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Top US locations and methodology -

The following slides list the top 20 US cities where you can buy a home under US$100,000. To identify the 20 best cities to buy a house for under this price, GOBankingRates analyzed the top 100 largest housing markets using Zillow data. They sourced total active listings and those under US$100,000 from Realtor.com, calculated the percentage of affordable listings, and ranked the cities.

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20. Fort Wayne, Indiana - In Fort Wayne, Indiana, 4.34% of all listings are under US$100,000. Fort Wayne is known for having a low cost of living and quiet neighborhoods. There is a thriving art scene here and lots of big-city entertainment options.

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19. Columbia, South Carolina -

In Columbia, South Carolina, 4.48% of all listings are under US$100,000. In Columbia, you'll find a little something for everyone. It has parks and gardens as well as a historic downtown area. It is also home to the University of South Carolina.

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18. Indianapolis, Indiana -

In Indianapolis, Indiana, 4.86% of all listings are under US$100,000. This thriving city is known for having a strong economy and diverse population. Many of the best universities call Indianapolis their home.

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17. Tulsa, Oklahoma -

In Tulsa, Oklahoma, 6.52% of all listings are under US$100,000. Here, even the median home price is below the national average and there is a rare blend of affordability and quality of life.

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16. Wichita, Kansas -

In Wichita, Kansas, 6.61% of all listings are under US$100,000. This midwest city is located along the banks of the Arkansas River and boasts a wide array of backgrounds and lifestyles. 

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15. Cincinnati, Ohio -

In Cincinnati, Ohio, 6.72% of all listings are under US$100,000. A popular destination for families, Cincinnati is known for its strong job markets, excellent schools, and relatively low cost of living.

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14. Kansas City, Missouri -

In Kansas City, Missouri, 7.05% of all listings are under US$100,000. With safe neighborhoods and excellent schools, Kansas City appeals to many families. Here you'll also find the University of Missouri-Kansas City which is one of the top law schools in the country.

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13. Philadelphia, Pennsylvania -

In Philadelphia, Pennsylvania, 7.07% of all listings are under US$100,000. Philly has a vibrant cultural scene that draws in people of all backgrounds. With its rich history and a wide array of things to do, it appeals to many.

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12. Baton Rouge, Louisiana -

In Baton Rouge, Louisiana, 7.48% of all listings are under US$100,000. In this capital city, you will find a relatively low cost of living and year-round warm weather. What can beat that? 

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11. Louisville, Kentucky -

In Louisville, Kentucky, 8.70% of all listings are under US$100,000. Alongside the Ohio River, you'll find the modern metropolitan city of Louisville. Every neighborhood in Louisville has a distinct flavor and draws in various types of people.

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10. Chicago, Illinois -

In Chicago, Illinois, 9.44% of all listings are under US$100,000. Home to many of the nation's best universities and high schools, Chicago is a great place for families with kids.

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9. Pittsburgh, Pennsylvania -

In Pittsburgh, Pennsylvania, 15.40% of all listings are under US$100,000. Many transplants to Pittsburgh are pleasantly surprised when they realize their new home is a technology hub. This means lots of available jobs and a great quality of life.

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8. Buffalo, New York -

In Buffalo, New York, 21.05% of all listings are under US$100,000. Buffalo is known for having a very neighborly feel and residents are often found gathered in a local pub or restaurant. Additionally, Buffalo is only 20 miles from Niagra Falls.

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7. Memphis, Tennessee -

In Memphis, Tennessee, 23.51% of all listings are under US$100,000. Here you'll find a blend of two worlds. There is urban energy mixed with a slowness customary in the south. It has a small-town feel with a strong sense of community among residents. 

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6. Milwaukee, Wisconsin -

In Milwaukee, Wisconsin, 23.76% of all listings are under US$100,000. Milwaukee has a relatively low cost of living and lots of new developments in the works. There is a nightlife scene here alongside award-winning restaurants and lakefront museums. 

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5. St. Louis, Missouri -

In St. Louis, Missouri, 25.73% of all listings are under US$100,000. This charming city has a range of house types. From three-story Victorian homes to wood-framed farmhouses, St. Louis offers something for everyone.

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4. Rochester, New York -

In Rochester, New York, 42.29% of all listings are under US$100,000. Rochester is home to a lot of renovation and innovation and it's said that the people are its biggest asset.

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3. Cleveland, Ohio -

In Cleveland, Ohio, 44.24% of all listings are under US$100,000. A strong economy and commitment to education are two of Clevalnd's biggest claims to fame. It has a rich history and boasts diverse neighborhoods where you'll find museums, theaters, and other famous attractions.

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2. Toledo, Ohio -

In Toledo, Ohio, 52.34% of all listings are under US$100,000. It has a relatively low cost of living compared to other Ohio metro areas and is home to a vibrant culture. Here, you'll find a variety of attractions.

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1. Detroit, Michigan -

In Detroit, Michigan, 67.84% of all listings are under US$100,000. This educational hub is attracting a lot of millennials with its affordable houses and unique neighborhoods.

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Considerations -

Before deciding whether buying and moving into a house is the answer, take into account the following considerations.

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The market -

The market can shift between being a 'buyers' market' and a 'sellers' market'. If it is a buyers' market then there are more houses for sale than there are buyers for them. The opposite is true in a seller's market which happens when there are fewer houses on the market than there are buyers.

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Type of house -

What type of home do you want? Is a detached house with a white picket fence your dream or perhaps a condo close to downtown amenities? Do you want a basement or garage? Be sure to think through the different options so you find the perfect home for you. 

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Roots -

Buying a house is a serious, long-term commitment. Take time to evaluate the pros and cons and what your goals and intentions are for buying and owning a home. Are you planning to put down roots in a certain place for the rest of your life or will you get antsy and move soon after buying? 

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Down payment -

Down payments, or the money you pay upfront for a house, often range from 0 to 20% or more. It's important to do lots of research to know your options. Contact lenders nearby and speak with them so you have a realistic number in mind.

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Home repairs and maintenance -

There are countless hidden costs of home ownership. Many of them are in the form of repairs and maintenance. When deciding what you can afford, factor in a percentage for unforeseen expenses related to the home.

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Job -

Your job directly impacts your ability to get a mortgage. For example, lenders will consider how stable your job is and if you've had it for at least a year. Additionally, it will matter for things like commuting to and from work.

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Credit score -

Your credit score plays a large part in determining the interest rate you're able to secure on a loan. Credit scores are affected by several factors like how many credit cards you've taken out in your name as well as if you paid your bills on time and any outstanding balances.

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Affordability -

It's essential to consider how much you can afford before buying a home. Just because a bank has preapproved you for a certain amount doesn't mean you should spend it. Keep in mind things like closing costs and homeowners association fees and dues.

Sources: (U.S. News & World Report) (GOBankingRates) (HowStuffWorks)

See also: The 10 most "impossibly unaffordable" cities in the world

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