Delaware, has the lowest average monthly mortgage on this list and is home to around 6,000 people.

1. Elsmere, Delaware, has the lowest average monthly mortgage on this list and is home to around 6,000 people.

Metro area: Wilmington

Monthly mortgage payment: $570

Population: 6,097