CNBC’s Make It found the six U.S. cities where it is easiest to buy a home as an average wage earner.
In its 2019 Home Affordability Report, Unison calculated how long it would take to save enough for a 20% down payment in various cities across the U.S. based on the median income and median home values in each place. To determine how many years you’d need to save, Unison assumed a savings rate of 5% of your gross income per year.
Detroit, Mi., topped the list, taking the average earner only seven years to save for a downpayment. It was followed by Wichita, Kan. (11 years), Columbus, Ohio, Kansas City, Mo., Indianapolis, and Louisville, Ky., (all 12 years).