{"id":11492,"date":"2024-05-02T00:32:52","date_gmt":"2024-05-02T00:32:52","guid":{"rendered":"https:\/\/imsfund.com\/?p=11492"},"modified":"2024-05-02T00:32:52","modified_gmt":"2024-05-02T00:32:52","slug":"these-6-major-u-s-cities-still-have-affordable-homes","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2024\/05\/02\/these-6-major-u-s-cities-still-have-affordable-homes\/","title":{"rendered":"These 6 Major U.S. Cities Still Have Affordable Homes"},"content":{"rendered":"


\n<\/p>\n

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Only six major U.S. cities have median home prices that a household making the local median income could afford.<\/p>\n

An April report<\/a> from Clever Real Estate compared the income needed to afford a home in major U.S. cities to the actual income earned by the typical household.<\/p>\n

The report considered a home affordable to a particular buyer if it fulfilled the popular 28\/36 rule<\/a>, which advises buyers to spend a maximum of 28% of their monthly income on housing, plus an extra 8% paying other debt like credit card or auto bills.<\/p>\n

Even with a 20% down payment, the standard homebuyer making median local pay would not be able to afford a home listed at a middle-of-the-market price in 44 out of 50 major cities.<\/p>\n

Home mortgage rates are also high<\/a> right now, which could prevent sellers from listing homes and buyers from purchasing them.<\/p>\n

Related: <\/b>The ‘Silver Tsunami’ Meets ‘Golden Handcuffs’ as Past Low Mortgage Rates Lock in Homeowners \u2014 Whether They Like It or Not<\/b><\/a><\/p>\n

Here are the six cities with homes that median earners can afford.<\/p>\n

1. Pittsburgh, Pennsylvania<\/h2>\n

\"\"Pittsburg, Pennsylvania. Credit: Getty Images<\/i><\/sup><\/p>\n

Actual Income:<\/b> $70,607<\/p>\n

Income Needed To Afford The Median Home:<\/b> $59,919<\/p>\n

Local Median Home Sale Price:<\/b> $199,573<\/p>\n

2. Cleveland, Ohio<\/h2>\n

Actual Income:<\/b> $65,198<\/p>\n

Income Needed To Afford The Median Home: <\/b>$56,378<\/p>\n

Local Median Home Sale Price:<\/b> $182,652<\/p>\n

3. St. Louis, Missouri<\/h2>\n

\"\"St. Louis, Missouri. Credit: Getty Images<\/sup><\/i><\/p>\n

Actual Income:<\/b> $74,531<\/p>\n

Income Needed To Afford The Median Home: <\/b>$66,743<\/p>\n

Local Median Home Sale Price:<\/b> $225,674<\/p>\n

4. Memphis, Tennessee<\/h2>\n

Actual Income:<\/b> $64,008<\/p>\n

Income Needed To Afford The Median Home: <\/b>$61,659<\/p>\n

Local Median Home Sale Price:<\/b> $213,929<\/p>\n

5. Indianapolis, Indiana<\/h2>\n

Actual Income:<\/b> $75,824<\/p>\n

Income Needed To Afford The Median Home: <\/b>$73,398<\/p>\n

Local Median Home Sale Price:<\/b> $257,584<\/p>\n

6. Birmingham, Alabama<\/h2>\n

\"\"Birmingham, Alabama. Credit: Getty Images<\/i><\/sup><\/p>\n

Actual Income:<\/b> $67,242<\/p>\n

Income Needed To Afford The Median Home: <\/b>$65,216<\/p>\n

Local Median Home Sale Price:<\/b> $235,212<\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Only six major U.S. cities have median home prices that a household making the local median income could afford. An April report from Clever Real Estate compared the income needed to afford a home in major U.S. cities to the actual income earned by the typical household. The report considered a home affordable to a […]<\/p>\n","protected":false},"author":5,"featured_media":11493,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/assets.entrepreneur.com\/content\/3x2\/2000\/1714596194-Pittsburgh-GettyImages-1895381964.jpg?format=pjeg&auto=webp","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-11492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/11492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=11492"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/11492\/revisions"}],"predecessor-version":[{"id":11494,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/11492\/revisions\/11494"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/11493"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=11492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=11492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=11492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}