Montevideo tops study conducted by SmartAsset
A new online “listicle” – the term coined for a story that’s based entirely on a list and reported in list form – reports that, according to a new study, Crookston is the sixth most affordable places to live in Minnesota.
The study was conducted by New York-based financial technology firm, SmartAsset. It’s the company’s fourth study on the subject. In announcing the results, SmartAsset’s Steve Sabato says that the study ranks communities on an “affordability index” that takes into account things such as property taxes, homeowners’ insurance rates and mortgage rates relative to income.
According to the findings, the average closing costs on a home purchase in Crookston are $2,748, the average annual property tax is $1,615, average annual homeowners’ insurance rates are $711, average annual mortgage payments total $4,613, and the median income is $49,153.
In order, from 1 to 10, the most affordable places to live in Minnesota, according to the SmartAsset study, are Montevideo, Otsego, Albertville, Austin, International Falls, Crookston, St. Francis, Isanti, Byron, and East Bethel.
Additional study details including the methodology and an interactive map can be found at https://smartasset.com/mortgage/how-much-house-can-i-afford#Minnesota