Helena makes list for most affordable places to buy a home
Published 2:44 pm Thursday, February 21, 2019
By GRAHAM BROOKS / Staff Writer
HELENA – The city of Helena has made yet another positive list, this time as one of the most affordable places to buy a home, according to SmartAsset.com.
Helena made the top 10 most affordable list in Alabama and was the only city in Shelby County to be recognized, according to the study.
To determine the list, SmartAsset found the total cost over five years of four expenses—closing costs, taxes, insurance and mortgage payments—for the average home in every county in the U.S., and for every city with a population greater than 5,000. The site then took that five-year cost as a proportion of median household income in each county and city to determine affordability according to SmartAsset’s website.
Helena came in at No. 9 on the list as Harvest came in ranked No. 1, followed by Tallassee, Attalla, Lincoln, Clay, Midfield, Roanoke, Pinso and Tillmans Corner at No. 10.
Helena’s average closing costs came in at $2,821 with an annual property tax of $912 and annual homeowner’s insurance of $1,961, according to the study.
The average annual mortgage payment for Helena came in at $8,666 while the median income is $84,110.
To view the study, interactive map and full list of cities, visit Smartasset.com/mortgage/how-much-house-can-i-afford#alabama.