The Most Affordable Markets for Buyers With Incomes Under the National Median
First-time buyers are at a major disadvantage in a housing market beset by high inflation, but for those who are able to relocate, a few regional markets still offer relative affordability. Those earning less than the median national household income of $70,784 would fare the best in Eastern and Midwestern markets such as Wausau, Wis., Lafayette, Ind., and Columbia, Mo., where estimated monthly mortgage payments are $1,482, $1,347, and $1,603, respectively.
The largest metro in Rocket Homes’ list of the top 10 most affordable housing markets is Pittsburgh, where the median home price is just $208,446, equating to a mortgage payment of $1,330 per month, The New York Times reports.
Midwestern metros fared well, helped by lower prices and protection from coastal climate hazards. Wausau, Wis., with a median home price of $228,770 and an estimated monthly mortgage payment of $1,482, came out on top, spurred by low rates of unemployment and crime. Cities in Indiana, Missouri and North Dakota followed. Pittsburgh came in seventh, thanks in large part to the health of its residents. And Chambersburg, Pa., came in eighth, helped by its low crime rate.