But according to Point2, 16 cities including Detroit offer first-year homeownership costs under $80K. First-year costs include down payments, mortgage payments, taxes, insurance, and closing costs. In a recent analysis of the 100 largest US markets, the firm identified the 16 cities with the cheapest first year of homeownership after considering the average cost of a 20% down payment, closing costs, property taxes, monthly mortgage payments, and homeowners' insurance. In all 16 of the cities, the first year's cost of homeownership was under $80,000. We've listed the cities below starting with the least expensive, and have included Point2's price breakdown of each item noted above.

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Persons: It's, homebuying —, Point2 Organizations: National Association of Realtors, homebuying Locations: Point2, Detroit