Want to buy a house? Detroit is affordable

Caroline Blackmon | Detroit Free Press

Detroit has the second-most affordable housing market in the United States, according to a study by Quicken Loans.

The study looked at closing costs, real estate taxes, homeowners insurance and mortgage rates. Researchers then compared total housing costs to median income for cities in America with a population greater than 200,000.

Detroit's median annual income is more than $26,000. Total housing costs account for 23 percent of the median annual income, according to the study.

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Detroit has the cheapest homeowners insurance at about $300 a year. The city also has the least expensive average mortgage payment at just under $2,000 a year.

Fort Wayne, Indiana, is most affordable housing market. Toledo is the sixth-cheapest housing market. North Las Vegas, Nevada, rounds out the top 10.

Top 10 cities with the most affordable housing markets in the U.S.

1. Fort Wayne, Indiana

2. Detroit

3. Buffalo, New York

4. Montgomery, Alabama

5. Pittsburgh

6. Toledo

7. Gilbert, Arizona

8. Corpus Christi, Texas

9. Birmingham, Alabama

10. North Las Vegas, Nevada