Home affordability is top of mind for most Americans — but, even with mortgage rates trending higher, there are still cities where it’s possible to own a home without stretching your income too far.
In evaluating the biggest metros in the country, Realtor.com® found that there were five cities where less than 30% of households could afford a home. Los Angeles, Oxnard, San Diego, and San Jose in California and New York City were the least affordable in the country.
But, in five cities—Pittsburgh, Akron, OH, Baltimore, Detroit, and St. Louis—nearly 60% of households can afford a home. And the income required to buy a home there is less than $84,000 annually.
In Akron, for instance, where the median list price is $228,200, 68.5% of households can afford to buy a home. The median household income required to buy a house is just $55,732.
Akron also ranked No. 9 on the Realtor.com Hottest Housing Markets list in October.
“It’s affordable in Akron, which makes a really big difference,” says real estate agent Ali Whitley, of Re/Max Crossroads in Akron. “Gen Z are becoming first-time homebuyers here. It’s a great place to buy in a great area for a reasonable price.”
Affordability is the name of the game in the five money-saving metros below.
Pittsburgh, PA
- Median list price: $244,000
- Percentage of households who can afford to buy a median-priced home: 69.6%
- Median household income required to buy a median-priced home: $58,697
Akron, OH
- Median list price: $228,200
- Percentage of households who can afford to buy a median-priced home: 68.5%
- Median household income required to buy a median-priced home: $55,732
Baltimore, MD
- Median list price: $369,995
- Percentage of households who can afford to buy a median-priced home: 64.1%
- Median household income required to buy a median-priced home: $83,948
Detroit, MI
- Median list price: $271,200
- Percentage of households who can afford to buy a median-priced home: 62.6%
- Median household income required to buy a median-priced home: $64,888
St. Louis, MO
- Median list price: $299,450
- Percentage of households who can afford to buy a median-priced home: 62.4%
- Median household income required to buy a median-priced home: $72,101